Selbyville, DE -- (SBWire) -- 12/27/2018 --Residential application contributes more than 60% of Indian Doors Market in 2016. Increasing infrastructural spending is a key factor driving the industry outlook. Social development along with subsidies available for housing construction will further boost the product demand. Renovations in households have witnessed a strong upsurge in the past and are expected to continue over the forecast timeframe.
Indian Doors Market is estimated to exceed over USD 2,800 million by 2024. Growing urbanization coupled with increasing infrastructure spending is anticipated to drive Indian doors market growth. Up surge in government spending in residential projects, commercial & building renovation, along with rise in tourism industry has positively influenced the product demand.
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Increasing central and state government finances for infrastructure development projects, public funding, and a decline in the construction material prices will boost the industry growth. As per IBEF, Indian real estate industry is expected to reach USD 180 billion by 2020. Private equity investment in real estate reached over USD 6 billion in 2016.
Hinged doors are projected to surpass 2 million units by 2024. High application scope in residential and commercial building due to its easy fitting, lesser space consumption features, improved durability is expected to boost market growth over the forecast period.
Sliding doors will observe a growth rate of over 6% up to 2024. Requiring less area for opening and closing as compared to hinged ones is among the key benefit driving demand in compact building structures.
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Maharashtra accounted over 12% of Indian doors market. As per the national population and housing census of 2011, out of 3.36 crore registered houses, 2.98 crores were in the Maharashtra. In addition, the state government proposed a draft notification in 2017, which will allow developers to offer housing stock or pay a premium to the authority for projects spread over 2,000 sq. meters.
West Bengal generated over USD 90 million revenue in 2016. Rise in the number of commercial projects in the area, including Rajarhat and Newton will also influence the product market demand positively.
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Century, KONE, DORMA, Fenesta, D.S. India, Welltech and Duroplast are among the key manufacturers of Indian doors market share. Presence of numerous regional, national and local producers makes the industry highly competitive in nature.
Other prominent participants include Lumani Schuco, Reynaers Aluminum, Sapa Building System and Beautex. Mergers & acquisitions, expansion and development of the product portfolio are among the significant strategies.
