SEATTLE--(BUSINESS WIRE)--The global door handles market was valued at US$ 8,450 million in 2018 and is projected to exhibit a CAGR of 4.4% over the forecast period (2019–2027).
Key Trends and Analysis of the door handles market:
Growing construction industry in emerging economies is propelling the growth of the door handles market, for instance, according to report published by GCP (Global Construction Perspective), China, US, India is anticipated to contributes 57% in global construction growth which accounts to US$ 4.5 trillion by 2030.
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Furthermore, increasing concentration of people in urban areas impel to develop the commercial infrastructure such as shopping mall, hospital, retail store, and others.
Various key players are focused towards increasing the consumer base and global footprint by adopting strategies such as mergers and acquisitions. For instance, in February 2018, Alegion Plc., one of the leading provider of door hardware and security products, acquired QMI Company based in United Arab Emirates, which is commercial steel and wood doors manufacturer.
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Key Market Takeaways:
- Middle East is expected to gain traction in door handle market, due to growing residential, retail and office infrastructure to cope up with growing population especially in major cities such as Dubai, Abu Dhabi, and others. According to 2016 facts and figures shared by the Flanders Investment & Trade (regulated by Flemish Government), the UAE completed healthcare projects worth US$ 1.8 billion, in 2015 and used 49% of allocated budget for the infrastructure development of healthcare, education and social services. These government initiatives for infrastructure development in the UAE is anticipated to propel the growth of door handles market.
- Asia pacific is significantly gaining major traction in the brass metal door handles market, due to the growing tourism and hospitality market. As brass door handles are exclusively used to give shiny and artistic look to the hotel interiors and exteriors doors. For instance, according to statistical information given by Invest India (regulated by government of India), International hotel chains are establishing their outlets in India, which contributes 50% share in the Indian tourism and hospitality sector by 2022.
- Some of the major players operating in the global door handles market include WEST inx., Emtek products Inc., Bangpai, Ltd , Seleco Hardware decoration Products Co., Hoppe, Hafele, Sobinco, Allegion plc, Enrico cassina, Kuriki Manufacture Co. and others.
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