Doors Market Worth 103.52 Billion USD by 2022 - At a CAGR of 4.86%
Browse 177 tables and 33 figures spread through 145 pages and in-depth TOC on "Doors Market"
The doors market is led by major players such as Masco Corporation (US), Assa Abloy (Sweden), Allegion Plc (Ireland), Dorma Kaba (Switzerland), and Masonite International Corporation (US). These players have adopted numerous growth strategies to increase their market share, enhance their product portfolio, and expand their market share. Mergers & acquisitions, new product launches, expansions & investments, and agreements & partnerships are some of the major strategies adopted by leading players operating in the doors market. The years 2014 and 2015 experienced a large number of mergers & acquisitions by top players in the market.
Mergers & acquisitions accounted for the largest share of all strategic developments in the doors market in 2016. Companies such as Masco Corporation, Assa Abloy, Allegion Plc, Masonite International Corporation, and Dorma Kaba adopted this strategy to strengthen their product portfolios, expand their geographic reach, and enhance growth prospects in the doors market.
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Allegion Plc (Ireland) is a leading doors manufacturer. Strong global presence and adoption of growth strategies such as mergers & acquisitions and agreements & partnerships have ensured its leading position in the market. The company focuses on improving its customer value and expanding in emerging markets by establishing a market-driven product portfolio, upgrading supply chain capabilities, and expanding its presence through acquisitions. In 2017, Allegion Plc acquired Republic Doors & Frames, Inc. (US), a manufacturer of hollow metal doors and frames. This acquisition helped the company to expand its product offerings and improve its operating efficiency and distribution footprint.
Masonite International Corporation (US) is another key player in the doors market. It is a global designer and manufacturer of interior and exterior doors. In 2017, Masonite International Corporation acquired A&F Wood Products, Inc. (US), a wholesaler and fabricator of architectural and commercial wood doors mainly dealing in the US Midwest. This acquisition helped the company to boost its sales in the domestic market.
Major market players have adopted diversified strategies for expansion in developed and emerging countries. The Asia Pacific region dominated the doors market in 2016. The increase in demand for doors can be largely attributed to the growing infrastructure and building & construction industries here.
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Based on material, the plastic segment plays a key role in the doors market
The doors market has been growing in accordance with the construction industry. With increasing awareness about new technologies implemented in doors and their maintenance and concerns about the quality of doors, people are opting for secure and safe doors. The doors market is projected to reach USD 103.52 billion by 2022, at a CAGR of 4.86% from 2017.
Based on material, the plastic segment is projected to grow at the highest CAGR from 2017 to 2022. Plastic doors are preferred as they are convenient to handle, require low maintenance, and are cost-effective. Plastic doors are widely used in the emerging economies of the Asia Pacific and the Middle East & Africa.
Based on mechanism, the swinging doors segment is projected to grow at the highest CAGR from 2017 to 2022. This growth can be attributed to key factors such as easy maintenance and low costs. High application scope of swinging doors in residential and commercial buildings due to their easy fitting mechanism, lesser space consumption, and significant durability is expected to boost market growth during the forecast period.
Based on mode of application, the new construction segment is projected to grow at the highest CAGR from 2017 to 2022. This growth can be attributed towards the rising demand for green buildings along with improvements in the construction industry. Increasing construction activities in both, the residential as well as non-residential sectors further drive the demand for doors.
The doors market in the Asia Pacific region is projected to grow at the highest CAGR from 2017 to 2022; China projected to be the fastest-growing market, by country. According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other Asia Pacific countries had a combined population exceeding four billion people (as of 2014), which is projected to become an increasingly important driver for global consumption of doors over the next two decades, led by rapidly rising household incomes and the fast-growing middle-class population. The growth of the doors market in the Asia Pacific region is further propelled by factors such as rapid urbanization, rising demand for energy-efficient buildings, and rising disposable income of consumers.
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