ID: MRFR/CO/6524-CR | June 2019 | Region: Global | 220 pages
Builder Hardware Market is Expected to Expand at 4.88% CAGR during the forecast period.
Builder hardware refers to a category of metal hardware specifically used for protection, convenience, and decoration in buildings. These pieces of equipment are usually responsible for supporting fixtures, such as doors, windows, and cabinets. Some of the most common examples of builder hardware include door handles, bolts, door hinges, switch plates, and letter plates. According to the Council on Foreign Relations (CFR), the public spending on the U.S. infrastructure in 2017 was USD 98 billion. The investment that is diverted towards buildings directly influences the performance of the global builder hardware market.
The global builder hardware industry is expected to register a CAGR of 4.88 % during the forecasted period. Some of the main factors that could accelerate the growth are the high rate of urbanization and industrialization in emerging economies like India, Japan, and China. Activities such as renovating old buildings and new buildings could also expand the builder hardware market size in the future.
A detailed investigation of the market has been performed to ascertain its growth potential in the future. The diverse market variables that could impact the industry, such as market drivers, challenges, and opportunities, have been identified. The chief business players in the promising industry have been identified as they could play an instrumental role in boosting its overall performance at the global level.
Covid 19 analysis
The Covid 19 pandemic has adversely affected the performance of the global builder hardware market. Due to the infectious outbreak, several norms and guidelines were introduced by several national governments relating to social distancing and lockdowns. These elements halted infrastructure development activities and further diminished the demand for builder hardware. However, during the forecasted period, the performance of the global builder hardware industry is expected to recover.
Competitive intensity in the industry
In the global builder hardware market, the level of competition is extremely intense due to the development of numerous infrastructural structures. To capitalize on the diverse business opportunities, several players have entered the domain, contributing to the expansion of the global market size. For sustaining in the competitive market, the operating businesses have been introducing strategies to capture a greater portion of the market share. Many companies have been working on new designs to differentiate themselves and attract more customers to their market offerings. Some of the chief business entities that have dominated the market in recent times include:
Recent market developments
Chief variables existing in the market
Key market drivers a diverse range of drivers exists in the global market that increases its performance, such as an increase in the development of infrastructural structures such as buildings and renovation and refurbishment of old buildings. During the forecasted period, these elements could boost the market performance at the global level.
Several challenges exist in the global market landscape that increases the complexity for business players. One of the major challenges is the intense level of competition. In addition to this challenge, the fluctuating nature of the prices of the raw materials increases the level of uncertainty in the market setting. During the forecasted period, the key market players need to devise suitable strategies to overcome such challenges and capture a significant portion of the global market share.
There exist several opportunities in the global builder hardware industry. One of the main opportunities arises due to the surge in the number of construction activities. It creates opportunities for business players to introduce new, improved and sustainable builder hardware solutions. There is also an opportunity to integrate innovation and advanced technology into the development of builder hardware solutions to offer more efficient and automated builder hardware equipment in the global market.
The operating business participants in the builder hardware market come across several bottlenecks that act as restraints. One of the main restraints is limited financial resources to design new and improved builder hardware solutions for the customers. This restraint could make a market player vulnerable and powerless against tough competitors. During the forecasted period, business players need to devise suitable strategies so that such obstacles can be effectively managed and deliver sustainable market performance.
Cumulative evaluation of the market
The integrated builder hardware market report is based on a thorough evaluation of the market and the underlying factors that operate in it. Based on the market study, many market trends have been identified, such as rising urbanization and high investment in infrastructural projects. Although the existence of several market drivers increases the attractiveness of the market, there are numerous hurdles that diminish its growth potential. One of the chief challenges that increase the complexity in the global market landscape is the high uncertainty associated with the price of raw materials of builder hardware. The detailed analysis of the market has aided in forecasting its growth potential in the future.
Overview of the main market segments
The global builder hardware market has been segmented into the cabinet, doors, windows, plumbing, and others based on the type. The cabinet hardware segment is expected to capture a chunk of the market share during the forecasted period. Cabinet hardware encompasses a broad range of components used to make cabinets, such as knobs, latches, fasteners, hinges, etc. The recent surge in the number of construction activities and projects is likely to drive the demand for the market segment.
The global builder hardware market can be divided into residential as well as non-residential, based on application. During the forecasted period, the residential segment is expected to dominate. Some of the chief factors that are likely to work in favor of the specific segment are the rapid increase in urbanization in different parts of the world and the rise in population. However, the contribution of the non-residential towards the builder hardware industry performance also would be significant during the forecasted period.
The global builder hardware market can be divided into a number of geographical segments such as the Asia Pacific, North America, Europe, South America, and the Middle East and Africa. In each region, different market drivers are likely to exist that would contribute to the market segment performance, such as urbanization and increased infrastructural projects. During the forecasted period, the Asia Pacific geographical segment is expected to dominate the global market. Some of the main factors that would influence its performance are the growth of the construction industry and rapid industrialization. Nations such as Japan, China, and India would play an instrumental role in shaping the growth of the Asia Pacific region during the forecasted period. In recent times, China has experienced high growth in industrialization, and it has contributed to the market performance significantly. It is likely to play an important role in the future as well to boost market growth.
The global market report presents a comprehensive insight into the major builder hardware market trends. A thorough study of the market has helped identify some of the major variables that can influence the global market size during the forecasted period. Several strategic frameworks and models have been used to explore the industry and uncover the critical market variables that exist in it. The competitive intensity of the market has been determined with the help of Porter’s Five Force model. The chief market players that intensify the competition have been identified, and their strategic approaches have been examined exhaustively. The performance of the market players could be instrumental in shaping the global market growth in the future.
Key Industrial segments
|Market Size||2027: Significant Value|
|CAGR||4.88% CAGR (2020 to 2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||The rapid pace of industrialization and urbanization|
|Key Market Drivers||Fluctuating raw material prices may limit|
Frequently Asked Questions (FAQ) :
Builder hardware market is projected to grow at a 4.88% CAGR between 2019-2024.
Builder hardware market is predicted to touch USD 55,795.8 million by 2024.
The Asia Pacific is expected to dominate the builder hardware market.
The residential segment will lead the builder hardware market.
Fluctuating raw material prices may limit the builder hardware market growth.