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Doors Market is Set to Register $140 Billion Revenue by 2024, APAC to be the major regional revenue driver

Author : Rahul Varpe | Published Date : 2019-08-27 

The APAC region has been proclaimed to emerge as one of hottest investment grounds for doors market players, which can be attributed to the thriving construction sector in the continent. As per statistics, the construction spending in APAC had been estimated to fall between USD 3 trillion to USD 4 trillion in 2016. In fact, APAC has been declared to be one of the most potential grounds for the growth of the construction sector, given the rapidly escalating populace and the subsequent demand for housing and infrastructure development. In effect, this has made APAC one of the most profitable avenues for doors market expansion, subject to the robust demand for door components across the residential and commercial zones.

In 2016 alone, APAC accounted for more than 40% of the overall doors market share, with a revenue collection of close to USD 40 billion. This growth scale, as stated by analysts, can be rightly attributed to a plethora of factors, including changing consumer living standards, the subsequent demand for luxury homes, the rising tourism and hospitality sectors, and the overall significance of brand value. Pertaining to the demand for high-end luxury homes, increased requirement for energy-efficient architectural components, and the rapid rise in the construction of high-end hotels, spas, and resorts, APAC is expected to lead the business landscape over 2017-2024.

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As the demand for stylish, luxurious, yet eco-friendly doors will continue to be on a rapid incline, companies in doors market would be perpetually forced to come up with a wide range of unique products that would match the requirement of consumers in addition to being energy efficient, pertaining to ecological concerns. While this scenario presents a challenge to doors industry players, it can somewhat also be considered a major catalyst for these companies to prioritize innovation above all. In consequence, this would create a rather lucrative growth chart for doors industry, propelling its profitability quotient to an elevated level. Validating this presumption is the target estimate compiled by Global Market Insights, Inc., which claims doors market size to be worth more than USD 140 billion by 2024.

The demand for stylish door and window components in accordance with the high-end luxury lifestyles of the contemporary urbane crowds is further catalyzing the revenue graph of doors market. According to estimates, global doors industry size was worth a colossal USD 90 billion in 2016 itself.

Global Doors Market, By Application

  • Residential
    • New residential
    • Improvement & Repair
  • Commercial
    • New Commercial
    • Improvement & Repair

Global Doors Market, By Product:

  • Hinged
  • Sliding
  • French
  • Others

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The extensive expansion rate of the global construction sector has rightfully been touted as one of key driving forces of doors market worldwide. The global construction expenditure was pegged at a valuation on the higher side of USD 5 trillion in 2016 alone, while analysts predict that it is expected to grow at a rather substantial rate in the ensuing years. Given the persistent rise in global populace, the consequent requirement for comfortable housing does not exactly come as a surprise.

China has been touted to emerge as one of the most profitable growth grounds for APAC doors market, on account of the robust construction and urban development domains in the country. The nation in fact, held a major share of the construction spending of the continent in 2016. Recently, Japan’s acclaimed Lixil Group announced the sale of Permasteelisa, its Italy-based construction material subsidiary to China’s Grandland Holdings Group.

The Chinese architectural design and decoration behemoth has apparently purchased the Italian firm for USD 548 million (approximately EUR 467 million), which would prove to be a marked acquisition in China doors market. In addition, the country has been experiencing an influx of novel infrastructural designs, which is certain to chart out a profitable growth chart for the regional doors industry.

Related News: https://www.marketwatch.com/press-release/separation-machinery-market-study-by-growth-statistics-and-regional-players-analysis-to-2024-2019-08-27

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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