Market Overview:
The global furniture latches and closures market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for furniture across residential and commercial applications. Additionally, the growing awareness about safety and security is also propelling the demand for furniture latches and closures in the global market. The steel segment is expected to dominate the global furniture latches and closures market during the forecast period, owing to its properties such as high strength-to-weight ratio, corrosion resistance, durability, and low cost.
Product Definition:
A furniture latch is a device used to keep a door or window closed. They are often used on cabinets, cupboards and wardrobes. Furniture latches come in a variety of shapes and sizes, but all serve the same purpose: to keep things secure.
Steel:
Steel is one of the most common metals used in furniture. It has been witnessing a steady growth in demand from the last few years on account of its excellent strength and lightweight properties. Steel is also relatively less expensive compared to other metals, which makes it an ideal choice for consumers looking to invest in quality furniture with lasting value.
The global furniture market has witnessed significant changes over the past decade owing to evolving consumer preferences.
Brass:
Brass is an alloy of copper and zinc. It has been used in furniture since the 1400s, mostly for decorative purposes. The metal is now considered to be a classic due to its aesthetic appeal and durability. Modern-day brass furniture often includes items that are coated or padded with a thin layer of gold to give them more monetary value than their weight would suggest; this also serves as protection from corrosion (of course, this depends on the type of gold).
Application Insights:
The commercial application segment led the global furniture latches and closures market in 2017. This is attributed to a rise in the number of hotels, restaurants and other food service industries. In addition, an increase in tourism is expected to boost product demand over the forecast period. Residential application was estimated as largest segment owing to increasing urbanization across various regions including Asia Pacific, North America and Europe.
Increasing consumer spending on home dĩcor has been fueling demand for furniture with decorative features such as glass panels or doors that can be opened or closed using latches which add aesthetic appeal to homes thereby driving industry growth over the forecast period.
Regional Analysis:
North America dominated the global market in 2017. The growth is attributed to increasing demand for home d©cor products, coupled with a rise in residential construction activities. Europe accounted for the second-largest share of the global market and is expected to witness significant growth over the forecast period owing to an increase in spending on furnishing activities such as buying new furniture or replacing old ones.
Asia Pacific was one of the largest regional markets accounting for 31% of total revenue share in 2017 owing to high product penetration due to low manufacturing costs associated with this region. Moreover, rapid urbanization has led consumers prefer living spaces that are aesthetically pleasing which will drive product adoption further over next eight years.
Growth Factors:
- Increasing demand for furniture latches and closures in the automotive industry as a result of stringent safety norms.
- Growing popularity of smart home technology, which is driving the demand for furniture latches and closures with advanced features such as remote control operation, voice activation, etc.
- Rising disposable income of consumers in developing countries, which is resulting in an increase in spending on luxury furniture items that require high-quality latches and closures.
- Proliferation of online retail platforms that are offering a wide range of affordable furniture options to consumers, thereby boosting the demand for furniture latches and closures products.
- Technological advancements being made in the field of latch and closure systems that are making them more reliable and durable, thus increasing their adoption by manufacturers across different industries
Scope Of The Report
Report Attributes
Report Details
Report Title
Furniture Latches & Closures Market Research Report
By Type
Steel, Brass
By Application
Residential, Commercial
By Companies
DTC, Blum Inc, Taiming, Jusen, ADAMS, Hettich, King Slide Works Co. Ltd, ASSA ABLOY, Accuride, Formenti & Giovenzana S.p(FGV), Hafele, GRASS, Yajie, HUTLON, Salice
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
181
Number of Tables & Figures
127
Customization Available
Yes, the report can be customized as per your need.
Global Furniture Latches & Closures Market Report Segments:
The global Furniture Latches & Closures market is segmented on the basis of:
Types
Steel, Brass
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Commercial
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- DTC
- Blum Inc
- Taiming
- Jusen
- ADAMS
- Hettich
- King Slide Works Co. Ltd
- ASSA ABLOY
- Accuride
- Formenti & Giovenzana S.p(FGV)
- Hafele
- GRASS
- Yajie
- HUTLON
- Salice
Highlights of The Furniture Latches & Closures Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Steel
- Brass
- By Application:
- Residential
- Commercial
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Furniture Latches & Closures Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Furniture latches and closures are devices used to secure furniture in place. They come in a variety of styles, including traditional screws, bolts and nails; magnetic clasps; and push-button latches.
Some of the major players in the furniture latches & closures market are DTC, Blum Inc, Taiming, Jusen, ADAMS, Hettich, King Slide Works Co. Ltd, ASSA ABLOY, Accuride, Formenti & Giovenzana S.p(FGV), Hafele, GRASS, Yajie, HUTLON, Salice.
The furniture latches & closures market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Furniture Latches & Closures Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Furniture Latches & Closures Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Furniture Latches & Closures Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Furniture Latches & Closures Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Furniture Latches & Closures Market Size & Forecast, 2018-2028
4.5.1 Furniture Latches & Closures Market Size and Y-o-Y Growth
4.5.2 Furniture Latches & Closures Market Absolute $ Opportunity
Chapter 5 Global Furniture Latches & Closures Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Furniture Latches & Closures Market Size Forecast by Type
5.2.1 Steel
5.2.2 Brass
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Furniture Latches & Closures Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Furniture Latches & Closures Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Commercial
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Furniture Latches & Closures Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Furniture Latches & Closures Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Furniture Latches & Closures Analysis and Forecast
9.1 Introduction
9.2 North America Furniture Latches & Closures Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Furniture Latches & Closures Market Size Forecast by Type
9.6.1 Steel
9.6.2 Brass
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Furniture Latches & Closures Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Commercial
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Furniture Latches & Closures Analysis and Forecast
10.1 Introduction
10.2 Europe Furniture Latches & Closures Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Furniture Latches & Closures Market Size Forecast by Type
10.6.1 Steel
10.6.2 Brass
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Furniture Latches & Closures Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Commercial
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Furniture Latches & Closures Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Furniture Latches & Closures Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Furniture Latches & Closures Market Size Forecast by Type
11.6.1 Steel
11.6.2 Brass
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Furniture Latches & Closures Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Commercial
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Furniture Latches & Closures Analysis and Forecast
12.1 Introduction
12.2 Latin America Furniture Latches & Closures Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Furniture Latches & Closures Market Size Forecast by Type
12.6.1 Steel
12.6.2 Brass
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Furniture Latches & Closures Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Commercial
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Furniture Latches & Closures Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Furniture Latches & Closures Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Furniture Latches & Closures Market Size Forecast by Type
13.6.1 Steel
13.6.2 Brass
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Furniture Latches & Closures Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Commercial
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Furniture Latches & Closures Market: Competitive Dashboard
14.2 Global Furniture Latches & Closures Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 DTC
14.3.2 Blum Inc
14.3.3 Taiming
14.3.4 Jusen
14.3.5 ADAMS
14.3.6 Hettich
14.3.7 King Slide Works Co. Ltd
14.3.8 ASSA ABLOY
14.3.9 Accuride
14.3.10 Formenti & Giovenzana S.p(FGV)
14.3.11 Hafele
14.3.12 GRASS
14.3.13 Yajie
14.3.14 HUTLON
14.3.15 Salice
