Hardware manufacturing industry majorly refers to an industry which is comprised by the operators which are manufacturing variety of metal hardware products, such as handles, keys, locks, hinges and many more. These products are being largely used in building construction and in an automobile and aircraft parts manufacturing. Besides, the hardware manufacturing market consists of the sales of metal hardware by entities such as organizations, sole traders or partnerships.
As per the report analysis, ‘Hardware Manufacturing Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that Allegion, Spectrum Brands, Assa Abloy, Aoyama Seisakusho (Japan), Ningbo Jiulong Fasteners are some of the major organised companies which are operating in the market and these companies dominates the entire market in terms of revenue share. Additionally, report also covers the competition advantages of major players on various parameters such as Market share, products and services, major strategies, financial performance and many more. On the other hand, report also covers various other segments which includes overview of the market, ecosystem, value and supply chain, major growth drivers and restraints of the market, sizing of the market along with the market segmentations by Type (Furniture Hardware, Motor Vehicle Hardware, Builder’s Hardware, and Other Hardware Manufacturing), By End Users (Business to Business, Business to Customer) and by regions and many more.
The report also covers the analysis of the market at the country level as well and for that some of the major countries which has been comprehensively covered in the report includes China, India, Indonesia, Austria, Belgium, Denmark, France, Sweden, Switzerland, Poland, Spain, Russia, Romania, USA, Canada, Mexico, Argentina, Brazil, Saudi Arabia, UAE and many more.
The report also states that the Asia Pacific has accounted the largest share in the global hardware manufacturing market, which is being followed by Western Europe as it accounted the second highest share in the market. However, Africa observed to accounting the least share in the global hardware manufacturing market.
Furthermore, the report covers that currently metal powder bed fusion 3D printing or additive manufacturing technique is being utilized by the Hardware manufacturing industry to manufacture metallic parts in short time which helps in reducing the tooling costs. Moreover, these printers produce extremely intricate shapes and high-end components which are being used in low-volume products, like supercars, aircraft, satellites and medical equipment. In addition to that, the 3D printing is also able to create voids inside objects far more easily than subtractive manufacturing therefore it manages and also helps in increasing the range of possible designs.
In the recent times, it has been observed that the overall global hardware manufacturing market has been declined at a double digit compound annual growth rate (CAGR). One of the major reason for this decline is largely due to economic slowdown which has been occurred across the countries due to outbreak of COVID-19 globally. However, Analyst expects the recovery in the market in the near future at a single digit CAGR post covid-19.
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Ankur Gupta, Head Marketing & Communications