The global Builder hardware market growth was valued at 4.13 Million USD in 2021 and will grow with a CAGR of 4.38% from 2021 to 2027. Market Research Future (MRFR) in their report envelops segmentations and drivers for a better glimpse of the market in the coming years. Builder hardware is a group of metal hardware that is mainly used for supporting buildings and structures and making them effective in terms of protection, convenience, and aesthetic enhancement. Door handles, door hinges, bolts, latches, locks, and door knockers are some of the builder hardware components that are used with the doors, windows, and cabinets. During the forecast period, the global market is expected to be driven by various factors, such as the growth of the construction industry, rise in demand for strong security, and rise in furniture use. However, fluctuating raw material prices could hamper market growth during the forecast period.
The global Builder hardware market growth is segmented based on type and application.
On the basis of type, the global builder hardware market growth is segmented into cabinet hardware, doors, hardware, windows hardware, plumbing hardware, and others. The cabinet hardware segment dominated the market and was valued at USD 13,630.2 million in 2018. This value can reach USD 18,486.4 Million by 2024. Meanwhile, the metal segment is witnessing significant growth and is expected to attain 5.22% CAGR during the forecast period.
On the basis of application, the global builder hardware market growth is segmented into residential and non-residential. In 2018, the residential segment held the maximum market share and enjoyed a valuation of USD 23,288.9 million. This valuation can rise to USD 31,234.5 Million by 2024. This segment is expected to grow with the fastest CAGR of 5.03% during the forecast period.
Market Research Analysis:
On the basis of region, the global market is segmented into North America, Europe, Asia-Pacific, the Middle East Africa, and South America. Asia-Pacific is anticipated to lead the builder hardware market growth during the study period, followed by North America. The region is expected to witness the increased development of infrastructure and the construction of residential, commercial, and municipal buildings. China followed by Japan and India are countries that dominate the builder hardware market growth in Asia-Pacific.
The prominent players profiled in the global builder hardware market growth report are 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). Mergers, acquisitions, expansions, and product developments are some strategies that these companies employ to stay ahead of the rest.
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