The recent report by Market Research Future (MRFR) asserts that the global market is slated to acquire a substantial market valuation of USD 55.8 billion at a moderate 4.88% CAGR over the review period.
Drivers and Restraints
The global Builder Hardware Market size is expected to witness substantial growth over the review period. The growing industrialization and urbanization in emerging economies such as China, India, Mexico, Brazil, Norway, among others, is also anticipated to contribute significantly over the review period. The construction sector is also estimated to drive the market over the review period due to the rise in real estate investments.
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The top market players identified by MRFR in the global market are Allegion plc (Ireland), ASSA ABLOY (Sweden), Masco Corporation (US), Tyman plc (US), Roto (Germany), GUANGDONG KIN LONG HARDWARE PRODUCTS CO., LTD (China), dormakaba Group (Switzerland), Siegenia (Germany), and Sobinco (Belgium).
The competitive dynamics of the Builder Hardware Market are highly active, and the introduction of new market players is expected to drive the market over the review period. The players are expected to focus on strategic business partnerships, mergers and acquisitions, product development, among others, which are projected to drive the market growth.
The global builder hardware market is segmented on the basis of the type and application. On the basis of type, the global market for builder hardware is divided into cabinet hardware, windows hardware, doors hardware, plumbing hardware, others. The cabinet hardware segment is estimated to lead the global builder hardware over the review period and was valued at USD 13.63 billion in 2018. This value can reach USD 18.5 billion by 2024. Cabinet hardware includes components that are deployed to make cabinets, such as pulls, hinges, knob, latches, and fasteners. The growing construction activities are anticipated to drive the demand for cabinet products over the review period.
Based on the application, the global builder hardware market is bifurcated into residential and non-residential. The residential segment is anticipated to hold the most significant market share, owing to the rising populace and rapid pace of urbanization. The market witnessed a valuation of USD 23,288.9 million in 2018. This valuation can surge to USD 31,234.5 million by 2024.
The geographical overview global market has been in four major regions, namely the Asia Pacific, Europe, North America, and the rest of the world (including Latin America and the Middle East and Africa).
Asia-Pacific is anticipated to dominate the global builder hardware market over the forecast period. The growth of the construction sector and the development in the financial conditions in Asia-Pacific have resulted in the expansion of the construction industry and, subsequently, the builder hardware market. Furthermore, the rapid industrialization and urbanization in emerging economies, such as India, China, and Japan, also driving the progress of the builder hardware market in the region. Additionally, activities such as the restoring and renovation of old buildings have improved investments in the infrastructure and construction activities, fuelling the builder hardware market in Asia-Pacific. The country has experienced rapid advancement in industrialization and growing populace levels, which have boosted the demand for affordable housing. The momentous growth of the construction industry is anticipated to drive the builder hardware market in the region over the review period.
The North American region is estimated to witness substantive growth and acquire the second-largest market share over the review period. This is attributed to the increasing integration of technological innovations into the product. Moreover, the well-established industry, along with stable economic dynamics, are also expected to contribute notably towards the builder hardware market share over the review period.
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Important Features that are under offering & key highlights of the report:
- Detailed overview of Builder Hardware market
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application etc
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Builder Hardware market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards Builder Hardware market performance
- Market players information to sustain and enhance their footprint
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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