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Architectural Hardware Market is Expected to be the Fastest Growing Segment Reach $23.2 Billion by 2026
Architectural Hardware Market
The global architectural hardware market size was valued at $15.9 billion in 2018, and is projected to reach $23.2 billion by 2026, growing at a CAGR of 6.8% from 2019 to 2026.
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The architectural hardware market has witnessed substantial rise over the past few years and is expected to record similar growth during the coming years. Increase in industrialization and urbanization, particularly in the emerging markets, further fuels the architectural hardware market growth.
In addition, increase in demand for architectural hardware in the construction industries is expected to drive the market growth during the forecast year. However, rise in cost of steel, and fluctuating foreign exchange are anticipated to hinder the market growth. Furthermore, availability of low-cost and efficient manufacturing particularly in Asia-Pacific and rise in demand for door and window accessories in developing countries provide lucrative growth opportunities for the market.
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Top Players:
The key 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.
Many players have adopted product development as the key developmental strategy to improve their product portfolio. For instance, in March 2019, Bohle launched new products for sliding door installations at the FIT Show conducted in the UK. The products include EasyMount 6020, base rail balustrading system, colored shower and bathroom hinges, vacuum lifting technology, glass processing tools, and others.
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