Surge in acceptance of automated doors in the commercial sector and use of modern automated doors in airports, corporate offices, and malls will drive the growth of the global hollow metal doors market.
PORTLAND, Ore., Nov. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Hollow Metal Doors Market by Type (Flush Hollow Metal Doors, Hollow Metal Doors with Windows, Paneled Hollow Metal Doors, Others), by Application (New Construction, Renovation), by End User (Commercial and Institutional Building, Industrial Spaces, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global hollow metal doors industry generated $15.7 billion in 2021, and is estimated to reach $26.1 billion by 2031, witnessing a CAGR of 5.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Surge in acceptance of automated doors in the commercial sector and use of modern automated doors in airports, corporate offices, and malls will drive the growth of the global hollow metal doors market. Apart from this, rise in industrialization and urbanization in emerging economies will boost the global market trends. Nevertheless, the increase in consumer spending on household renovation & enhancement activities and improvement in construction activities is projected to create high growth opportunities for the global market.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic negatively impacted the growth of the global hollow metal doors market. This was due to lockdown in various countries and delay in production of shallow metal doors.
- However, during the COVID-19 pandemic, a large number of manufacturers in the hollow metal doors business halted their business operations in countries such as China, the U.S., and India. This directly impacted the sales of hollow metal doors firms.
- Furthermore, lack of availability of workforce and raw materials restricting the supply of equipment of hollow metal doors systems, negatively impacted the growth of the global market.
The flush hollow metal doors segment to dominate the global market in terms of revenue during the forecast period
Based on type, the flush hollow metal doors segment was the largest in 2021, occupying nearly two-fifths of the overall hollow metal doors market share and is likely to dominate the global market share during the forecast period. Flush style hollow metal doors are the most popular design of hollow metal doors. The flush hollow metal door designs can be found on majority of hollow metal door installations including door applications for fire exit doors, rear building doors, storage room doors, entrance doors, and more. Flush hollow metal doors can be used as interior doors or exterior doors. However, the paneled hollow metal doors segment is expected to grow at the fastest CAGR of 7.1% during 2022-2031. The metal door is more reliable and stronger and have better looking appearance than the others doors such as wooden door or leather door. Moreover, the 2-panel design is perfect for applications that require a more traditional looking door without sacrificing the durability of a standard commercial metal security door.
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The renovation segment to achieve the fastest growth during the forecast period
Based on application, the new construction segment held the largest share of more than four-fifths of the global hollow metal doors market share in 2021, and is expected to maintain a prominent growth during the forecast period. The growth of the segment over the forecasted timeframe can be attributed to the rising global population and increasing urbanization in many regions of the world leading to significant increase in the number of new building projects. However, the renovation segment is set to register the highest CAGR of 6.2% during the forecast period. The growth of the global market can be attributed to various governments initiating renovation of old buildings and structures, which creates high demand for hollow metal doors.
Asia-Pacific to maintain its leadership in terms of revenue by 2031
Based on region, the market in the Asia-Pacific region held the largest market share in 2021, accounting for more than two-fifths of the global hollow metal doors market share, and is likely to lead the trail throughout the forecast period. The same region is likely to record the highest CAGR of nearly 6.1% during the forecast timeline. The growth of the market in the region over the forecast period can be credited to the ongoing commercial & institutional building and industrial spaces development in China, Japan and India. Rise in expenditure for infrastructure development in the airport, hotels, hospitals and malls sectors is boosting the hollow metal doors market in Asia-Pacific. The other regions discussed in the report are North America, Europe, and LAMEA.
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Leading Market Players
- AccessSMT Holdings Ltd.
- ALLEGION
- Baron Metal Industries, Inc.
- EightynineA LLC.
- GH Hollow Metal Doors & Frames Industries Corp.
- TRUDOOR, LLC
The report analyzes these key players of the global hollow metal doors market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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