The Global Architectural Hardware Market is expected to grow at a CAGR of 6.8% during the forecast period 2019-2026. The market was accounted $15,960 million in 2018 and expected to reach $23,271 million by the year 2026.
The Global Architectural Hardware Market is anticipated to attain high demand in the near future driven by factors such as increasing investment on infrastructural projects in emerging countries and favorable initiatives taken by the government in real-estate sector is further boosting the market growth. In addition, rising trend of investment in the real estate sector leading to boost the demand for architectural hardware such as door and window accessories; and other architectural components.
Due to growing urbanization in developing countries is supporting the increased demand of infrastructure in urban areas that further increase the demand for building material or architectural hardware. The trend of urbanization is anticipated to continue in the near future in countries such as India and China, that in turn will positively influence the market growth for the long-term. Innovation in the process of manufacturing by using eco-friendly and recycled material projected to drive the global architectural hardware market. In addition, the economic condition of countries like India is subsequently improving, that also result in huge investment by such countries on architectural hardware. Whether, absence of adequate number of raw material suppliers leading in increasing prices of materials such as iron, brass, copper, steel, plastic, and others. However, the increasing prices of raw material is anticipated to restrain the growth of the global architectural hardware market. In addition, government policy in some countries such as Model Building Bye-Laws anticipated, policy made by Indian government in the year 2006 is anticipated to hamper the market growth over the forecast period.
To get competitive advantage from market major companies are adopting different strategies such as collaboration, product development, merger and product launch. Some key market players of the global architectural hardware market are Spectrum Brands, Inc., HOPPE Holding AG, Hettich Holding GmbH & Co. oHG, Hafele GmbH & Co KG, Godrej Locking Solutions & Systems, Fortress Industrial Co., Ltd., C.R. Laurence Co., Inc., Bohle Ltd., ASSA ABLOY (Yale and Others), Allegion Plc and many more.
The architectural hardware industry is segmented on the basis of end-user and application.
The End-User segment is further segmented as:
The Application segment is further segmented as:
The residential segment accounted for highest market share in the architectural hardware market and anticipated to dominate the market in the near future also. The growth of this particular segment is contributed by various factor such as growing population in Asian countries and increasing urbanization in emerging countries.
Asia-Pacific has the highest market share in the Architectural Industry
Rapid growth of urbanization & industrialization in Asia-Pacific region, attribute to the growth of Asia-Pacific architectural hardware market. In addition, strong economic growth, and increasing population base in India and China drive the Asia-Pacific market. On the other hand, North-American region also anticipated to register a high growth, owing to increasing demand for compact and low-cost infrastructure in the residential segment of North-American region.
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