Doors Market Size

Doors Market Size

Doors Market size valued at USD 140.5 billion in 2020 and will grow at a CAGR of around 5.4% from 2021 to 2027. The growth in commercial infrastructure development to promote product demand.

Doors are movable barriers that allow entrance into or exit from a particular area. Its main purpose is to provide security and include exterior or interior types depending on installation in a particular area. The doors industry is expected to foresee dynamic growth owing to the continuously increasing infrastructural and construction expansion globally. The overall construction sector is witnessing faster growth compared to the global GDP in the next 10 years. The number of smart city projects across the globe has grown significantly in 2020.

The overall economic growth is likely to increase the consumer expenditure power. Increasing structural reform plans will support the demand for doors. Institutional building expansion including hospitals, colleges, and hotels will fuel product penetration. Regulatory support through tax deductions and favorable FDI policies will spur new business construction. Demographic developments and requirements for new housing in regions such as Europe & North America driven by the large percentage of the population reaching childbearing age will support new housing developments, enhancing product demand. The EU construction sector accounts for over 5% of the gross value added in 2020, representing a major part of the regional economy.
 

The global doors market is having a sharp impact on demand on account of the COVID-19 pandemic. The contagious nature of the virus has struck big economies, such as China and the U.S., in a hard way with citywide lockdowns & movement restrictions implemented by the governments that have virtually halted construction activities and crunched consumer demand. Major EU economies, such as France, have also observed construction output shrink by approximately 24% in the second quarter of 2020.
 

Sourcing of raw materials has become an issue with most Asian & European manufacturers. Softwood sawmillers have implemented production cutbacks, reducing lumber operations initially impelled by the lack of clear guidelines and concurrently due to low demand from door manufacturers. After the demand showcased signs of a rebound, manufacturers struggled with limited raw materials and had to go through extended waiting periods as many sawmills struggled to streamline their post-pandemic supply chains.