Global Builder Hardware Market —
The global market for builder hardware is expected to achieve a CAGR of 4.88% during the forecast period (2018-2024), ventures Market Research Future (MRFR). It could touch the valuation of USD 55,795.8 Million by the end of the forecast period, adds MRFR.
Top companies in the worldwide builder hardware market include Allegion plc (Ireland), Sobinco (Belgium), dormakaba Group (Switzerland), GUANGDONG KIN LONG HARDWARE PRODUCTS CO., LTD (China), ASSA ABLOY (Sweden), Siegenia (Germany), Masco Corporation (US), Roto (Germany), Tyman plc. (US), to name a few.
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Market Boosters and Top Challenges
The builder hardware market growth has been significant in recent years on account of the robust customer demand for aesthetic interiors fitted with high-quality architectural products. The architectural landscape all over the world is evolving, given the rising lifestyle aspirations among people. More number of people are now opting for smart buildings that come with quality building materials of known brands.
Mounting disposable income coupled with rising construction activity across cities, such as renovations in both residential and commercial buildings boosts demand for latest building products. This factor is expected to have a profound effect on the market in the coming years.
Export has been on a steady rise with numerous builder hardware companies developing high-quality products. These companies are engaged in supplying, manufacturing and exporting technically advanced products backed by latest technology as well as high-grade raw materials and components, attained from genuine vendors. These companies are extremely focused on the customers and are offering customized solutions, in addition to following ethical business practices. Vendors are also adopting various marketing hacks such as partnerships and acquisitions that help them elevate their position in the market. To illustrate, in March 2019, ASSA ABLOY had acquired Spence Doors, an Australian manufacturer of commercial doors. This move helped the former solidify its position in mature markets.
In March 2019, ASSA ABLOY completed the acquisition of Spence Doors, a leading manufacturer of commercial doors in Australia. This acquisition helped strengthen its position in mature markets by adding complementary products and solutions to its core business.
In May 2018, Allegion plc announced the acquisition of GWA Group Limited’s Door and Access Systems business through one of its subsidiaries. This strategic acquisition increased its presence in Australia and significantly improved its position in the market in Asia-Pacific.
The worldwide builder hardware market can be categorized with respect to type and application.
Depending on the type, the builder hardware market can be considered for cabinet hardware, doors, hardware, windows hardware, plumbing hardware, and others. The cabinet hardware segment is expected to lead the market during the forecast period and it was worth USD 13,630.2 million in 2018. The segmental valuation could reach USD 18,486.4 Million by 2024. On the other hand, the metal segment could note significant growth and is poised to achieve a CAGR of 5.22% during the forecast period. Cabinet hardware contains components, which are used for making cabinets, such as pulls, hinges, fasteners, and knob. The surge in construction activities could help boost the demand for cabinet products in the following years.
In terms of application, the builder hardware market casters to residential and non-residential. The residential segment’s growth is expected to be maximum in the years ahead, thanks to the expanding population and rapidly increasing urbanization. In 2018, the residential segment share in the market was maximum and stood at the valuation of USD 23,288.9 million. Its valuation can touch USD 31,234.5 Million by 2024, and the segment could record the fastest CAGR of 5.03% during the appraisal period.
North America, Asia Pacific, the Middle East & Africa, South America and Europe are the prime markets for builder hardware.
During the forecast period, APAC can be the most profitable market for builder hardware. The market in the region banks upon the improving financial conditions that have resulted in expansion of the construction industry. The rising industrialization, as well as urbanization in emerging countries like India, China and Japan, also inspire growth of the builder hardware market. Activities like the refurbishing and renovation of old buildings have boosted investments in the construction and infrastructure industries, benefitting the regional market in the process.
North America is another significant market for builder hardware, on account of considerable investments in real estate. With the overpopulated business hubs in the region, there has been a surge in the construction of commercial buildings, including offices and commercial complexes. In recent years, the United States (US) has noted fast-paced development of the construction industry, mostly in the residential sector, because of low borrowing costs as well as ongoing wage growth.
Key Questions Addressed by the Report
• What was the historic market size (2018)?
• Which segmentation (Type/Application is driving market?
• What will be the growth rate by 2024?
• How are the key players in this market?
• What are the strategies adopted by key players?
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Table of Contents
1 Executive Summary
1.1 Market Attractiveness Analysis
1.1.1 Global Builder Hardware Market, by Type
1.1.2 Global Builder Hardware Market, by Application
2 Market Introduction
2.2 Scope of the Study
2.3 Market Structure
2.4 Key Buying Criteria
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
3.6 List of Assumptions
List of Tables
Table 1 List of Assumptions
Table 2 Macro Indicators Influencing the Global Builder Hardware Market
Table 3 Annual Value of Construction, Us, 2012–2018 (Usd Million)
Table 4 Global Builder Hardware Market, by Type, 2013–2017 (Usd Million)
Table 5 Global Builder Hardware Market, by Type, 2018–2024 (Usd Million)
Table 6 Global Builder Hardware Market, by Type, 2013–2017 (Million Units)
Table 7 Global Builder Hardware Market, by Type, 2018–2024 (Million Units)
List of Figures
Figure 1 Market Synopsis
Figure 2 Market Attractiveness Analysis: Global Builder Hardware Market
Figure 3 Global Builder Hardware Market Analysis, by Type
Figure 4 Global Builder Hardware Market Analysis, by Application
Figure 5 Global Builder Hardware Market: Market Structure
Figure 6 Key Buying Criteria of Global Builder Hardware Market
Figure 7 Research Process of Mrfr
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