Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Barn Door Hardware Market – Insights
The hardware used for installing a barn door includes hangers, track, rollers, jump blocks, door guides, standoffs and stops. Several advantages of barn doors include easy installation, space saver and versatile design offerings.
An increasing demand for household organization products coupled with increasing consumer spending and disposable household income are fueling growth of the global barn door hardware market. For instance, according to Organization for Economic Co-operation and Development’s (OECD) data published in 2018, the adjusted gross disposable income of household per capita in European Union (28 countries) increased to US$ 30,143 thousands in 2017 up from US$ 29,128 thousands in 2016. Moreover, in Euro zone (18 countries), the disposable income increased to US$ 32,132 thousands in 2017 from US$ 31,071 thousands in 2016.
On the basis of product type, box rail hardware segment is expected to witness significant growth in the global barn door hardware market over the forecast period. Box rail sliding barn doors are available in single and bypassing operation. The box rail heavy duty bypass barn hardware has 2 pieces of rollers which are designed to hold maximum door weight.
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), to reach US$ 2,272.1 million by 2027.
North America is expected to be a lucrative region in the global barn door hardware market. The rapidly growing residential construction industry is driving demand for interior designing products such as barn doors in North America. This has led to an increase in demand for barn door hardware. According to data published by the U.S. Census Bureau, in the U.S., the residential construction industry was valued at US$ 515.9 billion in 2017, which was 10.6% higher compared to 2016.
Figure 1. Global Barn Door Hardware Market Share (US$ Mn), By Region, 2018
Source: Coherent Market Insights, 2018-19
Among regions, Asia Pacific is expected to witness significant growth in the global barn door hardware market over the forecast period. This is attributed to presence of emerging economies such as India which are witnessing rapid growth in the construction sector. According to India Brand Equity Foundation‘s (IBEF) report on Infrastructure (June 2018), the government of India allocated US$ 92.22 billion for the infrastructure sector in the Union Budget 2018-19.
Europe is expected to witness a lucrative growth in the global barn door hardware market by 2021. In Europe, sliding barn doors are used extensively in residential constructions such as apartments and hotel rooms for better access to natural light and fresh air. The barn doors are also used in offices and automotive sales areas as they offer a soundproof and visually accessible private office space.
The increase in disposable income has led to adoption of interior designing services among residential and commercial buildings, which is driving growth of the market. For instance, according to Organization for Economic Co-operation and Development’s (OECD) data published in 2018, the adjusted gross disposable income of household per capita in European Union was valued at 29,128 thousands in 2016, which increased to US$ 30,143 thousands in 2017.
Figure 2. Global Barn Door Hardware Market Share (%), Analysis, By Product Type, 2018
Source: Coherent Market Insights, 2018-19
Players operating in the global barn door hardware market are focused on adopting various growth strategies such as new product launches, and mergers and acquisitions to enhance their consumer base. For instance, in December 2019, MWE North America, one of the leading players in the barn door hardware market based in the U.S., launched a highly engineered sliding wheel for barn door application. The wheel allows free rotation around curved rails and moves flat door panels in curved areas.
Furthermore, in February 2019, MWE North America, partnered with ARCAT Inc. to design premium door hardware software - SpecWizard. The system allows the customers to configure door hardware and identify the building products’ specifications. This is expected to help the company to cater to the customers' requirements.
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 among others.