The Global Interior Doors Anticipated to Generate a Revenue of $1,02,543.4 Million, Growing at a CAGR of 6.3% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global interior doors market is estimated to be valued at $1,02,543.4 million by 2028, surging from $62,666.5 million in 2020 at a noteworthy CAGR of 6.3%.
Impact Analysis of COVID-19 on the Interior Doors Market
The COVID-19 pandemic has had a negative impact on the global interior doors market growth. During the pandemic, the restriction on residential construction activities led to a decline in demand for interior doors from the residential sector globally. The global supply chain for the effective operation of interior door manufacturing has been affected due to the restraint during the pandemic.
Moreover, during the time of the pandemic, some of the global interior door manufacturing companies adopted various strategies such as acquisition and partnership to gain a major position in the global market in the pandemic period. In February 2020 American door & windows manufacturing firm PGT Innovations, Inc completed the acquisition of New South (the “New South Acquisition”). New South is a manufacturer and installer of factory-direct, energy-efficient windows and doors, including both impact-resistant and non-impact residential products. These developments are expected to positively impact the interior doors market in the forecast period.
Global Interior Doors Market Analysis
The growing demand for interior doors from the residential housing sector due to the high rate of development globally is expected to drive this market in the forecast period. In addition, economic growth in developing countries such as China, India, Vietnam, and others with high disposable income has led to increased expenditure in the residential and commercial construction sector and is expected to increase the demand for interior doors in the forecast period. These factors are anticipated to aid the market growth in the forecast period.
Moreover, the adoption of e-commerce services in the furniture and building materials industry is estimated to drive the interior doors market. E-commerce has provided the doors of manufacturing companies with a new platform to sell their products across a wide base of users. These factors are expected to aid the growth of the interior doors market
The high initial investment required for eco-friendly doors with advanced features such as high-tech security locks, fireproofing, and others can hamper the growth of the market.
The adoption of technology such as the Internet of things (IoT) and augmented reality is anticipated to create new scope of opportunities for interior doors. The application of augmented reality and IoT is anticipated to provide benefits such as product customization with personalized user experiences in the different variants, colors, sizes, and features of the interior doors. In addition to this, the increasing demand for eco-friendly interior doors which do not harm the environment when disposed of is anticipated to open new scope of opportunities for this market. These new developments are expected to create new scope of opportunities for the global interior doors market
Global Interior Doors Market, Segmentation
The global interior doors market is segmented based on door type, material, mechanism, and region.
The door type segment is further classified into panel doors, bypass doors, bifold doors, pocket doors, and others. Among these, the panel door sub-segment is anticipated to generate the maximum revenue and surpass $29,948.7 million by 2028, an increase from $ 18,678.4 million in 2020. The growing rate of furnishing and renovation activities has surged the demand for housing and commercial purposes globally and is expected to increase the growth of the panel doors subsegment. The application of glass in the interior door manufacturing industry has advantages such as optimal use of the available space, security of the premises, high endurance, and low maintenance. These factors are expected to grow this sub-segment in the forecast period.
The material segment is further divided into wood, metal, glass, fiberglass, fiberboard vinyl, and others. The wood sub-segment is estimated to show the fastest growth as well as the most dominant market share in the global market and register a revenue of $29,938.6 million during the forecast period. The growing utilization of wood as one of the important building materials in the residential and commercial construction sectors globally is expected to grow this subsegment in the forecast period.
The mechanism segment is further divided into swinging, sliding, bypass, folding, revolving, and others. The swinging sub-segment is estimated to have the fastest growing market and dominating market share in the global market to surpass $36,255.7 million by 2028, with an increase from $21,397.7 million in 2020. The growing demand for energy-efficient doors in the commercial and residential sectors is expected to grow the demand for the swinging doors subsegment. The application of utilizing swinging doors in the interior door manufacturing industry has advantages such as it is highly energy efficient economical and an assortment of styles and requires low maintenance. These factors are expected to grow this subsegment.
The Asia-Pacific interior doors market is estimated to grow at a CAGR by registering revenue of $44,042.4 million by 2028. The high rate of urbanization with increased economic growth has led to an increase in disposable income and increased expenditure in the residential and commercial construction sector and is expected to increase the demand for interior doors in the Asia-Pacific region. The major countries in the region with a high rate of utilization of interior doors are due to increased urbanization and a surge in the requirement for housing solutions China, India, Indonesia, and others. These factors are expected to contribute to the growth of the interior doors market in this region.
Key Players in the Global Interior Doors Market
Some of the leading global interior doors market players are –
- ANDERSEN CORPORATION
- ASSA ABLOY
- PELLA CORPORATION
- JELD-WEN, Inc.
- Cornerstone Building Brands, Inc.
- Simpson Door Company
- MI Windows and Doors, LLC
- Hörmann International Inc.
- PGT Innovations, Inc.
Along with the company profiles of the key players in the market, the report includes Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Interior Doors Market:
- Bargaining Power of Suppliers: The suppliers in the interior doors market are high in number. Several companies are working on framing new designs and technology for homeowners, the buyers have an edge over the suppliers. Thus, there is less threat from the suppliers.
Thus, the bargaining power of suppliers is moderate.
- Bargaining Power of Buyers: Buyers have huge bargaining power; they demand the best services at low prices. This increases the pressure on interior door manufacturers to offer the best service in a cost-effective way. Thus, buyers can freely choose the convenient service that best fits their preferences.
Thus, the bargaining power of the buyers is high.
- The threat of New Entrants: Companies entering the interior Doors market are adopting technological innovations such as improving the user experience and customized products to attract clients. Also, these companies are implementing various effective strategies such as offering discounts and value propositions.
Thus, the threat of new entrants is moderate.
- The threat of Substitutes: There is no alternative product for interior door solutions.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including JELD-WEN, Inc., and Masonite. These companies are launching their products in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.