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Key takeaways

The windows, doors and frames market comprises companies that develop and manufacture windows, exterior and interior doors as well as profiles and/or frames. As such, we segmented the European market into: (i) mixed, (ii) windows, (iii) doors and (iv) frames.


Overall, the European windows, doors and frames industry is characterised by a low degree of consolidation, with large geographical markets (e.g. Germany) being more fragmented than smaller ones (e.g. Scandinavian markets). Herein, consolidation drivers include continuous CAPEX and R&D requirements, need for customer proximity and economies of scale. Additionally, the processing of more complex materials (e.g. wood) requiring skilled labour and the associated worker deficit is expected to contribute to further consolidation in the near future.


Sponsor-led interest has been moderate, with ~32% of identified assets being backed by financial sponsors (April 2023). The main detractors for investors include low profitability, the underlying cyclicality of the industry, hurdles for international expansion and limited cash generation potential. However, the industry offers ample buy-and-build opportunities as well as two-way demand for new-build and replacement installations.


ESG topics mainly concern environmental and social matters. The generation of CO2 emissions in manufacturing processes is significant as natural resources and engineered materials (e.g. wood, metals, plastics) are processed. To limit their environmental impact, players extend the durability of products which indirectly contributes to the greater energy efficiency of buildings. Additionally, closed-loop recycling initiatives aim to recapture materials and use them in their product mix. In terms of social matters, players serve the basic need for safety in commercial and residential buildings through their product offerings.

Company benchmarking

Market growth

Statista (February 2023) estimates that the European building materials market will generate ~€199.2bn in 2023, growing at a CAGR of ~2.4% to ~€223.9bn in sales by 2028

The European windows and doors market was valued at ~$61.2bn in 2022, with the expectation to reach ~$78.1bn in 2028 (~4.1% CAGR; arizton, January 2023)

An industry expert (March 2023) projects ~75m doors being sold annually within Europe in the foreseeable future

Positive drivers

The shortage of homes in the EU triggered by increases in single households (+29% between 2009-2021; European Commission, May 2022) and continuous immigration (e.g. war in Ukraine) create sustainable demand for windows, doors and frames manufacturers (Forbes, March 2022). Similarly, an ageing EU population requiring improved home accessibility (e.g. special handles & hinges) support further growth (interviews by Gain.pro)

New avenues for growth driven by emerging market verticals, mainly through specialised product groups (e.g. fire-, noise- & burglar-resistant) on the back of digitised manufacturing processes and service offerings (e.g. smartphones as a key; interviews by Gain.pro)

An ageing European house base supports additional demand for new renovation projects to comply with changing EU regulations (e.g. European Green Deal). By 2030, residential buildings should at least reach the energy efficiency class “E” and by 2033 class “D”, affecting ~35m houses across Europe (TVP World, March 2023)

Negative drivers

The European labour shortage in construction is driven by an ageing workforce (>50% due to retire within the next decade; Construction Europe, June 2022) and declining interest from younger generations in pursuing a career in this field (Build Up, November 2022)

Rising interest rates and fears of a global recession delay additional investments in the building sector (interviews by Gain.pro). Similarly, rising raw material prices and supply chain disruptions (e.g. war in Ukraine) are expected to limit construction projects even further (Financial Times, March 2023)

Necessary technological innovation (e.g. sensor-driven, smart glass) requires significant R&D investments in the short- to mid-term, further limiting already poor cash conversion levels (McKinsey & Company, June 2022)

Read the full report on Gain.pro

Windows, doors & frames industry.

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Detailed assessments of the market outlook

Insights from c-suite industry executives

A clear overview of all active investors in the industry

An in-depth look into 85 private companies, incl. financials, ownership details and more.

A view on all 222 deals in the industry

ESG assessments with highlighted ESG outperformers

And much more!

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© 2023 Gain.pro, all rights reserved