Global Door Handles Market – Insights
The global door handles market is projected to reach US$ 12,510 million by the end of 2027, at a CAGR of 4.4% over the forecast period, owing to the escalating growth of construction industry.
Attributing factors such as increasing residential and commercial properties or complexes are fueling growth of the door handles market. Increasing manufacturing of doors and windows promote the growth for the door handles because it is not only used as a mechanical tool to open and close the door but it also contributes towards the aesthetic appearance of the door. These factors are anticipated to propel the demand for door handles over the forecast period.
Fancy zinc door handles and others are expected to gain traction in the door handles market during the forecast period 2019-2027. Due to growing premium housing segment and use of antique metal door handles in luxurious home, bungalows, and row houses is expected to escalate the demand for door handles. Besides, Increasing disposable income, high standard of living and luxurious life are growth factors for the antique metal door handles.
However, manual revolving door system is anticipated to hamper the growth of the door handles market in the forecast period. Manual revolving doors are majorly used in the educational institustions, banks and other govenemnt institutions.
The global door handles market was valued at US$ 8,450 million in 2018 and is anticipated to register a CAGR of 4.4% in terms of revenue during the forecast period (2019 – 2027).
Figure 1. Global Door Handles Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
Asia Pacific is anticipted to dominate the global door handles market in 2018 due to construction of toilets and rural house. For instance, according to the Ministry of drinking water and Sanitation Government of India 2017, after the launch of Swachh bharat Mission, there is tremendous increse in the demand for toilet infrastructure. Government initatives focusing on open defection free India and incresing number of toilet are aniticipeted to increse huge opportunities for local and global door handles player.
Furthermore, According to the Building and Construction Authority of Singapore Government, the demand for construction in Singapore, in terms of value is estimated to increase between US $27 billion to US$ 32 billion during the forecast period 2020 to 2023. Besides public sector is anticipated to grant and contribute US$ 16 billion to US$ 20 billion per year during 2020 to 2023 period.
Figure 2. Global Door Handles Market Share (%), By Material, 2018
Source: Coherent Market Insights, 2018-19
Among material type, metal door handles market is expected to dominate the global door handles market during the forecast period 2018- 2027, owing to the increasing use of copper door handles in hospitals, clinics, and others. Moreover, lab test shows that copper helps to kill 95% superbugs such as deadly MRSA, C difficile superbugs, flu virus and E coli food poisoning bug which are majorly found in hospitals. According to the India Brand Equity Foundation, healthcare sector attracted around US$ 397.41 million form private equity, foreign investors, venture capitalist.
Players operating in the global door handles market are adopting various growth strategies such as mergers & acquisitions and business expansion to serve increasing demand for door handles. For instance, in September 2018, SchlegelGiesse Ltd. an international division of the Tyman's PLC acquired Reguitti which is an Italian based company that deals in manufacturing of door and windows handles. Tyman’s PLC is one of the leading supplier of engineered components to door and window industry, which has 26 manufacturing sites and 18 sourcing and distribution sites across North America, Asia, Europe, Australasia and Europe.
Major players operating in the global door handles market include Seleco Hardware decoration Products Co., Galbusera G. & G., Daya, Kuriki Manufacture Co., Bangpai, Ltd, Assa Abloy Group, Hafele, Sobinco, Allegion plc, Hooply, Ltd., Enrico cassina, HEmtek products Inc., D- Line, WEST inx., and others