As the home decoration industry continues to thrive globally, the market for modern brass hardware as a decorative material that serves both beauty and practicality is steadily growing in overseas markets. In this paper, I seek to understand the modern brass hardware market growth, it's growth drivers, market demand distribution and market forecasts for the future.
The increase in demand for modern brass hardware is primarily due to the need from consumers looking to add beauty to their homes alongside strength and durability. Brass material is now a must-have in home decoration because of its distinctive metallic luster and wonderful corrosion resistance. It elevates the aesthetics of the home and can also withstand long-term use, making it ideal for meeting the expectations consumers have for the quality of their home and life.
Brass hardware is particularly consumed in the European and North American markets. Out of them, the US market is the frontrunner and accounts for nearly 30% of global demand. This is mainly due to the highly developed economy and high consumption levels which lead to higher demands for product quality and glamourous home personalizations. At the same time, the home decoration industry in these regions is also relatively mature, which fuels the demand for brass hardware.
Market research shows that in the past five years, brass hardware’s compound annual growth rate has reached 7%. This speaks volumes about the health of the brass hardware market, especially over the last few years. The quality and unique design sense of brass hardware as increased it’s demand, especially in the high end residential and commercial real estate projects.
While thinking of the future, the integration of the smart home concept accompanied by the innovation of new smart home devices made from brass will emerge as another new market growth driver. Smart homes are important for the future of home improvement. This will subsequently drive the evolution of the hardware industry's intelligence and customization. The superior corrosion resistance and conductivity of brass makes it ideal for producing smart home hardware. Thus, it is easy to predict that within a five year period, smart home devices made of brass will slowly become market favorites, thus fueling further expansions in the brass hardware market.
To sum up, the modern brass hardware market demand has shown a steady improvement. Consumers pleasing to the eye, plus the supportive market, especially in Europe and North America, are the engrained reasons for this phenomenon. There’s no doubt that the concept of smart homes will take shape in the near future, providing new opportunities for growth and development of brass smart home devices and further expansion into the already existing brass hardware markets.
