Surge in need for beautification of the residential and commercial building, rapid urbanization, and technological innovations in manufacturing of hardware drive the global architectural hardware market
PORTLAND, Oregon, Dec. 12, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Architectural Hardware Market by Application (Doors, Windows, Furniture, and Shower), and End User (Commercial, Industrial, and Residential): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global architectural hardware industry generated $15.96 billion in 2018, and is expected to reach $23.27 billion by 2026, registering a CAGR of 6.8% from 2019 to 2026.
Drivers, restraints, and opportunities
Surge in need for beautification of the residential and commercial building, rapid urbanization, and technological innovations in manufacturing of hardware drive the global architectural hardware market. However, rise in raw material prices and fluctuations in foreign currencies hinder the market growth. On the other hand, surge in focus on affordable housing structures create new opportunities in the market.
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The furniture segment to maintain its highest share by 2026
Based on type, the furniture segment held more than half of the total share of the global architectural hardware market in 2018, and is expected to maintain its highest share during the forecast period. This is due to surge in popularity of eco-friendly homes and inclination of residential end users toward adoption of smart furniture. However, the shower segment is expected to register the highest growth rate of 5.7% from 2019 to 2026, owing to growing popularity of modern bathrooms and increasing trend of beautifying bathroom and aesthetic appeal among the urban population.
The residential segment to maintain its dominance throughout the forecast period
Based on end user, the residential segment held the highest market share in the global architectural hardware market, contributing for more than half of the market share in 2018, and is expected to maintain its dominance throughout the forecast period. This is due to growth in population and rapid urbanization particularly in emerging economies. Moreover, the industrial segment is expected to register the fastest CAGR of 5.2% from 2019 to 2026. This is due to market players offering architectural hardware with enhanced properties that cater to industrial requirements.
Asia-Pacific to contribute its lion's share during the forecast period
Based on region, Asia-Pacific contributed for the largest market share, accounting for more than half of the global architectural hardware market in 2018, and is estimated to contribute its lion's share during the forecast period. This is attributed to rapid urbanization & industrialization, strong economic growth, and increase in population in the region. North America is estimated to contribute the second-highest revenue by 2026. However, LAMEA is expected to contribute the highest CAGR of 5.6% from 2019 to 2026, owing to the demand for compact and low-cost infrastructure in the residential sector and advanced economic conditions of people in the region.
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Leading market players
- Allegion Plc
- ASSA ABLOY (Yale and Others)
- Bohle Ltd.
- C.R. Laurence Co., Inc.
- Fortress Industrial Co., Ltd.
- Godrej Locking Solutions & Systems
- Häfele GmbH & Co KG
- Hettich Holding GmbH & Co. oHG
- HOPPE Holding AG
- Spectrum Brands, Inc.
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