New York, USA, Aug. 23, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global interior doors market is expected to generate a revenue of $102,543.4 million by 2028, growing exponentially at a CAGR of 6.3% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Rising rate of urbanization meddled with subsequent increase in the standard of living among people around the globe are the factors expected to drive the growth of the global interior doors market during the forecast period. In addition, the rising demand for innovative infrastructural renovation activities in residential and commercial sector are further expected to bolster the growth of the market in the upcoming years.
Restraints: Extortionate cost of eco-friendly interior doors is expected to curb the growth of the market during the forecast period.
Opportunities: Utilization and implementation of new technologies like augmented reality (AR) is expected to create immense opportunities for the growth of the market during the forecast period.
Segments of the Market
The report had divided the market into different segments based on door, material, mechanism, and region.
Door: Panel Door Sub-segment to be Most Profitable
The panel door sub-segment is expected to generate a revenue of $29,948.7 million during the forecast period. Some of the features provided by panel doors are increased privacy, high endurance, variant weather proof, reduced maintenance, and enhanced security. Thus, these factors are significantly expected to drive the growth of the sub-segment during the forecast period.
Material: Wood Sub-segment to be Most Beneficial
The wood sub-segment is predicted to generate a revenue of $29,938.6 million during the forecast period. Wood is considered as one of the foremost elements used in the construction of residential and commercial sectors. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Mechanism: Swinging Sub-segment Anticipated to Have the Largest Market Share
The swinging sub-segment is expected to generate a revenue of $36,255.7 million during the forecast period. Numerous properties associated with swinging doors like maximized energy efficiency, effortless customization, and low-cost are expected to drive the growth of the sub-segment during the forecast period.
Region: Asia-Pacific Region Expected to Dominate the Market
The Asia-Pacific region is expected to generate a revenue of $44,042.4 million during the forecast period. Increased standard of living among people and substantial growth in the number of construction activities in this region is expected to bolster the growth of the market during the forecast period. In addition, the increasing demand for the interior doors form the residential sector of the region is another factor anticipated to foster the regional market growth by 2028.
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COVID-19 Impact on the Market
The outbreak of coronavirus has adversely impacted the growth of the global interior doors market, owing to the prevalence of repeated lockdowns during the pandemic so as to curb the spread of the virus. The nation-wide lockdowns led to the stoppage of construction activities around the globe, disrupting the supply chain and procurement of raw materials because of travel restrictions imposed by the governments of various nations. Thus, COVID-19 has had a negative impact on the growth of the global interior doors market.
Major Key Players of the Interior Doors Market
- Anderson Corporation
- Assa Abloy
- Masonite
- PGT Innovations Inc.
- Simpson Door Company
- Pella Corporation
- Hormann International Inc.
- JELD-WEN Inc.
- MI Windows and Doors LLC
- Cornerstone Building Brands Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in December 2020, Installed Building Products Inc., an Ohio-based installer of insulation and complementary building products, acquired Custom Glass & Doors Inc., a Georgia-based provider of interior doors and other residential installation services, so as to accelerate opportunities across multiple geographies, products, and end markets.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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