Global Interior Doors Market Expected to Reach $74,967 Million by 2023
PORTLAND, Oregon and PUNE, India, May 29, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Interior Doors Market by Door Type, Material, Mechanism, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global interior doors market size was valued at $49,847 million in 2016, and is projected to reach at $74,967 million by 2023, growing at a CAGR of 6.1% from 2017 to 2023. The swinging doors segment accounted for the maximum share in the global interior doors market revenue in 2016, and is expected to grow at a CAGR of 5.8% during the forecast period.
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The demand for interior doors is driven by surge in residential & non-residential construction activities, development of energy-efficient doors, and surge in home improvement & remodeling expenditures. Moreover, doors are manufactured using various materials such as wood, metal, glass, fiberglass, fiberboard, vinyl, and others. The fiberboard segment is estimated to witness higher growth rate as compared to glass, metal, and wood, owing to its lower cost and multiple benefits. In 2016, the residential segment is expected to grow at a relatively higher rate during the forecast period. Moreover, the developed regions, such as the U.S. and Western Europe, showed greater penetration of residential over non-residential construction due to recovery of the housing construction market over the last few years. In addition, increase in demand for non-residential construction sectors, namely, lodging & commercial sectors in the U.S. and office & retail sectors in Western Europe is expected to boost the interior doors industry growth. Furthermore, rapid industrialization & urbanization, rise in population, and surge in disposable income propel the global interior doors market growth.
The panel doors segment accounted for the highest market share in 2016, and is expected to maintain its dominance during the forecast period. The bypass doors segment is anticipated to grow at the highest growth rate, owing to need for compact doors requiring lesser space to open. Moreover, rise in consumer expenditure for renovation of homes& interiors and growth in new construction activities are expected to provide new opportunities for the market development.
The wood segment accounted for over 50% of the total interior doors market, owing to high dimensional stability & durability, resistance to chemicals, thermal insulation properties, high strength, strong aesthetics, and enhanced utility of this material in the interior doors segment. Fiberboard and vinyl are anticipated to witness increased usage and the highest growth rate in light commercial and institutional applications.
The swinging doors segment is anticipated to dominate the market throughout the forecast period, owing to increased adoption of hinged doors. The revolving and others doors segment is expected to grow at the highest CAGR of 7.8% in the interior doors market due to increase in demand for space-efficient homes.
In 2016, the residential segment witnessed the highest growth rate in the market. The majority of the growth is expected in the emerging regions of Asia-Pacific and Africa. The residential segment is driven by the economic recovery in U.S. and Europe, rise in living standards, increase in disposable income, and growth in awareness related to the availability of energy-efficient & eco-friendly interior doors.
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Asia-Pacific accounted for over 50% of the market share, and is anticipated to maintain its dominance during the forecast period. The interior doors market analysis is provided for all the four regions covered in the report. The North America and Europe markets have attained maturity due to the presence of a large number of players.
Key Findings of the Interior Doors Market:
- The swinging doors segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 5.8% during the forecast period.
- The fiberboard material segment is expected to grow at a significant CAGR of 8.2%, owing to growing focus on lightweight and cost-effective raw materials.
- China is the major shareholder in the Asia-Pacific interior doors market, accounting for more than half share in 2016.
Market players have focused on expanding their business operations in the emerging countries by adopting various strategies such as, acquisitions and contracts/agreements. The major players profiled in the global interior doors market report include Artisan Hardware, Bayer Built WoodWorks Inc., Chaparral Doors, Colonial Elegance Inc., Concept SGA., Contractors Wadrobe, Jeld-Wen Holding Inc., Masonite International Corporation, Rustica Hardware, and Simpson Door Company.
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