The Global Market for Builders’ and Cabinet Hardware is Projected to Exceed US$19.4 Billion by 2022

April 10, 2017

Rising Investments in Real Estate Drives the Global Builders’ and Cabinet Hardware Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Builders’ and Cabinet Hardware market. The global market for Builders’ and Cabinet Hardware is projected to exceed US$19.4 billion by 2022, driven by growing construction activity, rising investments in real estate sector, residential replacements, and improving standards of living.

Demand for builders’ and cabinet hardware is heavily influenced by trends in the cabinet, door and window market, real estate, new constructions, and renovations. The growth in global population, especially in developing nations, and the subsequent increase in demand for housing units as well as infrastructure facilities are expected to offer sizeable growth opportunities for the market. Rapid urbanization, with an increasing proportion of the population migrating to urban and semi-urban centers in search of better employment prospects, is another factor fuelling growth in the market. Increasing number of residential apartments in developing countries to accommodate the expanding base of middle class population bodes well for market growth. The market is characterized by intense competition where manufacturer focus is shed on product innovation in a crowded marketplace. Novel styles and designs are launched at frequent intervals as players strive to establish new benchmarks.

The door hardware market segment is experiencing changes from the detailed, elaborate, and ornate door handles to the straight line appearance. The bayonet type fix is also another unique look in which the rose and door lever are allowed to be detached for painting without the use of a screwdriver. Recycled products are also making their way into cabinet hardware manufacturing such as the unique and innovative drawer pulls made out of recycled wine bottle corks. Access control systems are witnessing an increase in popularity, driving the use of electronic locking devices. Hardware accessories for kitchens have emerged as the latest trend for creating designer moments. Manufacturers are offering bold designs, handmade pieces, brass fittings and highly polished surfaces in order to address the growing demand. Technology advancements are expected to benefit market prospects in the coming years.

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 7.5% over the analysis period led by stable construction activity, increased focus on residential and commercial building safety and security against the backdrop of growing crime and social unrest, increasing disposable income and rising standards of living of the expanding base of middle class population and a parallel increase in upmarket, luxury living and increased spending on home furnishing.

Major players covered in the report include Allegion plc, Schlage, Ashland Hardware Systems, ASSA ABLOY AB, Adams Rite, Markar Architectural Products, Medeco, Rockwood Manufacturing Company, SARGENT Manufacturing Company, Securistyle Ltd., CompX International Inc., Dormakaba Group, HAGER COMPANIES, Hickory Hardware, The J.G. Edelen Co., Kwikset Corp., Masco Corp., Miwa Lock Co. Ltd., Preferred Engineering Products Ltd., Security Door Controls, Stanley Black & Decker Inc., Sugatsune America Inc., and Tyman Plc, 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 additionally analyzes the US market by product segments - 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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