APAC fire door market to register highest growth rate over 2017-2024, extensive investments in infrastructure development to stimulate the regional industry
The two essential factors that are likely to positively leverage fire door market include the rising concerns over safety and a major requirement to reduce property damage due to fire outbreaks. The thriving construction sector along with hefty government funding for infrastructural growth is projected to create lucrative avenues for this business. The distinct types of fire doors manufactured by business players facilitate a reduction in the spread of smoke between two sections of a building. In addition, companies have been trying to manufacture products equipped with eco-friendly protection technology, which is expected to elevate the popularity of fire door market in the oncoming years. Global Market Insights, Inc., has forecast fire door industry to surpass USD 16.7 billion by 2024, having accumulated a revenue of more than USD 9.6 billion in 2016.
Europe Fire Door Market Size, By Product, 2016-2024 (USD Million)
Fire doors find extensive applications across residential and commercial sectors. This is evident from the statistics – the residential sector contributed over 25% to the overall fire door market share in 2016, and is expected to generate substantial revenue over the coming years. Vital drivers accounting for the growth of this segment include surging purchasing capacity of consumers, in addition to the growing cognizance regarding individual safety. The advent of the smart era has also led to the implementation of several smart city projects, which will lead to renewed demand for the product. Augmented by favorable government schemes for maintaining a green environment, fire door market will gain substantial traction over 2017-2024.
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Fire door industry revenue from the commercial sector, on the other hand, was assessed at USD 7 billion in 2016, and is slated to cross the margin of USD 12.9 billion by 2024. This upsurge in growth can be credited to the increasing need to maintain workplace safety. Protection for the personnel working across the railway, information technology, marine, education, petrochemicals, automotive, textiles, medical, and steel sectors is expected to boost the product demand.
Fire door market has penetrated several geographies, on account of the fact that fire safety is a legal mandate across the globe. On that note, Europe contributed more than 33% toward the overall fire door market share in 2016. High expenditure on the construction activities along with implementation of strict security legislations is forecast to propel Europe fire door market, which is projected to record a CAGR of more than 6% over the coming timeline. Major regions that are likely to boost the industry share include UK, Germany, and France.
Asia Pacific fire door industry, which accounted for more than 28% of the overall industry share in 2016, is anticipated to experience a massive expansion over the years to come. Large fund allocation for infrastructural development along with the enhanced use of aluminum as a likely substitute for wood is predicted to create profitable avenues for fire door industry.
The upsurge in the incidences of fire outbreaks has led to great requirement for safety systems as well as protection technology, owing to which, it has been forecast that MEA fire door market size will hit USD 600 million by 2024. Saudi Arabia and UAE are forecast to be the key regional revenue pockets.
While flush glazed, hinged, sliding, and double action doors are the main types of fire doors circulated in the business circuits, companies are always on the move to develop better, innovative products. Nonetheless, it is evident that the currently available products enjoy a widespread reach and will continue to do so in the years ahead. For instance, hinged fire door industry is projected to register substantial gains of more than 6.5% over 2017-2024, subject to easy product availability in single leaf & double leaf forms along with its quick deployment. Flush glazed doors are heavily used for the purposes of proper ventilation, noise prevention, insulation, and heat resistance, on the grounds of which flush glazed door market is anticipated to register a CAGR of more than 9% over the coming timeframe. Sliding fire door industry, worth USD 1 billion in 2016, is also forecast to witness a considerable progress over the years ahead. Popular use of the product in yachts and cruise ships, owing to its slim & compact design and lightweight features are expected to inflate the revenue.
These doors are manufactured using a plethora of carefully selected materials. The key ones that are commonly utilized, however, include glass, vermiculate boards, steel, aluminum, timber, and gypsum. Steel fire door industry, which produced a revenue of more than USD 4.2 billion in 2016, is foreseen to expand considerably during the period from 2017 to 2024. High, robustness, cost-efficiency, resistance to ductility, and low maintenance costs are some of the material features predicted to contribute substantially toward the industry growth.
Glass fire door market is forecast to record a cumulative growth of more than 7.5% over the period of 2017-2024, owing to large-scale use of the material across exterior applications coupled with its ability to prevent the spreading of fire flames.
Fire doors are deployed for internal as well as external applications, though their usage in the latter is more prominent. For instance, the external sector contributed nearly 89% toward the overall fire door market share in 2016, and is projected to push the industry development in the near future. Strict safety norms along with immensely flourishing manufacturing activities across the globe will enlarge the scope of fire door industry in the external sector.
Fire door industry size across the internal sector, worth USD 1 billion in 2016, is expected to grow at a rate of more than 7.4% over the coming seven years. Escalating demand for the product in commercial as well as residential constructions along with its use in kitchens and bedrooms will embellish the business landscape.
Market players are focusing on extensive business expansion by executing major growth strategies. One of the key tactics is that of product value addition, which plays a great role in augmenting fire door market revenue, since consumers primarily look out for innovations in the already available products. In addition, forming strategic alliances with other companies is also undertaken by fire door market players, which include The ASSA ABLOY Group, Mesker Door Incorporation, Chase Doors, Howden Joinery Group plc, U.K fire doors Limited, Nihon Funen Company Limited, and Republic Doors and Frames, and Essexford Joinery (Fire Doors) Limited.
Author Name : Dhananjay Punekar