Fire Door Market size 2019-2024 report, added by Global Market Insights, unveils the current & future growth trends of this business sphere in addition to outlining details regarding the myriad geographies that form a part of the regional spectrum of Fire Door Market. Intricate details about the supply & demand analysis, contributions by the top players, and market share growth statistics of the industry are also elucidated in the report.
As per estimates, commercial application is the dominant application segment in the global fire door market and is anticipated to observe a commendable growth rate over 2018-2024. With new commercial construction projects on the radar in tandem with a stringent regulatory landscape, fire door market from commercial applications is set to traverse alongside a highly lucrative path in the years ahead, specially across continents such as APAC and MEA that have been investment hubs for travel and tourism companies lately.
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The distinct types of fire doors manufactured by business players facilitate a reduction in the spread of smoke between two sections of a building. In addition, companies have been trying to manufacture products equipped with eco-friendly protection technology, which is expected to elevate the popularity of fire door market in the oncoming years.
The commercial construction sector, one of the most vastly developing growth grounds, will be primarily responsible for the expansion of the fire door market. Of late, consumer preferences have undergone a vast change, teetering toward extreme safety and security in commercial spaces, augmenting the demand for fire doors. Not to mention, technological developments are now at the forefront with respect to the design and development of safety arrangements, that would further augment the commercialization potential of fire door market from commercial applications.
Commercial establishments such as malls, hospitals, multiplexes, and the like have been experiencing widespread demand for fire protection products in order to reduce the loss of human lives and property. In recent times, fire doors even come with improved security systems and are considerably lightweight, thus enhancing their demand.
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Undeniably, APAC is one of the most profitable growth avenues for the global fire door market. One of the principal reasons for the same is the expanding construction industry in the region – specifically commercial construction, owing to the region’s economic growth. Not to mention, the continent has also been experiencing a popularity rise as far as tourism prospects are concerned. This factor, in tandem with the changing consumer lifestyles that has led to the construction of numerous commercial spaces demanding safety features, are certain to impel APAC fire door market.
As per estimates by Global Market Insights, Inc., APAC fire door market size is slated to depict a CAGR of 7.5% over 2018-2024. The region is also characterized by a strict regulatory landscape that mandates the installation of security features to reduce property damage, that would further help escalate APAC fire door market share in the years ahead.
Market players are focusing on extensive business expansion by executing major growth strategies. One of the key tactics is that of product value addition, which plays a great role in augmenting fire door market revenue, since consumers primarily look out for innovations in the already available products. In addition, forming strategic alliances with other companies is also undertaken by fire door market players, which include The ASSA ABLOY Group, Mesker Door Incorporation, Chase Doors, Howden Joinery Group plc, U.K fire doors Limited, Nihon Funen Company Limited, and Republic Doors and Frames, and Essexford Joinery (Fire Doors) Limited.
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