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Fire Door Market To Be Value More Than $16.5 Billion By 2024

Author : Rahul Varpe | Published Date : 2019-04-01 

Global Market Insights recently introduced report on global fire door market report is an in-depth study providing complete analysis of the industry for the period 2019 to 2024. It provides complete overview of fire door industry considering all the major industry trends, market dynamics and competitive scenario.

Steel is projected to hold a dominating share in the global fire door market, registering over USD 7.5 billion revenue by 2024. Improved strength along with better durability will escalate the product scope. Higher protection along with improved aesthetics are among the key factors fueling the business demand. Availability of design and size customizations will positively influence the industry share.

Growing infrastructural investments along with a rising count of fire incidences is fueling the fire door market growth. Government initiatives for promoting public safety and reducing the after effect of fire breakdowns will boost the product demand. GDP growth accompanied by the mandatory installation of fire doors in residential and commercial buildings will augment the industry share.

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An increasing count of educational institutes, hospitals, and hotels will stimulate the industry growth in the commercial segment. Increasing government focus on buildings adhering to maintain minimum safety norms will boost the business expansion. The rapid development of the construction sector in-line with smart city projects is expected to create new growth opportunities. Design innovations for better aesthetic appearance accompanied by high safety features is propelling the market growth.

Hinged door sales were over USD 5.5 billion in 2017. Cost competitiveness along with the effective fire resistance capacity will surge the product penetration. Minimal maintenance cost along with enhanced fire protection is augmenting the market growth. External use fire doors accounted for over 85% of the share in 2017. Mandatory installation requirements in housing and commercial buildings will boost the fire door market growth. Enhanced design options to make the product sustainable and trendy will support the product demand over the forecast timeframe.

Sliding doors will witness a significant growth due to its benefits with respect to space saving, easy access, effective glazing, improved security, and availability of multiple styles. The product is more appropriate for small areas with limited space. Factors including economical maintenance, contemporary style, high durability, larger air ventilation across the room, and convenient large traffic movement will support product penetration in the market.

The commercial sector will witness over 6.5% growth from 2018 to 2024. Rapid expansion of commercial buildings due to rising industrialization is positively influencing the market development. Increasing government spending on hospital safety to reduce fire incidences will stimulate the industry growth.

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Asia Pacific was valued at witnessing sales at over 2.5 billion in 2017. The infrastructure investment spree and thriving residential sector have gradually started to spur demand for construction. Rising count of offices, growing travel & tourism sector, coupled with stringent government norms with respect to building security is fueling the market growth. China, India, Australia, and South Korea are among the key revenue generating countries.

The global industry share is highly competitive with the presence of large multinationals, along with presence of regional manufacturers. The key industry players in the market include Hormann, Chase, Mesker, Nihon Funen, Assa Abloy, Naffco, Rapp Bomek, and Vista Panels. Other prominent players include Fusim, Agta Record, Buyang Group, Jia Hui, and Taotao. Mergers & acquisitions to expand the product portfolio along with expanding the distribution network are among the major strategies observed in the industry.

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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