The wooden interior door market size is expected to grow from US$ 15,459.82 million in 2022 to US$ 21,477.53 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2022 to 2028.
Growing construction industry and improving standards of living of consumers in North America are the crucial factors assisting the growth of the wooden interior door market share. The number of single-family homes and privately owned housing under construction increased to the highest level in North America since 2010.
- According to the US Census Bureau and the US Department of Housing and Urban Development's new residential construction statistics, privately owned housing completions were at an annual rate of 1,309,000 in February 2022, an increase of 5.9% from the January estimate of 1,236,000. Furthermore, single?family housing completions in February 2022 were at a rate of 1,034,000, 12.1% higher than that of January at 922,000.
- According to Jonas Construction Software Inc, Canada's construction sector is expected to be worth more than US$ 430 billion and is expected to grow at 8.5% by 2024.
Furthermore, a surge in home improvement and remodeling across North American countries is propelling the wooden interior door market growth. According to the Joint Center for Housing Studies of Harvard University, home improvement activities increased by 16% yearly, from US$ 350 billion during the Q2 of 2021 to US$ 406 billion in the Q2 of 2022. In July 2022, a third of Americans were engaged in home improvement, of which 22% had recently completed a remodeling project, while 10% were planning to engage. Thus, growth prospects in the construction industry and surge in home improvement and remodeling across North America are the key factors contributing to the wooden interior door market growth.
Impact of COVID-19 Pandemic on Wooden Interior Door Market
The COVID-19 pandemic, which emerged in China, affected several neighboring countries such as India, South Korea, and Japan. The pandemic significantly affected the wooden interior door market share in 2020. The imposition of a ban on commercial activities disrupted the industrial supply chain, from procurement of raw materials to supply of finished goods, and experienced delays in the wooden interior door market. There was a decline in demand for wooden interior doors from residential and commercial sectors due to delays in construction and restrictions on international trade as lockdowns were imposed on the borders of countries. All these factors limited construction activities, which hampered the wooden interior door market growth in the region in 2020.
However, in 2021, with the relaxation of lockdowns and the start of the vaccination process, the shipments of raw materials started again, and construction projects resumed. Furthermore, due to the growing disposable income of consumers and the rising number of renovations and construction activities, wooden interior door manufacturers from different regions are shifting their operations to various countries in Asia Pacific. Moreover, massive growth in the construction of office spaces in this region, along with the rapid expansion of the real estate industry, is expected to influence the wooden interior door market growth in APAC.
The construction industry in the UK expanded by 3.4% in 2022 due to sharp rise in new construction orders and progress on new construction and repair and maintenance works. The desire for home improvement has accelerated at an incredible pace in the UK. For instance, according to the 2021 Houzz & Home survey of more than 3,000 UK respondents, home renovation spend has grown 36% when compared to the last year. Median renovation spends among millennials aged between 25 and 39 jumped 70% in 2020 compared with 2019. According to Rated People Ltd, 49% of UK residents made improvements to their homes in 2021. When compared to the initial period of the pandemic in 2020, the demand for home improvement has gone up by a massive 50%. Such surge in home improvement and remodeling among the UK residents propels the growth of the wooden interior door market in the country.
China is the world's largest construction market and has played an increasingly important role in bolstering the country's economy. For instance, China's building construction completion value totaled US$ 1.14 trillion in 2021. Among all building construction, residential construction was 63% of the total. The rest was mostly office buildings and factories. Meanwhile, in 2022, the share of local government funding to infrastructure construction activity rise to 39% in 2022 from 18% in 2021. According to Design Build Network, investment in infrastructure increased by 7.4% between January and July 2022. In September 2022, China issued US$ 29 billion in special loans to help developers finish stalled housing projects. Furthermore, China's urbanization rate is among the highest in the world. According to the American Institute of Architects (AIA) Shanghai report, China will have constructed the equivalent of 10 New York-sized cities by 2025. Moreover, China is the second largest exporter of wooden door in the world with 75,442 shipments in 2022. All these factors contribute to the growth of wooden interior door market in China.
Jeld-Wen, Holding Inc; Marvin Ltd; Masonite International Corp; Woodgrain Inc; and Puertas Sanrafael SA are among a few key wooden interior door market players.
The overall wooden interior door market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the wooden interior door market size with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the wooden interior door market.