Global Market for Builders’ and Cabinet Hardware is Forecast to Reach US$18.1 Billion by 2020

Recovery in Construction Activity Drives the Global Builders’ and Cabinet Hardware Market, According to New Report by Global Industry Analysts, Inc.

           

GIA announces the release of a comprehensive global report on Builders’ and Cabinet Hardware markets. Global market for Builders’ and Cabinet Hardware is forecast to reach US$18.1 billion by 2020, driven by recovering construction sector, technological advancements, and innovation in hardware design.  

Demand for builders’ and cabinet hardware generally follows the trends in the construction industry. Improvement in new housing projects, renovation and refurbishment is driving demand for builders’ and cabinet hardware, which are installed on doors, windows and cabinets. Growing global population and the subsequent increase in demand for housing units is expected to offer sizeable growth opportunities in the market. Rapid urbanization and urban sprawl as a result of increased migration of population from urban and semi-urban centers in search of employment opportunities, is also driving growth in the market. Appearance, color and finish continue to play an important role in product selection. As a mature market characterized by intense competitive pressures, manufacturer focus is shed on product innovation as a key factor for product differentiation in a crowded marketplace. Novel styles and designs are continuously launched into the market as manufacturers strive to establish new benchmarks. 

Materials such as nickel, copper, bronze, brass, steel, stainless steel and wrought iron are some of the most commonly used materials in cabinet hardware. Brass finishes, which lost momentum years ago, are once again gaining attention. Other hardware finishes that are gaining ground include bronze finish, brushed nickel finish, polished brass finish, antique brass finish and brushed nickel finish. In addition to appearance, factors such as ease of use by children, aged and disabled, as well as user friendliness are also becoming critical in decision making. Technology advancements in the builders’ hardware market are expected to benefit market prospects in the coming years. Electronic door hardware, such as electronic security systems and access control systems are increasingly gaining prominence. 

As stated by the new market research report on Builders’ and Cabinet Hardware, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.1% over the analysis period. Steady economic growth, increasing disposable income, rising standards of living, expanding middle-class, and strengthening residential and commercial construction activity, represent key growth drivers in the region. 

Major players covered in the report include ASSA ABLOY AB, Ashland Hardware Systems, Allegion Plc, DORMA Group, HAGER COMPANIES, Kaba Group, Masco Corporation, Rockwood Manufacturing Company, Security Door Controls, Securistyle Ltd., Stanley Black & Decker Inc. and The J.G. Edelen Co. among others.

The research report titled “Builders’ and Cabinet Hardware: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in terms of value for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. The report also analyzes the US market by product segments such as Builders' Hardware (Door Locking Devices, Door Hinges & Closers, Window Hardware and Other Builders' Hardware), and Cabinet Hardware (Cabinet Locks, Cabinet Knobs, Pulls, & Catches, Cabinet Hinges and Other Cabinet Hardware).

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