Door Handles Market size is anticipated to witness substantial expansion from 2023 to 2032, this growth can be credited to the robust demand for premium housing. The residential housing segment is witnessing a commendable growth trajectory due to the recovery of real estate operations from the COVID-19-induced slump. Likewise, rapid urbanization, industrialization, and the acceleration of commercial building construction spending will fuel the production of interior and exterior door handles and locks.
According to data from ConstructConnect, in 2022, construction put-in-place is set to rise by 6.6% to USD 1.67 trillion, asserting a positive influence on door cabinet handle manufacturers. Door handles refer to objects or levers attached to a door to open or close off from private, business, or even residential properties. To improve access, manufacturers have been designing products with improved features including durability, smooth functioning, security level, aesthetic appeal, and seamless installation.
Growing emphasis on increasing hotel rooms amid travel and tourism recovery will foster the global door handles market trends in years to come. As people have rented more hotel rooms, developers have been restarting construction projects planned prior to the coronavirus pandemic. Based on statistics from CoStar, in May 2022, 150,000 new hotel rooms were under construction. This rise in hotel occupancy rates, the high living standard, and disposable incomes are expected to bolster the consumption of decorative door handles for hotels and other commercial building applications.
Metallic door handles market will account for a major share by 2032, on account of its durability and long-lasting attributes. Stainless steel door handles, for example, are emerging as a suitable alternative to other plastic handles, given their enhanced visual appeal and rustproofing nature. Due to its high strength, the product has also become an excellent choice for improving home security. Moreover, the development of metal composite materials using less energy and greenhouse gas footprints will present lucrative opportunities for market expansion over the forthcoming years.
Based on the application spectrum, the door handles market from the commercial segment will depict a significant growth rate from 2023 to 2032. The burgeoning demand for fire-rated doors as a vital component of fire safety in offices and commercial establishments is one of the primary factors amplifying door handle requirements. Over recent years, investors have gained awareness of the role of commercial real estate as a sophisticated and profitable asset class to make elevated yields. Such factors will further escalate commercial construction and in consequence, boost door handle delivery.
Regionally speaking, Asia Pacific door handles market will amass considerable gains over the estimated timeline, owing to the rise in international travelers and tourist arrivals. Based on data from the government spokesperson of Thailand, in 2022, international arrivals are anticipated to reach 9.3 million in total, thereby augmenting the need for guestrooms. With the thriving residential construction sector and the strong presence of premium product manufacturers, the sales of door handles is expected to grow in China, India, and other APAC countries.
The competitive landscape of the door handles market comprises companies such as WEST inx Ltd., Sugatsune America Inc., Sobinco, Schlegel, Seleco Hardware Decoration Products Co., Latham’s Steel Security Doors, HOPPE Holding AG, Hafele, Galbusera G. & G, Emtek products Inc (Assa Abloy), Daya, Bangpai, Assa Abloy Group, Allegion plc, Ace Hardware, and Aarkay Vox, among others.
These leading players are focusing on new product launches and other initiatives to strengthen their presence. For instance, in June 2022, TESA ASSA ABLOY launched a range of high-performance handles, Urban, ideal for state-of-the-art surroundings. This product range, tested according to the EN1906:2015 standard, was made available in zamak or brass to ensure durability and resistance to corrosion.
Technological innovation and its impact on door handles market dynamics
Automated doors have become a mainstream commodity over recent years, especially across commercial establishments. This tech innovation is likely to restrict the development of door handles to some extent. However, with rapid technological advancement, innovative solutions including smart door handles have gained traction, contributing to the growth trajectory of overall product developers worldwide.
The above information has been provided on a regional and country basis: