The Indian UPVC doors and windows market witnessed meteoric growth in the last few years, and it is estimated that the market may grow significantly at a CAGR of more than 7% during the forecast period, 2021-2026.
The COVID-19 pandemic and lockdown acted as a massive restraint on the Indian UPVC doors and windows market in 2020, as supply chains were disrupted due to trade restrictions. The purchase of these products was declined due to lockdowns imposed by the Indian government. Due to the COVID-19 pandemic, the market was under pressure in 2020, which restricted the construction of housing and building projects. The lockdown restrictions forced to stop the manufacturing of UPVC products and reduced the purchasing of UPVC products, which resulted in a decline in the overall ASEAN market.
Increasing consumer spending on the construction and renovation of commercial and residential buildings may drive the Indian doors market's growth. Booming demand for energy-efficient and impact-resistant housing infrastructure may lead the industry toward more innovative product materials. Growing awareness about the benefits of UPVC products, rapid urbanization, high migration of working-class population to urban cities, increased personal disposable income, and rise in residential units contributed to the steady growth of this industry. The market is expected to expand synergistically in the mid-long term due to several other driving factors, including the shortage of household units in the country, the central government’s initiatives to develop affordable housing for all by 2022, and the construction of several smart cities across the country. India still has a shortage of 18 million homes. The UPVC material offers insulation against rain, is recyclable, offers UV protection, sound insulation, resistant to saltwater, and impact resistance, and has several other commercial applications. The unplasticized PVC does not have any added additive material during production as the normal PVC, so it requires less energy input during production. Therefore, a massive level of residential unit construction is required to meet this demand of the housing sector. The residential sector presents a huge potential for the expansion and adoption of UPVC doors and windows.
Key Market Trends
The Industrial and Construction Segment in India is Witnessing a Surge in the Market Share
Over the past 15 years, India witnessed exceptional growth in the industrial and real estate sector. Urbanization, construction of smart cities, changing lifestyle due to the emerging middle-class population, and FDI in Indian companies are a few factors that have given a push to new building technologies and materials. UPVC (unplasticized polyvinyl chloride) is one such building material that has gained attention as a replacement to other traditional materials. UPVC has low maintenance, yet it is an effective material in making windows and doors. In the last couple of years, the market has witnessed an increasing demand for UPVC windows and doors due to the host of benefits uPVC offers. UPVC windows and doors provide efficient thermal insulation and help in energy conservation. Not only this, UPVC windows provide high sound insulation with properly fabricated windows and installations. In FY 2015, the Government of India started a project of making 100 smart cities by FY 2020. Safety of the public, energy conservation, and eco-friendliness are prime agendas of smart cities. Owing to the high compliance of UPVC doors and windows in high-rise buildings and aesthetics properties, they are more likely to emerge as the preferred fenestration choice over conventional aluminum and timber counterparts. Moreover, a few infrastructural development projects will be undertaken in these cities, which may provide further impetus to the industry over the period 2019-2023.
Increasing Investment in Infrastructure Development Projects will Boost the Product Market Growth
Increasing central and state government finances for infrastructure development projects, public funding, and a decline in the construction material prices will boost the product market growth. In addition, private and public partnership projects to support infrastructure development in rural areas are expected to induce immense potential to the industry size till 2024. The announcement of 100 smart cities from the central government, growth in infrastructure due to enormous investment by both governments in India, and the increase in FDI give a clear indication that the UPVC window and door market may get more opportunities and grow at a good rate.
The report covers major international players operating in the Indian UPVC doors and windows market. In terms of market share, a few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5.1.1 UPVC Doors
5.1.2 UPVC Windows
5.2 End User
5.2.3 Industrial and Construction
5.2.4 Other End Users
5.3 Distribution Channel
5.3.1 Offline Stores
5.3.2 Online Stores
6.1.8 LG Hausys
6.1.9 NCL Wintech
6.1.10 Veka India
6.1.11 Lingel India
A selection of companies mentioned in this report includes:
- LG Hausys
- NCL Wintech
- Veka India
- Lingel India