Bifold Doors Market Trends

Growth Drivers

• Rising construction of skyscrapers - The growing construction of skyscrapers is one of the key factors driving the bifold doors market growth. The rate of urbanization is increasing progressively which requires cities to maximize the use of land. In recent times, the rate of urbanization has been exponential which increases the construction of taller buildings including skyscrapers and underground structures worldwide, majorly in developing countries.
  According to the Council on Tall Buildings & Urban Habitats, while including the top 6 cities (China, United Arab Emirates, United States, Russia, South Korea, and Malaysia) there are a total of 5195 skyscrapers over 150m around the world. Moreover, high-rise buildings and skyscrapers have played an important role in the recognition of the main urban cities.
• Increasing demand for energy-efficient doors - The rapid growth in demand for efficient doors that provide enough insulation and heat retention through the material of the door panels.
  According to Natural Resources Canada, windows and doors can account for up to 25 percent of total house heat loss. Replacing these with energy-efficient windows and doors is leading to growing demand for energy-efficient doors. Proper installation and maintenance play a vital role in saving energy and improving comfort. Additionally, these doors are presentable as door-wall systems and need very minimal changes in the architecture to maximize the space.

Challenges

• Customers changing preferences according to the latest available design - Customers are changing their preferences very often using the internet to research door products and then want to experience these products.
  
  Frequently changing trends toward online purchases could affect suppliers' potential to compete with the key players as several companies are selling a notable portion of door products through wholesale distributors, retail home centers, and building product dealers. Thus, the intense competition and changing consumer preferences are hindering the growth of the bifold doors market during the forecast period.
• High cost of bifold doors - The high cost linked with bifold doors, due to the use of multiple panels for folding mechanisms is assessed to hinder the market growth. Additionally, installation of these doors needs careful and accurate hinges of panels to enable a proper folding mechanism; thus, they are usually difficult to set up for do-it-yourself users.