-- Global Fire Doors Industry
Global Fire Doors Market Research Report highlights the worldwide market of Fire Doors is anticipated to increase at a CAGR of roughly 6.3 percent in the coming five years. It will reach nearly 15000 million USD in the year 2023. The market value will cross this value and reach 10400 million USD in the year 2017. The market Fire Doors is a very fragment market; the top twenty-five manufacturer's revenue accounts for approximately 20% of the total revenue in 2018.
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An increasing building safety awareness and initiatives for minimizing property damage during fire accidents will help in fueling the demand for the fire door market. An increase in construction spending on residential & commercial buildings associated with the expenditure of the government on infrastructure development will boost the growth of the market. As per the World Bank, global construction spending is anticipated to reach 15.88 trillion USD by the end of 2024 that will stimulate demand for the product.
The unexpected construction sector in-line expansion with smart city projects is anticipated for creating new opportunities for key industry players. According to the International Data Corporation, the initiatives of the global smart city attracted technology investments at around 81 billion USD in the year 2018 and are propelled to exceed 158 billion USD by the end of 2022. Manufacturers of fire doors are expected to attain an advantage if they enter into partnerships with construction companies during the forecast timeframe.
Global Fire Doors Market Research Report 2018: Industry News
According to the Global Fire Doors Market Research Report, an increase in demand for residential and commercial spaces provided with destruction resistant characteristics is a key trend that shapes the market dynamics of the fire door. Growth of GDP among developed as well as developing countries along with the necessary fire doors installation in public and commercial buildings has a positive penetration on the enhanced product. The global market of fire doors is depicted by the existence of a few dominating companies. The dominating companies rely on strategies like the launch of the new products, R&D investments, geographical expansions, and mergers & acquisitions for enhancing their market share.
Global Fire Doors Market Research Report 2018: Segmental Analysis
The report on Global Fire Doors Market describes its market segmentation based on Material, Product, Application, and End-Use. Based on Material, it includes that steel contributed around 43 percent of the share in the market of fire door in terms of volume in the year 2017. As expected, glass contribution will grow at a CAGR of 7% as a manufacturing material during 2018-2025. The fire door market segmentation based on Product includes Hinged fire door market which was around 12.5 million units in the year 2017 and as expected, it will grow at 6% during 2018- 2024. The flush-glazed fire door market is calculated to observe high growth over the forecast period owing to superior insulation than its counterparts. Based on Application, the market segmentation includes commercial application contributed 75% share in the market of the fire door in 2017.
Global Fire Doors Market Research Report 2018: Regional Analysis
The report shares the Fire Door market segmentation based on the Region aspect. It covers that Europe accounted for 32 percent of the market share in accordance with volume in the year 2017 and is propelled to rise at a constant pace during the forecast period. The fire door market of Asia Pacific accounted for around 5 billion USD in the year 2017. An increase in consumer awareness, expanding regulations on building safety as well as different preferences for safety and precaution-oriented products has become the key factors which drive the regional growth. For example, in Japan, the standards law of building needs contractors for installing doors, particularly that authorized by the Ministry of Construction (MoC) as fireproof when the building is in a dense area of inhabited.
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