The architectural hardware market includes everything from shower faucets to door knobs. It includes window latches and door hinges. It includes sleek minimalist mirror frames and shower stands as well as heritage brass pull handles installed in renovated historic homes. Here is an overview of the architectural hardware market.
The Size of the Market
The market for architectural hardware was estimated as having a value of 15 billion dollars US in 2018. It is expected to grow nearly 7 percent annually for the next ten years. The overall market should surpass 23 billion by 2026Demand for doors, windows, furniture and plumbing fixtures like showers are all expected to increase five to ten percent annually for the foreseeable future.
The Trends in the Architectural Hardware Market
The architectural hardware market is exploding due to several ongoing trends. While the popular media likes to say the rich are getting richer and the poor are getting poorer, that is a lie used to justify various political mandates. The reality is that the world is getting richer, and the poor are getting richest the fastest. While rising from dollar a day poverty to five or ten dollar a day lifestyle doesn’t seem like much, it has a massive impact on quality of life.
People move from creative homelessness in shacks built out of scavenged materials to solidly built brick and metal frame homes. They are able to afford access to basic running water, latrines (indoors or not), and doors on their homes that improve security. They move up from cooking over open fires to a kitchen with tables, counters, indoor sinks and some appliances. They stop sleeping on blankets on the floor to buy beds and sofas. As the poorest two billion move from subsistence living to the middle class, demand for architectural hardware explodes. They get windows that close and locks that secure their homes.
The increasing level of urbanization drives demand for this infrastructure, as well. Even poorly built apartment buildings have solid doors, indoor plumbing and other architectural hardware. They have to build densely in order to house the two hundred thousand people a day moving into urban areas. This is why residential demand for architectural hardware is expected to hit ten percent annual growth, while industrial demand will be in the single digits.
The Shifts in Material Usage
Government regulation is forcing changes in the market such as using more recycled and eco-friendly raw materials. The demand for cheap, recycled architectural hardware is increasing demand for aluminum items over iron, brass and steel. Architectural hardware made out of plastic is making inroads, but it remains a small fraction of the total market.
The Evolution of Product Design
The top end of the market includes advanced electronics such as electronic key management systems. These products are also used in key infrastructure projects like airports and government buildings in parts of the world where the average consumer cannot afford it. For example, areas where people are just getting doors with locks aren’t going to be as concerned about gently closing spring-loaded security doors. An aging world population is increasing demand for universal design or architectural hardware that can be used by elderly and disabled individuals.