Fire-Rated Doors Market Size, Share, Growth and Global Forecast to 2027
According to a new report published by Allied Market Research, titled, “Fire Rated Doors Market by Mechanism, Material, and EndUser: Opportunity Analysis and Industry Forecast, 2020–2027,” the global fire rated doors market size is expected to reach $60.1 billion in 2027 from $42.2 billion in 2019, growing at a CAGR of 6.1% from 2020 to 2027. The metal segment holds major global fire-rated doors market share in 2019, and is anticipated to continue this trend throughout the study period.
The global fire-rated doors market is anticipated to grow owing to surge in population and urbanization. In addition, increase in consumer awareness towardfire safety and rise indemand for commercial and non-residential areas are anticipated to cater to the growth of the fire-rated doors market. An increase in stringent building safety regulations by different governments is expected to drive the growth of the fire-rated doors market. Moreover, government investment pertaining to the infrastructure development propelsthe global fire-rated doors market growth. Moreover, increasein urbanization and industrialization in countries suchas India, China, and others is expected to provide lucrative opportunities for the fire-rated doors market. Nevertheless, key playersare facing falling price pressure due to rise in competition, this in turn, is expected to hamper the market growth.
The key market players profiled in the report include 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, and Sanwa Holdings Corporation.
Rise in construction activities and increase in demand for robust doors in non-residential spaces fuel the growthof the global fire-rated doors industry. Fire-rated doors are made of materials such as wood, metal, glass, and others. Steel fire doors are robustin nature, superior aesthetic, durable, easily customizable, and provide increased precision. These properties boost the growth of the market. Currently, key players are focusing on introducing durable and efficient fire-rated doors. For instance, Technocrats Security System Private Limited based in India, deals fire-rated doors that are efficient and highly durable.The metal segment accounted for the major share market, owing to the high fire resistance capacity, good aesthetic appearance, and robustness.
The factors such as increase in awareness of building safety and avoidance of property damage in case of fire are expected to boost the growth of the fire-rated doors market over the forecast period. Furthermore, rise in spending on commercial and residential buildings with construction development is projected to drive the growth of the market. In addition, stringent government regulations toward building safety boost the growth of the market. Moreover, growth in population and rise in demand for residential and commercial applications armed with stringent building safety regulations are expected to fuel the market growth. Furthermore, increase in demand for conventional door replacement will boost the growth of the fire-rated doors in the residential sectors.
The novel coronavirus epidemic has forced numerous manufacturers in the global fire rated doors market to avert their business processes due to the lockdown imposed by governments around the world to reduce exponential spread of the deadly virus. This break in operations directly affects the sales of the global fire rated doors market. Besides, there is a stoppage in manufacture of fire rated doors owing to shortage of manpower and raw materials. Further, no new consignments were being received by the corporations operating in this sector. However, the demand for automatic fire rated doors have rose in near term to make sure less contact is being made with the solid objects in the residences & business spaces. Thus, halt in construction activities and lockdowns for quite a few months have disturbed the global fire rated doors market, with slow recovery is projected during 2020-2027.
Further, after this pandemic ends and the current situation steadies, fire rated door manufacturers will have to scale up production swiftly to counterweigh the lost time and catch-up on orders that have plummeted due to the lockdown. To quicken the process, manufacturers would need to consider to work in partnership and use their individual strengths to get back on track at the earliest.
The global fire-rated doors market is segmented into mechanism, material, enduser, and region. By mechanism, the market is categorized into swinging fire doors, sliding fire doors, folding fire doors, and others. Depending on material, it is segregated into wood, metal, glass, and others. On the basis of enduser, it is differentiated into residential, commercial, and industrial.
Key Findings Of The Study
- By material type, the metal segment dominated the global fire-rated doors market share in 2019.
- On the basis of mechanism, the swinging fire door segment is expected to generate high revenue, globally.
- Depending on enduser, the non-residential segment garnered major share of the fire-rated doors market in 2019.
- Region wise, Asia-Pacific dominated the market in 2019.
- Asia-Pacific is expected to witness a high growth rate during the forecast period.
Published Thu, 10 Mar 2022 07:11:43 -0600