The residential door market is forecast to enjoy a V-shaped recovery into 2021 and beyond, despite an ‘alarming’ dip in 2020, according to a new Residential Doors Market Report from AMA Research.
Large scale residential projects and an increase in home improvement spending helped fuel consistent growth up to the end of 2019, the report shows. The market value fell by 12% last year however, but the authors believe the conclusion of the Brexit trade agreement and the ongoing vaccination programme signal a light at the end of the tunnel for Covid-19 restrictions and a relatively quick, V-shaped recovery for 2021 and consistent future growth until 2025.
AMA Research product manager Laura Pardoe said; “Taken at face value, the figures for the previous 12 months are alarming, and despite the wider industry performing above initial expectations at the start of the coronavirus pandemic – and well ahead of other areas of the UK economy – it has nonetheless resulted in the loss of some leading suppliers in 2020. Covid 19 in this case, compounding existing issues of increased competition and over capacity.
“However, in the medium to long term, the outlook is much more positive. The UK economy has been bolstered thanks to a positive conclusion to the Brexit Trade agreement and with ongoing vaccination programmes later in 2021, consumer confidence is already starting to improve.
“This will have an encouraging influence on major housing projects, and as transactions complete in the housing market, following a record year for the residential property sector, further demand for home improvements is likely to follow suit,” says Laura.
“This means that, despite the year-on-year decline, the UK residential entrance door market is expected to grow by 15 percent by the end of 2021 and will recover to pre-Covid levels by 2022.”
According to AMA Research, this growth presents a number of opportunities for the sector, particularly for premium, high margin products that are predicted to become increasingly popular thanks to the ongoing development of new styles and colours, continuing innovations in security, and the rising trend for oversized glazing.
Understanding which of these products will perform most effectively however, will have a significant effect on fabricator and installer profitability as the industry emerges from the impact of Covid 19.