Press Release Description
Rising Tourism & Hospitality Sector to Escalate the Southeast Asia UPVC Windows and Doors Market
The Southeast Asia UPVC Windows and Doors Market is projected to grow at a CAGR of 5.67% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. In recent years, Southeast Asia has experienced significant economic growth, leading to a thriving construction and real estate sector. This growth is fueled by factors like infrastructure development, expansion in the real estate market, and increased public and private investments. Furthermore, the government's introduction of a substantial stimulus package, including funding for subsidized housing and a focus on energy-efficient building practices, is driving the demand for UPVC windows and doors in the region.
Countries such as the Philippines and Vietnam have also increased spending on large-scale projects, and commercial and residential investment has risen significantly. This emphasis on infrastructural development, supported by both government and private spending, is expected to drive the demand for UPVC windows and doors in the coming years. Therefore, increasing investments, rising government stimulus packages, and growing hospitality sector is expected to create a favorable market for the UPVC Windows and Doors Market in Southeast Asia during the forecast period.
Moreover, growing trend of renovation and retrofitting projects has been observed in Southeast Asia, aimed at enhancing energy efficiency and modernizing the appearance of buildings. In this context, UPVC windows and doors have emerged as preferred choices for replacement due to their exceptional durability, low maintenance requirements, and improved thermal insulation properties. They are widely used in both residential and commercial properties across the region to achieve these renovation goals. Along with this, the region has experienced a rise in home renovations, driven by increasing disposable incomes in countries like Malaysia, Thailand, and Singapore.
Thus, customers across the region are heavily investing in upgrading their living spaces, and UPVC windows and doors are popular choices to enhance energy efficiency and aesthetics, further states the research report, “Southeast Asia UPVC Windows and Doors Market Analysis, 2023.”
Based on End User Commercial Sector is Projected to Hold the Major Share of the Southeast Asia UPVC Windows and Doors Market
Based on the end-user segment, the market is further bifurcated into, residential, commercial, and industrial. The commercial sector is anticipated to dominate the Southeast Asia UPVC Windows and Doors Market in the forthcoming years. The market growth is attributed to the rapid urbanization leading to the construction of commercial buildings such as offices, retail spaces, and hotels in recent years. The Southeast Asian region has become a major attraction for Foreign Direct Investment (FDI), with net FDI reaching approximately USD175 billion in 2021, up from around USD122 billion in 2020 according to the United Nations Conference on Trade and Development. This influx of foreign investment has been instrumental in driving overall commercial development in the region.
Thus, the utilization of increased FDI in infrastructure projects has led to the construction of various commercial spaces, including shopping complexes, spas, hotels, and educational institutions, among others. Hence, these developments are anticipated to create new opportunities for the UPVC Windows and Doors market, as the demand for energy-efficient and modern building fixtures has grown significantly across commercial sector in the forthcoming years.
Indonesia is Projected to Hold Major Share of Major Share of the Southeast Asia UPVC Windows and Doors Market:
The robust growth of the Indonesia UPVC windows and doors market could be attributed to several factors, including rapid urbanization, a thriving construction industry, and an increasing emphasis on energy efficiency and sustainability. Moreover, the Indonesian government has set ambitious goals to become one of the world's top ten economies by 2025, as outlined in the Masterplan for Acceleration and Expansion of Indonesia's Economic Development (MP3EI). Under this, private companies, particularly through Public-Private Partnership (PPP) schemes, are expected to play a pivotal role in financing various commercial & residential projects. Furthermore, elevated government backing for the advancement of eco-friendly building practices has encouraged the adoption of UPVC products. These measures encompass fiscal incentives and regulations aimed at fostering sustainable construction practices throughout the country, consequently bolstering market growth during the historical period.
Moreover, the demand for energy-efficient and eco-friendly building materials, such as UPVC windows and doors, is expected to rise significantly as construction companies and developers seek to align with the sustainability objectives of the MP3EI. This focused approach by the government in the region could anticipate the enhance the market size in the upcoming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (VEKA Group, Aluplast, Kinbon (Uber & Konstrukt), Fascina Pte Ltd., Perfect Window Systems Pte Ltd, Sapphire Windows Pte Ltd, Europvc, Vignet uPVC windows and Doors, DeKu German Window (Thailand), Fenestram Corporation and others) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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