APAC fire door market to observe maximum gains over 2017-2024, surging investments in commercial sector to stimulate the business landscape.
Publisher : Fractovia | Published Date : 2017-07-05Request Sample
Of late, fire door market has been witnessing an escalated commercialization. This is quite evident from the stringent regulatory norms and policies that have been undertaken rigorously by various governments of developed nations pertaining to the safety of the buildings. In this regard, NFPA has introduced certain codes and standards as safety protocols for various industries. The growing incidences of fire accidents across the world over the past few years have substantially brought renewed attention to safety codes in the buildings, leaving a subsequent demand for fire door market. Candidly driven by two major factors that include minimizing property damage and ensuring public safety, the rapid expansion of the market in a comparatively shorter span is commendable. Global construction spending which is slated to touch USD 15.88 trillion by the end of 2024 will play a pivotal role influencing the fire door market trends. This is due to the fact that increasing spending in infrastructure will allow incorporation of safety equipment both in commercial and residential sectors.
The future growth prospect of Fire door market is huge with projected valuation of USD 16.7 billion by the end of 2024- as depicted by Global Market Insights, Inc. Technological integrations have further diversified the product portfolio by introducing flush glazed sliding products in the market. As per estimates, global fire safety systems will cross USD 75 billion by 2024. Subject to the rising deployment of environmentally viable advanced passive flame protection technology, fire door market dynamics is likely to reshape in the years ahead. Although the market is characterized by certain restraints such as sudden rise in the raw material price trends, however curbing such challenges can unveil huge potential for the industry.
Europe Fire Door Market Size, By Product, 2016-2024 (USD Million)
Aluminum, glass, steel, timber, gypsum, and vermiculate boards are the raw materials that are extensively used in the manufacturing of these fire doors. Steel and aluminum, the two most versatile materials, represent the major portion of the fire door market share. Estimate depicts that steel based market held a valuation of USD 4.2 billion in 2016 and is expected to chart promising growth over 2017-2024. High strength, ductility resistance, durability, and low maintenance cost are some of the excellent properties of these metals that allow its robust utilization in the processing. Aluminum fire door market will also observe significant gains, with a target revenue to exceed USD 2 billion by 2024.
Having spoken of the technological contribution in fire door market, which is quite perceivable from its diversified product range that includes flush glazed, double action, hinged, and sliding fire doors, it is important to note that these products observe huge deployment both across commercial and residential sectors. The overall fire door industry share from commercial applications held a valuation of USD 7 billion in 2016. Ongoing regulatory compliance in manufacturing sectors including IT park, industrial hubs, and textile parks is allowing further product penetration in this domain.
Based on product trends, sliding fire door market is gaining a popularity across the globe. Compact construction, lightweight, easy installation, and double skinned insulated panels are some of the factors driving the demand. Holding a billion-dollar industry share in yesteryear, sliding fire door market is anticipated to carve a sharp growth at a CAGR of 6.5% over 2017-2024. Flush glazed models also experience a heavy demand and is slated to grow significantly at an annual rate of 9% over the coming seven years.
Regionally, Europe trailed by Asia Pacific represented a majority of the global fire door industry share in 2016. With Germany, UK, and France as the major revenue pockets, Europe market accounted for almost 33% of the overall volume in 2016. Extensive deployment in the commercial sector is mainly responsible for the expanded market coverage. In addition to this, safety standards and regulations are expected to further enhance the product application scope in the years ahead. APAC market had also contributed significantly toward the global share in 2016, covering almost 28% of the overall industry. Rising population curve, increasing investment in infrastructural development and growing urbanization are likely to drive APAC fire door market in future. As per estimates, APAC belt is slated to observe maximum gains over 2017-2024.
Consumers have now become increasingly safety conscious, which is one of the prime factors driving the industry. Huge access and adoption of advanced technology along with robust spending in constructional activities particularly in emerging nations are expected to impel fire door market share in the coming years. To sustain in the competitive landscape, key market players are readily involving in product diversification and new product launches. Some of the prominent companies engaged in fire door market include Agta Record, Essex Ford Joinery, Nihon Funen, Wanjia, Wanjia, and Simto.
