Global Builder Hardware Market Research Report: Forecast to 2024 | Global Builder Hardware Market Research Report: Information by Type (Cabinet Hardware, Doors, Hardware, Windows Hardware, Plumbing Hardware and others)
As per the market research report, the global builder hardware market during the forecast period is projected to witness around 4.8 percent of the Compound Annual Growth Rate in terms of market revenue. In the year 2019, the global market value was USD 40000 million. Now, it has been predicted that by the end of 2024, the value will reach USD 52900 million marks. This particular comprehensive market analysis report covers all the required factors that are projected to propel the market growth.
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Builder hardware is one type of metal hardware that is generally used for decoration, convenience, and protection in buildings. It may be noted that these building products don’t make any part of the building. What they are doing is, they offer a sufficient level of support and ease the construction process. The hardware generally supports fixtures like cabinets, doors, and windows. Some common examples are letter plates, latches, door hinges, door handles, door knockers, switch plates, bolts, and more. All are significant parts of a construction work.
The global builder hardware market is projected to enjoy a decent growth in the coming years. It is forecasted that the rapid growth of industrialization across the globe and rising level of urbanization in developing countries, for example, Japan, India, China, are some major reasons behind the growth of the market. People want to make their homes look beautiful, and this is where such hardware comes to play. On the other hand, rising investment in the real-estate industry will also help the market to grow.
Market Segmentation
The global market for builder hardware is segmented on the basis of application and type. On the basis of application, it is segmented into non-residential and residential. As per the research, the residential segment is projected to witness maximum growth due to the rapid urbanization process. Coming to the type-based segment, the market is divided into doors hardware, windows hardware, plumbing hardware, cabinet hardware, and more. Among these, the cabinet hardware segment is anticipated to enjoy the highest profit during the forecast period. The possible reason behind this can be the increasing construction work across the globe. Cabinet hardware includes knob, latches, hinges, knobs, and more.
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Regional Overview
For the regional market analysis, the global market for builder hardware is segmented into South America, the Middle East & Africa, Asia Pacific, and Europe. While the market condition in all these regions is improving at a decent rate, the Asia Pacific regional market is projected to emerge as a dominating market player during the forecast period. The anticipated reason behind this is improving financial conditions in Asian countries. On the other side, the growing urbanization and industrialization are also propelling market growth. In 2017, the value of the construction industry in China was USD 816.6 billion. Besides, a growing population can be another factor.
Industry News
In March 2019, ASSA ABLOY successfully completed the acquisition of Spence Doors, a well-known Australian commercial door manufacturer. With this acquisition, ASSA ABLOY manages to strengthen its market position by introducing complementary solutions as well as products to its business. The company is also working to acquire more companies for business expansion.
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