Ocean View, Delaware, Sept. 28, 2017 (GLOBE NEWSWIRE) --
Doors Market is set to surpass USD 140 billion by 2024; according to a new research report by Global Market Insights, Inc. Rapid development and increasing spending on residential & commercial projects owing to need to improve occupancy ratios and average room rates in hotels will drive door market growth. As per the industry estimates, Asia Pacific spending on the construction sector was over USD 3 trillion in 2016, with China being a major contributor, spending over USD 1 trillion. The volume of construction output is expected to grow by over 85%, valued at around USD 15 trillion worldwide by 2030. Population growth led to a surge in urban development projects have witnessed a strong upsurge and expected to continue the same over the forecast timeframe.
The hospitality sector is anticipated to renovate existing infrastructure with development of spas, resorts and luxury hotels for catering to the needs of tourists while ensuring a comfortable stay. In 2016, the global tourism industry was valued at over USD 7.6 trillion, with increased international tourist arrival from 528 million in 2005 to around 1.19 billion in 2015. The international tourist arrival figure is expected to surpass 1.8 billion by 2030.
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Hinged product segment was valued at over USD 20 billion in 2016. Effective light & sound proofing, draughts reduction, ease of usage and maximizes space in the small rooms are among the key factors driving product demand. Sliding will observe gains at 4.7% up to 2024. High versatility & flexibility, ideal for saving space, mainly in small offices and effortless operation are the key factors propelling the product demand.
uPVC accounted for over 25% share in 2016. This is due to high demand for energy efficient and light weight profiles that require less maintenance. The material provides an appropriate level of the insulation against noises from outside. Besides, fully recyclable property is projected to attract more attention during forecast time frame. Stringent government regulation due to growing environmental concern with pollution caused from metal doors production is a major factor, hampering global doors market growth.
Wood material will be valued at over USD 70 billion by 2024. High insulation, minimal maintenance, long life, least affected by temperature and aesthetic appeal offered are the factors anticipated to support the material demand.
Residential was valued at over USD 60 billion in 2016. Outdated infrastructure coupled with rising awareness among people has resulted in a major public policy shift in developed countries, favoring improved infrastructure maintenance and accelerated infrastructure construction.
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Commercial applications will witness gains at 5% up to 2016. Increased adoption of eco-friendly product for minimizing environmental effects in numerous sectors including, transport, healthcare and retail are the factors supporting product demand in commercial application.
North America doors market will witness over 4.5% up to 2024. The industry growth is mainly driven by increasing need for improving old infrastructure and growing trend of the impact resistance doors.
Asia Pacific doors market was valued at over USD 40 billion in 2016. Changing lifestyle and growing tourist influx has resulted in high investment for the construction of hotels & recreation centers in the region. These developments are projected to drive industry growth in Asia Pacific during forecast period.
Global doors market share is consolidated due to presence of few industry players that hold majority of industry share. Some of major players are Andersen Corporation, Jeld-Wen Holding, Pella Corporation, Lixil Group Corporation, Masco Corporation, YKK Corporation, Atrium Corporation and MI Windows and Doors.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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