Rapid growth in the home furnishing industry
New York, USA, August 23, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global interior doors market Is expected to generate 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 market scenario including significant market aspects such as growth factors, challenges, restraints, and various opportunities over the forecast period. The report also provides all the market figures which makes it easier and easier for new entrants to understand the market.
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Drivers: The increasing rate of urbanization mixed with the subsequent increase in the living standards of the people all over the world are the factors that are expected to drive the growth of the global interior doors market during the forecast period. In addition, the growing demand for innovative infrastructure renovation activities in the residential and commercial sectors is expected to further strengthen the market growth in the coming years.
Restrictions: The exorbitant cost of eco-friendly interior doors is expected to restrain the market growth during the forecast period.
Opportunities: The use and implementation of new technologies such as augmented reality (AR) are expected to create immense opportunities for market growth during the forecast period.
The report had divided the market into different segments based on door, material, mechanism, and region.
Door: the panel door sub-segment must be the most profitable
The paneled doors sub-segment is expected to generate sales of $ 29,948.7 million during the forecast period. Some of the features provided by panel doors are increased privacy, high endurance, weather resistance, reduced maintenance, and improved security. Thus, these factors are expected to significantly boost the growth of the sub-segment during the forecast period.
The interior door market will see an increase in demand due to the popularity of the furniture industry around the world
Material: the wood sub-segment should be the most advantageous
The lumber sub-segment is expected to generate revenues of $ 29,938.6 million during the forecast period. Wood is considered to be one of the main elements used in the construction of the residential and commercial sectors. This factor is expected to support the growth of the sub-segment over the forecast period.
Mechanism: Oscillating sub-segment is expected to have the largest market share
The oscillating sub-segment is expected to generate revenue of $ 36,255.7 million during the forecast period. Many properties associated with swing doors such as maximum 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 is expected to dominate the market
The Asia-Pacific region is expected to generate revenue of $ 44,042.4 million during the forecast period. The rising standard of living of the population and the substantial growth in the number of construction activities in this region are expected to support the market growth during the forecast period. Moreover, the growing demand for interior doors of the residential sector in the region is another factor which is expected to drive the growth of the regional market by 2028.
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Impact of COVID-19 on the market
The coronavirus outbreak has negatively impacted the growth of the global interior door market, due to the prevalence of repeated lockdowns during the pandemic in order to curb the spread of the virus. Nationwide lockdowns have brought construction activities to a halt around the world, disrupting the supply chain and supply of raw materials due to travel restrictions imposed by governments in various countries. Thus, COVID-19 has negatively impacted the growth of the global interior door market.
Main key players in the interior doors market
- Anderson Company
- Assa Abloy
- Innovations PGT inc.
- Simpson Door Company
- Pella Company
- Hormann International Inc.
- JELD-WEN Inc.
- MI Windows and Doors LLC
- Cornerstone Building Brands Inc.
These players work on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to support market growth.
For example, in December 2020, Installed Building Products Inc., an installer of complementary insulation and building products based in Ohio, acquired Custom Glass & Doors Inc., a supplier of interior doors and other installation services. residential based in Georgia, to accelerate opportunities in multiple geographies, products and end markets.
The report also summarizes many important aspects including financial performance of key players, SWOT analysis, product portfolio and latest strategic developments.
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