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The grommet panel must be a minimum of 70 inches wide, between the side hem seams, to provide just slightly more than 1.5 times fullness on the 40-inch space.
Start by checking your rough opening. This is the width and height of the measurements between the rough framing. Rough openings need to be 2 inches (5 cm) wider and 2 1/2 inches (5.7 cm) taller than the actual door size you will be installing. If it's too big or small you will need to correct it; otherwise it will make for a difficult installation.