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According to World Windows & Doors, a new study from The Freedonia Group, global demand for windows and doors is expected to reach $223 billion in annual revenue in 2017, a 7.1% change that is in stark contrast to its growth during the 2007-2012 period.
The company said in a statement that the recovery would be spearheaded by several developed countries, most notably China, which maintained the world's largest window and door market in 2012 and is expected to make up 36% of total global demand in 2017. This is due in part to burgeoning incomes and home sizes in the country.
The United States, which saw declines in the market during the recession, is also expected to see gains of 10% or more annually through 2017. Europe's recovery will parallel that of the United States but will not be as dramatic.
The report found that gains in developing areas will also contribute to growth, most notably in the Africa/Mideast and South America. The company noted that these regions will see a less exxagerated growth rate because they were less impacted by the global financial crisis and are thus starting from a higher base level in 2012.