Rapid industrialization & urbanization, rise in residential & non-residential construction activities, and increase in awareness about fire safety drive the growth of the global fire-rated doors market
PORTLAND, Ore., Oct. 27, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Fire-rated Doors Market by Mechanism (Swinging Fire Doors, Sliding Fire Doors, Folding Doors, and Others), Material (Wood, Glass, Metal, and Others), and End User (Residential and Non-residential): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global fire-rated doors industry generated $42.22 billion in 2019, and is estimated to reach $60.12 billion in 2027, registering a CAGR of 6.1% from 2020 to 2027.
Drivers, restraints, and opportunities
Rapid industrialization & urbanization, rise in residential & non-residential construction activities, surge in spending of consumers on home remodeling, and increase in awareness about fire safety drive the growth of the global fire-rated doors market. However, variations in prices of raw material and high cost of predictive maintenance for automated fire rated doors hinder the market growth. On the other hand, technological advancements for ensuring safety & security and investments of governments in developing infrastructure create new opportunities in the coming years.
- Several fire-rated door manufacturers have stopped production activities to comply with lockdown regulations imposed by various governments. In addition, shortage of raw material due to disrupted supply chain is another reason for halt in production.
- Demand for automated fire-rated doors has been increased as it offers passage of people without the need to touch any surface and reduces the possibility of spread of coronavirus through door handles and bars.
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The swinging fire doors segment to maintain its lead position during the forecast period
Based on mechanism, the swinging fire doors segment contributed to the highest market share in 2019, accounting for more than two-fifths of the global fire-rated doors market, and is estimated to maintain its lead position during the forecast period. This is due to its extensive application in residential buildings, hospitals, shops, hotels, retail outlets, and salons as they offer high durability, ease in accessibility, and better airflow & cross ventilation. However, the sliding fire doors segment is projected to witness the largest CAGR of 7.1% from 2020 to 2027, owing to features such as aesthetic appeal, adequate flow of natural light inside the building, low maintenance, and ease in installation.
The non-residential segment to continue its lead throughout the forecast period
Based on end-user, the non-residential segment held the highest share in terms of revenue in 2019, accounting for nearly three-fourths of the global fire-rated doors market, and is expected to continue its lead throughout the forecast period. This is due to rise in non-residential construction activities and stringent regulations by governments for fire & building safety. However, the residential segment is projected to maintain the highest CAGR of 6.7% from 2020 to 2027, owing to rise in consumer spending on home remodeling & restructuring, surge in the construction activities, and increase in urbanization.
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Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific contributed to the highest share in 2019, accounting for more than one-third of the global fire-rated doors market share, and will maintain its dominant share in terms of revenue by 2027. Moreover, this region would portray the highest CAGR of 6.8% from 2020 to 2027. This is attributed to growth of the construction sector, rapid urbanization, and increase in remodeling and repairing activities. North America is estimated to grow at a CAGR of 5.7% during the forecast period.
Leading market players
- Agta Record Ltd.
- ASSA ABLOY Group
- GEZE GmbH
- Godrej & Boyce Manufacturing Company Limited
- Griffon Corporation Inc.
- JELD-WEN Holding, Inc.
- Lindner Group KG
- MANUSA GEST, S.L.
- Nabtesco Corporation
- Sanwa Holdings Corporation
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