Sellbyville, DE -- (SBWIRE) -- 02/07/2019 -- Fire Door Market has penetrated several geographies, on account of the fact that fire safety is a legal mandate across the globe. On that note, Europe contributed more than 33% toward the overall fire door market share in 2016. High expenditure on the construction activities along with implementation of strict security legislations is forecast to propel Europe fire door market, which is projected to record a CAGR of more than 6% over the coming timeline. Major regions that are likely to boost the industry share include UK, Germany, and France.

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The two essential factors that are likely to positively leverage fire door market include the rising concerns over safety and a major requirement to reduce property damage due to fire outbreaks. The thriving construction sector along with hefty government funding for infrastructural growth is projected to create lucrative avenues for this business. 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. Global Market Insights, Inc., has forecast fire door industry to surpass USD 16.7 billion by 2024, having accumulated a revenue of more than USD 9.6 billion in 2016.

Fire doors find extensive applications across residential and commercial sectors. This is evident from the statistics – the residential sector contributed over 25% to the overall fire door market share in 2016, and is expected to generate substantial revenue over the coming years. Vital drivers accounting for the growth of this segment include surging purchasing capacity of consumers, in addition to the growing cognizance regarding individual safety. The advent of the smart era has also led to the implementation of several smart city projects, which will lead to renewed demand for the product. Augmented by favorable government schemes for maintaining a green environment, fire door market will gain substantial traction over 2017-2024.

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Fire door industry revenue from the commercial sector, on the other hand, was assessed at USD 7 billion in 2016, and is slated to cross the margin of USD 12.9 billion by 2024. This upsurge in growth can be credited to the increasing need to maintain workplace safety. Protection for the personnel working across the railway, information technology, marine, education, petrochemicals, automotive, textiles, medical, and steel sectors is expected to boost the product demand.

Asia Pacific fire door industry, which accounted for more than 28% of the overall industry share in 2016, is anticipated to experience a massive expansion over the years to come. Large fund allocation for infrastructural development along with the enhanced use of aluminum as a likely substitute for wood is predicted to create profitable avenues for fire door industry.

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The upsurge in the incidences of fire outbreaks has led to great requirement for safety systems as well as protection technology, owing to which, it has been forecast that MEA fire door market size will hit USD 600 million by 2024. Saudi Arabia and UAE are forecast to be the key regional revenue pockets.