US Hardware Demand to Increase 1.9% Per Year in Nominal Terms to 2023

Rising Production of Building Products, Furniture Will Support Growth

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Aug 22, 2019, 09:52 ET

CLEVELAND, Aug. 22, 2019 /PRNewswire/ -- US hardware demand is forecast to increase 1.9% per year in nominal terms through 2023, according to Hardware: United States, a report recently released by Freedonia Focus Reports. Suppliers will benefit from a continued growth in building product and furniture production, driven by gains in building construction. In addition, ongoing gains in motor vehicle and other transport equipment output will provide opportunities for hardware suppliers. However, ongoing competition with non-metal products, such as plastic hardware, will limit faster advances, as will continued imports from low labor cost countries, which will limit price growth and gains in value terms. In addition, producers and users of hardware will face increased cost pressures due to the US tariffs on some builder and motor vehicle hardware products imported from China.

More information about the report is available at:
https://www.freedoniafocusreports.com/Hardware-United-States-FF60063/?progid=91541

Demand for builder hardware – the leading segment – is projected to account for the largest share of growth through 2023. Sales will be driven by continued expansion in building activity, including new construction as well as improvement and repair.

These and other key insights are featured in Hardware: United States. This report forecasts to 2023 US hardware demand and shipments in nominal US dollars at the manufacturer level. Total demand and shipments are segmented by market in terms of:

builder
motor vehicle
furniture
other transport equipment
other markets such as dolly and bulk, hand, panel, and platform trucks; appliances; and burial caskets

To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2008 to 2018.

Excluded from the scope of this report are nails, fasteners (e.g., screws, bolts, nuts, washers), hardware for window coverings (e.g., curtain rods), coin-operated and time locks, and hardware produced from materials other than metal (e.g., plastics, wood, ceramics, and glass). Also excluded are electric hardware such as garage door openers and electric door openers (also known as automatic door openers). However, Industrial Fasteners: United States covers standard and aerospace-grade fasteners, Window Coverings: United States includes window covering hardware, and Garage & Overhead Doors features data and discussion of those products.

Re-exports of hardware are excluded from demand and trade figures.

About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Building Products reports can be purchased at Freedonia Focus Reports or MarketResearch.com.

Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including: