May 08, 2020
As per the report titled ‘Fire Door Market Size By Material, By Product, By Application, By End-Use Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global fire door market is anticipated to see prominent gains during 2018-2024
Increasing investments in construction and infrastructure development activities, coupled with rising cases of fire is fueling the growth of global fire door market. Improving GDP in tandem with mandatory installation of fire doors in residential and commercial buildings, and several government initiatives regarding public safety as well as aftermaths of fire breakdowns are other important factors stimulating the demand for fire doors.
Rapid expansion of the construction sector owing to increasing establishment of educational institutes, hotels, and hospitals, along with the initiation of several smart city projects across the globe will foster the market growth over the forecast period. Innovations in design for improved aesthetics and high safety features are further expected to enhance the industry outlook.
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Based on the material terrain, steel segment is estimated to generate over USD 7.5 billion in revenue by the year 2024. Enhanced strength, extended lifespan, and improved aesthetics are among the key factors boosting the product demand. Availability of various design and size customizations will foster the segment growth in the ensuing years.
As per the product landscape, hinged door segment amassed USD 5.5 billion in 2017 and is expected to record modest growth over the forecast duration. Cost competitiveness, minimal maintenance cost, and enhanced fire resistance capacity as compared to its counterparts are boosting the product adoption.
Speaking of the end-use spectrum, external use segment held 85% market share in 2017. Mandates enforcing the fire door installation in housing and commercial buildings are stimulating the segment growth.
Elaborating on the application scope, commercial segment is reckoned to witness gains over 6.5% during the estimated timeframe. Rapid expansion of commercial infrastructure owing to increasing industrialization, in consort with rising government expenditures on hospital safety are impelling product penetration in commercial sector.
Considering the regional outlook, Asia Pacific fire door market registered sales amounting USD 2.5 billion in 2017. Inflowing infrastructure investments and rising number of residential constructions in the region are supporting the expansion of fire door industry in APAC. Increasing establishments of offices, and rapidly expanding travel & tourism sector, along with stringent government norms pertaining building security are also amplifying the business scenario in Asia Pacific.
Key players in global fire door market are Hormann, ASSA ABLOY, Chase Door, Rapp Bomek, Mesker Door, Vista Panels, Nihon Funen Co., Ltd., UK Fire Doors Ltd., Buyang Group Co. Ltd., Republic Doors and Frames, Fusim Group Co., Ltd., Wonly Group, Agta Record, Essexford Joinery, Taotao Group Co., Ltd., NAFFCO, and Zhejiang Jiahui Doors Co., Ltd.