Report Code: A05050 | Pages: 232 | ||
Tables: 88 | Charts: 62 |
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The global architectural hardware market size was valued at $15,960 million in 2018, and is projected to reach $23,271 million by 2026, growing at a CAGR of 6.8% from 2019 to 2026. The architectural hardware includes door & window locks, door closers, floor springs, furniture fittings, panic bars, door automatics, shower fittings, door & window accessories, glass hardware patch fittings, glass hardware railings and other accessories.
The global architectural hardware market is projected to gain high momentum in near future supported by economic growth of various developing nations, and rise in infrastructural investments. The governments of various countries have taken initiatives related to infrastructure developments. Increased investment in the real estate sector boosts the demand for door and window accessories and other architectural components. At the same time, improving economies in the developing countries such as India, China, Indonesia, and others, have resulted in large investments from different countries, a factor that subsequently boosts the demand for architectural hardware in infrastructural and construction projects across various sectors. For instance, in January 2019, China invested $163 billion in the infrastructure sector to boost the economy. New construction projects includes two major airports and railway stations. Similarly, in September 2018, I Squared Capital, a private equity firm raised $7 billion for new infrastructure projects in India.
In addition, urban population growth is concentrated in emerging economies of the world, which fuels the demand for natural stones in these regions owing to high development rate for infrastructure. Urbanization has increased considerably over the last decade and is estimated to continue to increase during the forecast period in the developing countries such as India and China. The impact of urbanization on the housing sector is dominant.
However, increase in prices of raw materials such as iron, brass, copper, plastic, steel, and others, is expected to hamper the architectural hardware market growth. Furthermore, the rapid urbanization in third world countries is on the rise creating a demand for quality public infrastructure and utilities among those countries. Subsequently, the government initiative toward development of airports, educational buildings, hospitals, parks, and other public spaces, is anticipated to create substantial lucrative business opportunities for the market players in architectural hardware market.
The global architectural hardware market is segmented based on application, end-user, and region. Based on application, the market is segmented into doors, windows, furniture, and shower. Based on end user, the architectural hardware market is categorized into commercial, industrial, and residential. Based on region, the architectural hardware market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The architectural hardware market in LAMEA and Asia-Pacific has gained traction in the recent years, owing to significant number of ongoing infrastructure and industrial development projects in India, Brazil, and China.
In addition, the fast-growing economies, especially in the Middle East and Eastern European countries, have boosted the development-related projects for airport, infrastructure, and transportation. This has increased the demand for door and window accessories. Many manufacturers of architectural hardware are focusing on acquisition, which boosts the architectural hardware market growth. For instance, in January 2019, ASSA ABLOY acquired KEYper Systems, a leader in supply of mechanical and electronic key management systems in the U.S. The acquisition has enhanced the product offerings of intelligent key and asset management solutions by ASSA ABLOY. Similarly, in July 2018, Allegion acquired the GWA Group Limited’s Door and Access Systems Business. GWA is an Australian company and includes brands such as, API Locksmiths and Gainsborough Hardware. API is a renowned provider of commercial keying, access control services, and installation.
Competition Analysis
The key market players profiled in the architectural hardware market report include 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, and Spectrum Brands, Inc. The major players operating in the global architectural hardware market have adopted key strategies such as product development and collaboration to strengthen their market outreach and sustain the stiff competition in the market.
For instance, in January 2019, Allegion, through its brand Schlage, launched the new Schlage Encode Smart Wi-Fi Deadbolt, which works with Key by Amazon and Ring Devices. The smart lock enables remote secure access through Wi-Fi connectivity. Similarly, in November 2018, Allegion’s brand Schlage, collaborated with Amazon, to provide new smart home solutions. Schlage launched Schlage Connect Smart Deadbolt, which is compatible with Amazon Key compatibility and also Zigbee certified. The collaboration has enabled both the companies to provide integrated smart home solutions.
Key Players
Architectural Hardware Market Report Highlights
Aspects | Details |
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By APPLICATION |
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By END-USER |
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By Region |
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Key Market Players | Allegion plc, Taiwan Fu Hsing Industrial Co., Ltd., Häfele GmbH & Co KG, Spectrum Brands Holdings, Inc., Godrej and Boyce Manufacturing Company Limited, ASSA ABLOY Group, Bohle Limited, CRH plc, Hettich Holding GmbH & Co. oHG, HOPPE Holding AG |
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The global architectural hardware market is witnessing considerable growth in the emerging markets such as India, China, Latin America, and others. Furthermore, growth in the construction industries and demand for better quality architectural hardware are some of the major factors that drive the growth of the architectural hardware market during the forecast period. Increase in industrialization and urbanization, particularly in the emerging markets, is further expected to fuel the market growth. However, increase in risk of corrosion, rise in prices of steel & iron, and fluctuating foreign exchange are anticipated to hinder the market growth.
Asia-Pacific is witnessing the highest demand for architectural hardware, followed by North America, Europe, and LAMEA. The highest share of the Asia-Pacific market is attributed to increase in demand for maintenance and repair activities, and rise in construction activities.
Among the analyzed regions, Asia-Pacific is expected to account for the highest CAGR in the global market throughout the forecast period.
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