Cabinet Hardware Market Size, Share, Growth, and Industry Growth, By Type (Cabinet Pulls, Cabinet Knobs, Cabinet Hinges, and Others), By Application (Residential, Commercial, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Cabinet Hardware Market REPORT OVERVIEW

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The global cabinet hardware market size was USD 9680 million in 2022 and is projected to touch USD 19164.3 million by 2031, exhibiting a CAGR of 7.1% during the forecasted period.

Cabinet hardware is categorized into cabinet pulls, knobs, hinges, and others and is used widely in manufacturing furniture sets, as it helps manufacture compact furniture. Using brass and steel in compact furniture and homes is driving the market growth with an increase in nuclear families. Renovation activities are on a growing spree as they resume after a halt of two years in the market. The increasing demand for builders and hardware post the pandemic is driving the industry's market share worldwide.

The use of this hardware is mainly found in residential and commercial areas. The use of the hardware in smart homes and offices with alarms and security systems is an innovative solution offered by the market. As the pandemic has receded, the market is set to see a boom. Most players in the industry are based in Europe. However, Asian countries such as Japan and South Korea are also emerging as critical manufacturers of hardware. The pandemic had severe consequences for the market; however, the industry is revamping and is set to grow exponentially.

COVID-19 Impact: Worldwide Curfews on Construction Hampered Market Demand

The restrictions imposed by governments worldwide on the construction of commercial and residential buildings impeded the market demand for cabinet hardware. With curfews and lockdowns in place, governments imposed restrictions on hardware brand outlets and the construction of buildings that hampered the need for builders and hardware. This severely disrupted the raw material supply chain, leading to an endless cycle of purchase and no sale for builders and investors. Thus, the pandemic posed various challenges to the hardware industry.

LATEST TRENDS

"Investments in Foreign Countries to Garner Massive Profits"

Many players are investing their resources and setting up multi-national companies in various countries. This will attract huge profits, as labor is imported at lower costs, leading to higher investments for a better product design. The demand for commercial buildings has increased after the pandemic recession, driving the market's growth. Thus, an expeditious incline in the market is due to higher cabinet hardware requirements in the construction of commercial buildings, which are set to go higher soon.

Cabinet Hardware Market SEGMENTATION

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• By Type

Based on the types, the market is subcategorized into cabinet pulls, cabinet knobs, cabinet hinges, and others.

• By Application

Based on applications, the market is subcategorized into residential, commercial, and others.

DRIVING FACTORS

"Development of Residential Projects to Drive Market Growth"

The development of residential projects due to an increase in urbanization will lead to the cabinet hardware market growth. Builders and realtors offer intelligent homes that use hardware such as cabinet pulls, knobs, hinges, and others. The innovation of smart homes to cater to the rising demand of consumers is driving the market growth. The rise in urbanization is increasing the development of residential shelters, thus enabling builders to use this hardware at their leverage, driving the industry. Therefore, these are the major factors driving the market growth.

"Infrastructure Developments and Spendings by Governments to Propel Growth"

Governments and companies are investing in the infrastructure sector to build schools, government offices, hospitals, homes, and others, which is rapidly boosting the market growth. The rise in infrastructural facilities is due to the growing world population with each passing day. Buildings and infrastructure development require hardware parts in huge quantities, which is driving the growth post the pandemic. The migration of people to residential apartments based in urban areas is a driving factor of the market. Thus, taken together, these factors are impacting the market positively.

RESTRAINING FACTORS

"Lack of Innovative Features and High Maintenance to Impede Market Growth"

The lack of innovation in the market with features such as handless touch latches, cutout handles, and dirt accumulation will impede the market growth. In addition, using brass, nickel, and others to construct the hardware poses challenges such as waning polish, dull looks, cavity leakages, and higher maintenance, which can restrict the market growth. Hence, these factors must be taken into account by investors. The rising costs of materials used for the construction of cabinet hardware are also factors that may impede market growth and demand.

Cabinet Hardware Market REGIONAL INSIGHTS

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"Europe to Lead Market Share due to Increased Production Capacity"

The European region will lead the cabinet hardware market share as the industry recovers from the effects of the pandemic. Most hardware giants are based in Germany and Austria, which makes Europe the hotspot for investments. The top four companies, Blum, Hettich, GRASS, and Häfele in the market own the majority of the market share in the industry. Various regional mergers and acquisitions by key players with foreign companies are driving the growth. Thus, Germany and Sweden will cause market growth with increased production capacity and manufacturing.

KEY INDUSTRY PLAYERS

The report analyzes different market players in the industry, and the information is published after proper research, analysis of trends, key developments, new initiatives, and technological developments and innovations. Other aspects of the report include research on companies, regions, technical and environmental outcomes, and newly emerging industries' impact and risks. The facts in the information may be subject to change, given the situation of market players from time to time. Germany will lead the industry with the largest market share.

List of Market Players Profiled

• Blum (Austria)
• Hettich (Germany)
• GRASS (Austria)
• Häfele (Germany)
• Assa Abloy (Sweden)
• Allegion (Ireland)
• Spectrum Brands Holdings (HHI) {U.S.}
• Salice (India)
• The J.G. Edelen (U.S.)
• Yajie (U.S.)

INDUSTRY DEVELOPMENT

September 2021: Sweden-based Assa Abloy has signed an agreement to acquire Spectrum Brands Holdings in the U.S. The development has helped the company expand its business in the U.S., closing the deal at MUSD 4300. The complete acquisition of the cabinet hardware company and all the formalities will be done by June 2023. Significant developments are yet to be seen between the two companies.

REPORT COVERAGE

The report examines elements that affect the demand and supply and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, the latest trends, and industrial developments. After evaluating financial and technical market factors, the report provides an extensive SWOT analysis. The research is subject to alteration if crucial players and analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.