Market Research Future published a research report on “Builder Hardware Market Research Report – Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
Builder or builders hardware refers to a set of metal tools used in protection, decoration, and maintenance of buildings. The rise in construction activities and investments in public infrastructure are main factors for commanding its demand. Initiatives by various governments for promoting domestic manufacturers instead of imports from foreign countries have changed the landscape. The global builder hardware market report by Market Research Future (MRFR) considers the various dynamic variables affecting the industry for the period of 2019 to 2024 (forecast period) as well as estimations for revenue and growth. The COVID-19 pandemic on the industry has been noted in the report.
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The global builder hardware market is expected to expand at 4.88% CAGR during the forecast period. This can be attributed to novel construction projects and renovation projects undertaken by governments for efforts of modernization. Emergence of smart buildings, rise in disposable income levels, and change in interior aesthetics can drive the global builder hardware market growth.
Seminars and workshops for generating awareness on builder hardware companies, government schemes, and a notable uptick in hardware manufacturing can drive the market growth. The export of hardware and emphasis on quality products focusing on materials, coatings, and finishes can fuel the global Builder Hardware Market growth. Rise in commercial and residential units can spell good fortune for the industry.
The key players of global builder hardware market are ASSA ABLOY (Sweden), Allegion plc (Ireland), Masco Corporation (US), dormakaba Group (Switzerland), Tyman plc (US), Roto (Germany), Siegenia (Germany), GUANGDONG KIN LONG HARDWARE PRODUCTS CO., LTD (China), and Sobinco (Belgium).
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 cabinet hardware, doors, hardware, windows hardware, plumbing 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 hinges, pulls, latches, knob, and fasteners. The growing construction activities 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 growing population and rapid pace of urbanization.
Detailed Regional Analysis
Asia Pacific (APAC) is estimated to be a prominent region in the builder hardware market due to the rapid pace of industrialization and urbanization in emerging economies of China, India, and Japan. Furthermore, activities such as refurbishing and renovation of old buildings have increased investments in the infrastructure and construction industries fuelling the builder hardware market during the forecast period. Investments in the construction industry and the improvement in the financial conditions in the region have led to the growth of the construction industry and, consequently, the builder hardware market. Moreover, the rapid industrialization and urbanization in emerging economies, such as China, India, and Japan, are driving the growth of the builder hardware market in the region. 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 rapid growth in industrialization, growing population levels which have fueled the demand for affordable housing, and shift to cities by citizens can favor the market.
In 2018, North America held the second-largest market share in the builder hardware market. The region has witnessed significant growth in the construction industry, owing to the increase in real estate investments and resurgence in real estate.
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