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Fire Door Market is set to surpass 31 million units by 2024

Fire Door Market is set to surpass 31 million units by 2024

The world is witnessing a major shift in the global consumer base in terms of safety consciousness, which will fuel fire door industry size. Global spending in constructional activities which is slated to cross USD 15.88 trillion by 2024, will play a key role in influencing fire door industry trends in the coming years. Increased expenditure in infrastructural developments have resulted in a noticeable shift toward safety equipment, both across residential and commercial domains. This is evident from the statistics - global fire door industry size from commercial applications, in 2016, held a valuation of USD 7 billion. In addition to this, increasing prevalence of fire accidents across the globe has markedly brought about a renewed attention to safety codes of buildings, which in a way is impelling the fire door industry.

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Aluminum, steel, glass, timber, vermiculate, and gypsum are the various raw materials that are being widely used in fire door manufacturing process. High strength, durability, low maintenance cost, and ductility, being some of the unique properties of aluminum, has led to its extensive utilization in the manufacturing of fire doors. Estimates depict that aluminum based fire door industry in the coming seven years will witness substantial gains, with a target valuation of more than USD 2 billion by the end of 2024.

Taking into consideration the product terrain, sliding fire door industry has been gaining popularity, subject to the product’s easy installation, compact construction, double skinned insulated panels, and lightweight structure. Having already penetrated a billion-dollar business space in 2016, sliding fire door industry is expected to witness an appreciable growth at an annual rate of 6.5% over 2017-2024. Other than sliding doors, flush glazed models are also likely to witness a steep growth curve with a CAGR projection of 9% over the coming seven years.

Browse Full Market Research Report Of Fire Door Market @ https://www.gminsights.com/industry-analysis/fire-door-market

Accounting for 33% of the overall volume, Europe fire door industry witnessed an upper hand over APAC in 2016. With U.K., Germany, and France as the major revenue pockets, the region is expected to grow massively over the years ahead. Analysts assert that the development of the commercial sector and the product’s robust deployment in commercial domains can be mainly credited for the excellent growth rate.

Following similar trends, APAC fire door industry represented 28% of the global share in 2016. The escalating population curve, growing urbanization, and increasing investments in constructional activities will lead APAC fire door industry to witness highest growth over 2017-2024.

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As per Global Industry Insights, Inc., the growth prospect of fire door industry in the near future is huge, with a targeted valuation of USD 16.7 billion by 2024. With the growing proliferation of environmentally feasible passive flame protection technology, the overall industry is likely to observe a renewed dynamism in the years ahead. The sudden hike in the price trends of raw materials may slightly hamper the industry growth, however, industry players are heavily incorporating effective industrying tactics to overcome these challenges. Prominent fire door industry participants include Simto, Essex Ford Joinery, Agta Record, Nihon Funen, and Wanjia.

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