Interior doors are panel inside buildings and houses, which connects one room with another. These doors are movable structures that are specifically constructed and designed for indoor use. Interior doors can be made from a variety of materials such as wood, metal, glass, etc. and these doors are available in different sizes and colors. The rapid expansion in household furnishing activities is driving the growth of the interior doors market.
COVID-19 Impact Analysis
The outbreak of COVID-19 across the globe has unfavorably impacted the global interior doors market, owing to the declining demand from residential and commercial sectors across the globe due to delay in construction projects during the pandemic period. Besides, the disruption in supply chain of raw materials owing to slowing down of manufacturing activities. However, many organizations across the globe are adopting various strategies to sustain during the unprecedented crisis. For example, in February 2020, PGT Innovations, Inc. acquired New South, an installer and manufacturer of factory-direct, energy-efficient doors and windows, to recover the losses during the crisis.
Key Developments in the Industry
The companies operating in the global industry are adopting various growth strategies and business tactics such as partnerships, acquisitions, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the growth of the global interior doors market in upcoming years.
For instance, in October 2020, ASSA ABLOY, the global leader in access solutions, completed the acquisition of Olimpia Hardware, a leading glass hardware & accessories brand in the Carribeam and the Latin America. This acquisition will help the company to support the growing trend of utilizing aluminum and glass products, and expand its product portfolio to grow market leadership in emerging markets.
In November 2020, TruStile, the leading manufacturer of quality architectural doors, announced the launch of its first entry door collection, ‘Wood Entry Door Systems.’ TruStile pioneered for interior doors is has created amazing front entryways and the Wood Entry Door Systems includes an expansive selection of sidelite, door, and transom combinations. Homeowners and professionals can select from featured entry systems like traditional, modern, coastal or craftsman styles, and can also build a custom entry system around one of TruStile’s 500 door styles.
In March 2021, Masonite International Corporation, a global leading designer, manufacturer, distributor, and marketer of exterior and interior, announced the launch of patent-pending technology to integrate power & internet connectivity in residential doors. The company plans to leverage this revolutionary technology through collaborations with Ring and Yale Home. Through these collaborations Masonite will explore opportunities for product development to integrate homeowner’s new lifestyle and security functionality.
Forecast Analysis of Global Interior doors Market
The global interior doors market is projected to witness a striking growth during the forecast period, owing to the growing implementation of advanced technologies such as augmented reality (AR) in interior doors industry. Conversely, the high costs associated with ecofriendly interior doors and the lack of awareness related to the advantages of interior doors in the rural areas are factors expected to hamper the market growth in the projected timeframe.
The increasing demand for renovation activities in the commercial and residential segment is and the rise in the disposable income of people across the globe are the significant factors estimated to propel the growth of the global market in the coming future. According to a latest report published by Research Dive, the global interior doors market is expected to garner $102,543.4 million during the forecast period (2021-2028). Regionally, the Asia Pacific region is estimated to grow at the fastest rate mainly due to the rapid industrialization in developing countries along with significant growth in commercial infrastructure development in the region. The key players functioning in the global market include JELD-WEN, Inc., ASSA ABLOY, Masonite, Cornerstone ANDERSEN CORPORATION, Building Brands, Inc., PELLA CORPORATION, MI Windows and Doors, LLC, Simpson Door Company, PGT Innovations, Inc., and Hörmann International Inc.