The global door handles market was valued at US$ 8,450 Mn in 2018, according to door handles Market Report, by Material type (Metal type, Plastic type and others), by Application (Residential, Commercial and Others) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The global door handles market is projected to reach US$ 12,510 million by 2027, exhibiting a CAGR of 4.4% during the forecast period (2019- 2027). Increasing global construction industry is key factor propelling the growth of the door handles market, owing to the increasing no. of doors which necessarily used to complete the residential and commercial projects. Door handles have predominant importance in the making of door as it is an attached mechanical tool used to manually open or close a door and its attachment on the door contributes to door's beauty and artistic taste. For instance, according to Chartered Institute of Building (CIOB), in 2017, the global construction industry was valued at US$ 10.8 trillion and is expected to reach US$ 17.5 trillion by 2030 with average global construction growth rate of 3.9%, annually. However, increasing application of automatic door system (Automatic swing, sliding, and revolving door system) for commercial properties such as office buildings, Hotels, high-rise apartment, hospitals are expected to hamper the growth of door handles market.
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Browse 24 market data tables* and 12 figures* on "Door handles Market” - Global forecast to 2027.
Key Trends and Analysis of the Door Handles Market:
- Among material type, metal segment dominated the global door handles market in 2017. Door handles are made up of various metals such as Brass, Stainless Steel, Zinc and Black Iron, for instance, Brass door handles have gained popularity in the door handle market, due to its elegant and unique appearance. Therefore it is mostly preferred by the hotels and restaurants. Brass door handles are shiny and long lasting as they are fit into any type of door such as wood door, metal doors, etc.
- Moreover, stainless steel is majorly used in the door handles owing to its strong, resistant and hygienic properties. It is used in the hospital and clinic doors because it is rust free and not easily pored and cracked for dirt or bacteria. For instance, according to the report published by the Indian Brand Equity Foundation, the hospital industry in India was 61.79 billion in 2017 and it is anticipated to increase US$ 132.84 billion by 2022 at a CAGR of 16-17%, besides, according to the same sources, In between 2000 to 2018, India attracted Foreign Direct investment around worth of US$ 5.25 billion for the development of hospital and diagnostic centers.
- Among the application, Commercial application segment has significant share in the global door handle market during the forecast period 2016-2018, due to the increasing urbanization and concentration of populace in cities which impel to attract investment for building shopping malls, hospitals, business parks, retail stores, multifamily housing building etc.
Key Takeaways of the Market:
- North America is gained the major traction in the global door handles market in 2017, owing to the increasing windows and doors market. As per stated in 2017 by U.S. department of Commerce, world trade in windows and doors was US$ 15.2 billion in 2016 out of which United States accounted 5% of global exports window and door which accounts US$ 768 million.
- Asia Pacific has gaining significant traction in the global door handles market during the forecast period (2018-2026), owing to the increasing no of the residential flats and production of doors and windows. For instance, in India, Pradhan Mantri Awas Yojana (PMAY) or The ‘Housing for all by 2022’ launched in 2015, aims to provide affordable housing to all citizens by 2022, and as per government speculation this could entail construction of 20 million houses by 2022.
- Middle East is also expected to grow at a significant rate during forecast period (2018-2026), owing to the increasing residential construction market and government initiatives. For instance, U.S. Department of Commerce stated in 2018, that U.A.E. government has taken initiative to bridge up the gap between supply and demand of housing for the lower income groups and allocated AL quoz and Muhaisnah (Dubai) land for it. U.A.E government legally supported this initiatives by mandating the developers to allocate 15-20% of their projects should be affordable to lower income group.
- Major players operating in the global door handles market Hoppe, Emtek products Inc., Bangpai, Ltd , Seleco Hardware decoration Products Co., Assa Abloy Group, Hafele, Sobinco, Allegion plc, Enrico cassina, Kuriki Manufacture Co.WEST inx. and others