Global Barn Door Hardware Market to Surpass US$ 2,272.1 Million by 2027 - Coherent Market Insights
SEATTLE, March 27, 2020 /PRNewswire/ -- The global barn door hardware market was valued at US$ 1,680.2 million in 2018, and is expected to exhibit a CAGR of 3.5% over the forecast period (2019-2027).
Key Trends and Analysis of the Barn Door Hardware Market:
Rapid urbanization & favorable growth of the construction industry, globally, is expected to fuel demand for barn door hardware services over the forecast period. Rapid urbanization has led to an increase in construction and infrastructure activities across the globe. According to United Nations' World Urbanization Prospects 2018, 55% of the world population in 2018 lived in urban areas, which is expected to increase to 68% in 2050. The increasing global population could add another 2.5 billion people to urban areas by 2050, and Asia Pacific is expected to account for around 70% of this increase.
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The growth of the construction industry is expected to boost demand for interior designing & aesthetics of houses. For instance, according to the Global Construction 2030 perspective and Oxford Economies, in 2016, the global construction industry was valued at US$ 9.5 trillion, which is expected to increase by 85% to US$ 17.5 trillion by 2030, with China, India, and the U.S. accounting for 57% of the global share. According to India Brand Equity Foundation, the Indian real estate sector was valued at US$ 120 billion in 2017 and is expected to reach US$ 1 trillion by 2030.
The growth of the barn door hardware market is also attributed to adoption of organic growth strategies such as product launches and product developments such as shower doors, modern hardware, etc. by key players. For instance, in March 2019, Coastal Shower Doors introduced its new shower barn door series in the market. The company launched the eclipse series, which is designed as sliding barn doors. The series includes a frameless door, a single frameless sliding panel, and three gridscape door designs.
However, prices of raw materials such as aluminum, stainless steel, and others, used in the manufacture of barn doors, are volatile. Fluctuating raw material prices are likely to hinder growth of the global barn door hardware market.
Key Market Takeaways:
The global barn door hardware market is expected to exhibit a CAGR of 3.5% over the forecast period (2019-2027).
- On the basis of product type, the frameless hardware segment accounted for a significant market revenue share in the global barn door hardware market in 2018. This is attributed to availability of different varieties of frameless hardware glass in the market. Frameless hardware glass is categorized into lite glass, rollglass, and unikglass. Lite glass creates an optimal clear opening. Upper track and continuous glass top clamp have the same finish. Rollglass creates a glass front that combines fixed and sliding glass panels on a single track. It can be hidden in an overhead or exposed on the face of the wall.
- On the basis of application, residential segment accounted for a significant market revenue share in the global barn door hardware market in 2018. In residential sector, sliding barn doors are in demand as barn door hardware has improved in terms of design, aesthetic, affordability, and functions. Barn doors are a very practical alternative to curtains or room dividers, as they help in dividing open spaces and creating privacy.
- As per the report published by the European Commission in June 2018 on 'European Construction Sector Observatory', the construction of residential buildings in Europe has increased significantly since 2014, with 379,000, 396,900, 453,200, and 497,000 dwellings obtaining authorization for construction in 2014, 2015, 2016, and 2017, respectively.
- Major players operating in the global barn door hardware market include—
Smart Standard, MWE North America, Specialty Doors, RW Hardware, Custom Service Hardware Inc., Rustica Hardware, Spectrum Brands, Inc., Real Carriage Door & Sliding Hardware, Artisan Hardware, and Agave Ironworks, LLC.
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Market Segmentations:
- Global Barn door hardware Market, By Product Type:
- Flat Track Hardware
- Frameless Hardware
- Curved Track Hardware
- Box Rail Hardware
- Others
- Global Barn door hardware Market, By Application:
- Commercial
- Residential
- Global Barn door hardware Market, By Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Middle East
- Africa
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