Los Angeles, CA -- (SBWIRE) -- 12/10/2019 -- QYR Consulting has added a new research report into its depository titled, "Global Cabinet Hardware Market Report, History and Forecast 2014-2025." According to the report, the global Cabinet Hardware market is expected to obtain a value of US$ 12.7 Bn by the end of 2025, which was around US$ 7.52 Bn in the year 2018. The market is projected to exhibit a healthy CAGR of 6.8% during the forecast period of 2019-2025. Home furnishing has transformed drastically over the past few years and created various other sub-industries that will fulfil the product demand of modern furnishing. Cabinet Hardware comes in different styles, shapes, sizes, and materials. Industrial and residential applications of Cabinet Hardware to expand the Cabinet Hardware market growth.
Segmental Analysis
Wide range of Cabinet Hardware to drive the market growth
The global Cabinet Market is segregated into two segments such as by product and by application. Based on products, the market is further segmented into cabinet knobs, cabinet pulls, cabinet hinges, and Other. Manufacturers and big furnishing brands are introducing a variety of cabinet hinges, pulls, and knobs to match the changing needs of consumers. Self-closing, hidden, and soft closing hinges are some of the Cabinet Hardware used as per the requirement.
On the other hand, cabinet pulls are widely used as compared to cabinet pulls because of its convenience. This may be important for people who have difficulty using their fingers and hands such as arthritics, disabled or elderly people. As far as applications are concerned, Cabinet Hardware Market is divided into three segments such as commercial, residential, and Other.
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Regional Coverage
Growing Population in Asia Pacific to accelerate the global Cabinet Hardware market growth
Asia Pacific is likely to show impressive growth in the global Cabinet Hardware market. Growing population in developing countries like China and India and a surge in the number of residential projects are expected to upsurge the demand for Cabinet Hardware in the global market. Rising per capita income and spending capacity among consumers in Asia Pacific could augment the global market growth. Additionally, a number of key players are functioning in the Asia Pacific to unmet the demand for Cabinet Hardware, which could help the global Cabinet Hardware market growth. Apart from Asia Pacific, Europe is also likely to observe a faster growth in the global Cabinet Hardware market.
Key Players
The global Cabinet Hardware market is majorly dominated by some of the market participants like GRASS, Assa Abloy, Spectrum Brands Holdings (HHI), The J.G. Edelen, Allegion, Blum, Yajie, Hettich, Salice, and Häfele.
Market Dynamic
Aesthetic appeal of Cabinet Hardware to support the overall market growth
Home décor is a noticeable trend observed across the world and Cabinet Hardware is the cherry on the cake while designing home. The high standard of living and variety of home décor materials could drive the global Cabinet Hardware market growth. Apart from this, premium quality cabinet knobs are widely adopted by professional interior designers in order to give an aesthetic appeal to the cabinets. Rise in the disposable income among consumers is also bolstering the global Cabinet Hardware market growth.
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Manufacturers are introducing a wide range of stylish and luxurious Cabinet Hardware, which is predicted to supplement the Cabinet Hardware market growth all over the world. Cabinet Hardware made from brass are largely adopted by consumers all over the world because of its high durability and they are easy to take care of.