Builder hardware comprises an array of tools for functional and decorative uses. They are used to support various fixtures in homes such as doors, windows, and cabinets. The trends of home renovation to improve the aesthetic or being energy-efficient are likely to induce its need among contractors and real estate developers. The global builder hardware market report by Market Research Future (MRFR) considers the trends and opportunities in home renovation and home improvement for the period of 2019 to 2024 (forecast period). The COVID-19 pandemic and its impact has been analyzed in the report.
The global builder hardware market is expected to expand at 4.88% CAGR during the forecast period. This can be attributed to the large migration of the populace to urban areas. The surge in development of residential properties, penchant for luxury apartments, and huge expendable income levels of customers can drive market growth. Changing design styles that focus on minimalism is expected to drive the market demand exponentially.
The COVID-19 pandemic is likely to have a lasting impact on kitchens with people spending additional time in the area while preparing new cuisines. The search for new utilities in the kitchen as well as ample storage space for equipment can induce the need for modular designs. Prominent towns and developing suburbs in developing economies as well as the rising elderly populace can be lucrative opportunities for real estate developers. According to the United Nations Population Fund & Help Age India, India’s senior living population can reach 173 million by 2026. The rise of nuclear families and increased life expectancy of the aged can spur the market growth.
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The global builder hardware market is segmented based on type and application.
On the basis of type, the global builder hardware market is segmented into plumbing hardware, cabinet hardware, doors, hardware, windows hardware, and others. The cabinet hardware segment is expected to dominate the global market during the forecast period. Cabinet hardware includes components that are used to make cabinets, such as knob, hinges, latches, pulls, and fasteners. The growing construction of large kitchens and bathrooms are expected to drive the demand for cabinet products during the forecast period.
On the basis of application, the global builder hardware market is divided into residential and non-residential. The residential segment is expected to hold the maximum market share owing to the resurgence of the construction sector and large square footage in living rooms and kitchens.
Asia Pacific (APAC), North America, South America, the Middle East & Africa (MEA), and Europe are regions considered for the scope of the market.
APAC is expected to dominate the global builder hardware market during the forecast period. The growth of the construction industry and the improvement in economic growth in the region are likely to bode well for the builder hardware market. Moreover, the rapid industrialization and urbanization in emerging economies of India, China, and Japan, are also driving the growth of the market. Furthermore, activities such as the refurbishing and renovation of old buildings have increased investments in the infrastructure and construction industries can facilitate regional market growth. According to the National Bureau of Statistics of China, in 2017, the value-added output of the construction industry reached USD 816.6 billion, compared to the USD 2.1 billion in 1978, with an average annual growth rate of 16.6%. The country is ripe for investments due to rapid growth in industrialization and growing population levels which have fuelled the demand for affordable housing.
Allegion plc, Sobinco, Masco Corporation, ASSA ABLOY, GUANGDONG KIN LONG HARDWARE PRODUCTS CO., LTD, Siegenia, Dormakaba Group, Tyman plc, and Roto are prominent players of the global builder hardware market.
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 1 Global Builder Hardware Market, By Type, 2018–2024 (USD Million)
Table 2 Global Builder Hardware Market, By Type, 2013–2017 (Million Units)
Table 3 Global Builder Hardware Market, By Type, 2018–2024 (Million Units)
Table 4 Global Builder Hardware Market, By Application, 2013–2017 (USD Million)
Table 5 Global Builder Hardware Market, By Application, 2018–2024 (USD Million)
Table 6 Global Builder Hardware Market, By Application, 2013–2017 (Million Units)
Table 7 Global Builder Hardware Market, By Application, 2018–2024 (Million Units)
Table 8 Global Builder Hardware Market, By Region, 2013–2017 (USD Million)
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