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Furniture Hardware Will Gradually Shift to the Market of Buyers, More Popular in High-end Products

Furniture hardware is the fixings, fittings and individual pieces needed to create a working, durable piece of furniture to enhance its functionality or appearance. Metal parts with functions such as movement, fastening, pull basket, decoration, etc., also called furniture accessories. As early as the Spring and Autumn Period and the Warring States Period, China had copper hinges for cabinets, corners for lacquer cases, gilt and copper pieces for feet, and copper case rings. Among the furniture hardware, hardware handles are the most widely used. Furniture hardware handles, as the name implies, are hardware handles related to furniture in household items. Furniture hardware handles can be embedded with high-end cabinet accessories of recently popular elements. They are made with brand-new craftsmanship, produced according to the standards of art, and are made of popular antiques and fashionable colors by electroplating. The representative colors can be: bronze, white ancient, ancient silver, powder sprayed, silver white, flash silver, roasted black, gold-plated, chrome-plated, brushed, pearl nickel, pearl silver and other home colors. Household furniture hardware is functional hardware suitable for furniture in kitchens, livings, bathrooms, wardrobes and other rooms. Commercial furniture hardware is functional hardware suitable for hotels, business complexes and restaurants.

Proposal for Furniture Hardware Players to Combat COVID-19 Impact

North America was the largest revenue market with a market share of 35.60% in 2015 and 34.27% in 2020 with a decrease of 1.33%. Europe ranked the second market with the market share of 32.30% in 2019. Furniture Hardware companies are mainly from Europe; the industry concentrate rate is low. The top three companies are Blum Inc, Hettich and ASSA ABLOY with the revenue market share of 13.11%, 7.43% and 7.24% in 2019. The outbreak of COVID-19 has brought with it travel bans and quarantines; massive slowing of the supply chain; uncertainty in the stock market; falling business confidence, and growing panic among the population. Due to the global supply chain interruption and production stoppage, it will have a significant impact on the furniture hardware market. It is expected that the furniture hardware industry will show a negative growth in 2020, and the global furniture hardware industry market value will drop to 11,811.41 M USD.

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Companies should combine online and offline sales model. Support online purchase of products, especially during the epidemic to take full advantage of online shopping, provide more convenience, and help grow the business. Understand definition of services (by segment) of customers and how they are changing. Websites are now a major component of service as customers increasingly shop from the safe comfort of their homes and businesses. They want efficient, secure delivery of goods whether they are on the curb, in a store or delivered. Even after COVID-19 fades, customers who shop online for hardware and home improvement are not giving up on online shopping. Expand the size of your business through strategies such as mergers and acquisitions to create economies of scale. Scale effect is the key to making architectural hardware companies bigger and stronger. There are many categories of architectural hardware, and the volume of individual orders is small. As the concentration of downstream real estate construction increases of customers, their requirements on the products and services of hardware suppliers are also increasing. At the same time, the policy to promote energy saving and environmental protection requirements have also raised the technical threshold of the quality of hardware products. Inventory management of merchandise and maintaining customer expectations has been the main focus of customer satisfaction. Especially in the period of COVID-19, inventory is critical. When there is a break in the global supply chain, adequate inventory will be one of the competitiveness of the business. However, due to the unique nature of the hardware industry, with a wide range of products and the small size of most of them, maintaining the right amount of inventory is also a key point that needs to be carefully considered by home hardware companies.

Global Furniture Hardware Industry Market Trend

According to our research, the global Furniture Hardware market has a total sales value of 9633.76 M USD back in 2015, and increased to 11817.41 M USD in 2020. We made a series of functional calculation and deduced data of the past 5 years with scientific model. Finally, we made the prediction that the value of Furniture Hardware markets can be 15099.15 M USD by 2025. The CAGR of Furniture Hardware is 3.66% from 2019 to 2025.

With the modernization and intelligence of home improvement, enterprises must promote the metal products industry to mechanization, automation and intelligent direction and accelerate the research and development design and core technological innovation of integrated kitchen, gas appliances, household hoods and sanitary products. Focus on the development of innovative products such as condensing gas fast water heaters, high-efficiency purifying hoods, high-efficiency gas cookers, intelligent energy-saving and healthy nonstick cookers, grease-free cookers, high-grade cutlery, water-saving thermostatic faucets and showers, and electronic intelligent locks. Increase the proportion of high-precision forging and die-casting equipment, CNC machining equipment, advanced heat treatment and surface treatment equipment and tools used. Develop professional electroplating enterprises and centralized electroplating services, and strictly require compliance with emission standards. Support the construction of public service platforms in industrial cluster areas.

Furniture hardware will gradually shift to the market of buyers, more popular in high-end products. Furniture fittings in the overall value of the building are relatively low, but the impact of furniture fittings on the quality of life of people living in great, with the improvement of quality of life and labor costs rise in the maintenance, repair costs rise, poor and fragile low-end hardware products brought about by the huge update and maintenance costs make real estate companies, decoration companies, ordinary residents are more concerned about the quality of hardware products. With the continuous improvement of living standards, the rapid development of modern technology, and the attention paid by countries or regions to the energy-saving construction, the extensive use of high-end furniture hardware will become the main development trend of the future furniture hardware.

The furniture hardware market is highly fragmented. Labor costs and rising material prices will drive industry consolidation, with large integrated suppliers and small professional supporting enterprises co-existing, and large leading enterprises expected to benefit from their brand advantages. The development of industry consolidation is the objective demand to achieve standardized mass production. Labor costs and rising material prices will promote the design standardization and large-scale production of architectural hardware products. Industry standards continue to improve, large furniture hardware enterprises through the integration of product production can use standard parts for mass production, both to improve production efficiency and reduce unit production costs, to achieve economies of scale. Large hardware enterprises have market advantages. With a high R&D, design and production capacity of large-bodied enterprises continue to grow and integrate, driving the industry to improve manufacturing technology and management level, coupled with its strong financial and resource advantages, the industry advantage of large manufacturers is obvious, the Matthew effect within the industry intensified, the survival of the long tail of the enterprise space by the squeeze, backward production capacity will eventually be eliminated by the market. In addition, the brand power of furniture hardware enterprises is particularly important. With the industry from extensive production to the transformation of intensive, the industry pattern gradually from extremely scattered to concentrated production. Focus on the accumulation of technology, patented design enterprises will be more and more recognized by the market, and is expected to enjoy a certain brand premium. The market image of the hardware brand depends on the comprehensive competitiveness of enterprises, including product quality, technical services and engineering performance of the accumulation, and at the same time, the promotion of brand image can strongly drive the improvement of enterprise competitiveness. As the industry consolidation deepens and the division of labor gradually matures, large integrated suppliers of furniture hardware will continue to integrate resources and provide customers with integrated services by virtue of their brand and channel advantages; small professional supporting enterprises mainly produce technically mature hardware components, in addition to providing end customers with a single or specialized product, but also provide accessories for large hardware enterprises to support the formation of a coexistence pattern.