Hardware Manufacturing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: May 2024
NAICS 33251Revenue
$9.9bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
25,413
Businesses
483
Wages
$X.Xbn
Hardware Manufacturing in the US industry analysis
Hardware manufacturers produce a variety of metal hardware, including hinges, handles, keys, and locks, as well as coin-operated and time locks. The industry primarily serves the automobile manufacturing and construction markets, closely tying revenue to the economy's overall health. The COVID-19 pandemic hindered downstream industries’ ability to function, decimating demand for hardware. Overall, revenue is expected to fall at a CAGR of 2.0% through the end of 2024 to reach $9.9 billion, including an anticipated gain of 0.7% in 2024 alone. Profit is expected to fall to 4.2% of revenue in 2024, down from 6.1% in 2019.<br />Manufacturers recovered somewhat in 2021 in line with the broader economy as social distancing requirements eased and government stimulus depressed operating woes. A hike in demand from residential construction in 2021 fueled industry growth. However, this gain was short-lived, as downstream demand from the automotive and residential construction industries fell. Rising interest rates caused demand for construction to tank. Meanwhile, rising oil prices constricted demand for automobiles. Also, volatility in the price of steel has made it difficult for manufacturers to pass purchase costs down to downstream markets, further weakening revenue.<br />Interest rates are expected to ease in the coming years, mitigating the stress on the construction industry. Input prices, notably the price of steel, are expected to stabilize, easing cost pressures for manufacturers. Also, an expected devaluation of the US dollar will impede import penetration and expand demand from export markets, boosting revenue streams from overseas. Overall, the industry is expected to hike at a CAGR of 2.1% through the end of 2029 to reach $11.0 billion.
Trends and Insights
- Hardware Manufacturers produce a range of metal hardware goods, such as hinges, handles, keys and locks. The industry has recently seen a minor income increase due to better market circumstances for residential construction, aviation engines and parts production.
- Construction market growth is mainly responsible for demand for products related to home improvement. These goods include door locks, screen sets, screens, storm door and window hardware, cabinet and closet hardware, hinges, padlocks, door controls and other building hardware.
- The industry's client market dispersion is correlated with its geographic spread. Automobile, auto component, airplane, aircraft engine and aircraft parts makers, whose operations are also concentrated in the Southeast, Great Lakes and West regions, account for a sizable share of industry demand.
- Competition is fierce among manufacturers due to the industry's fragmentation. Industry participants can be distinguished from one another by several characteristics, such as performance, perceived quality, pricing and brand recognition.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 2.0 % over the past five years, to reach an estimated $9.9bn in 2024.
Trends and Insights
Downstream volatility has hindered revenue potential
- Manufacturers were forced to halt operations during the height of the COVID-19 pandemic. Social distancing measures restricted the need from downstream construction and manufacturing markets, causing revenue to dip.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Expanding downstream markets will boost revenue
- The housing market is expected to open up as interest rates level in the coming years. Manufacturers will likely be able to rely on steady demand from the construction sector as consumers are able to invest more into their homes.
Biggest companies in the Hardware Manufacturing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Allegion Plc | 607.3 | 81.2 | 13.4 | |
Spectrum Brands Holdings, Inc. | 463.5 | 85.2 | 18.4 | |
Fortune Brands Home & Security, Inc. | 304.7 | 31.2 | 10.2 |
To view the market share and analysis for all 11 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Furniture hardware, Motor vehicle hardware and Builder's hardware. Furniture hardware is the largest segment of the Hardware Manufacturing in the US.
Trends and Insights
Construction sector expansion influences product demand
- The construction sector heavily relies on builder's hardware, which comprises various products, such as hinges, door controls, padlocks, door locks, screen sets, window hardware, cabinet hardware and construction hardware. Construction sector growth plays a significant role in demand for these products.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Wire & Spring Manufacturing in the US
- Screw, Nut & Bolt Manufacturing in the US
- Ball Bearing Manufacturing in the US
- Copier & Optical Machinery Manufacturing in the US
- Navigational Instrument Manufacturing in the US
- Wiring Device Manufacturing in the US
- Office Furniture Manufacturing in the US
International industries
- Hardware Manufacturing in Canada
- Hardware Wholesaling in Australia
- Hardware Wholesaling in New Zealand
Table of Contents
About this industry
Industry definition
The Hardware Manufacturing industry manufactures various forms of metal hardware, including metal hinges, metal handles, keys and locks, excluding time locks and coin-operated locks.
What's included in this industry?
Metal furniture hardware and caster manufacturingMetal appliance hardware manufacturingAutomobile hardware manufacturingBuilder's metal hardware manufacturingIndustrial caster manufacturingAircraft hardware manufacturingMetal hinge manufacturingBlank key manufacturingLock manufacturing (except coin-operated and time locks)Construction hardware manufacturingCompanies
Allegion PlcSpectrum Brands Holdings, Inc.Fortune Brands Home & Security, Inc.Purchase this report to view all 11 major companies in this industry.
Related Terms
ELECTRONIC DATA INTERCHANGECASTINGNORMAL TRADE RELATIONSIndustry Code
NAICS 33251 - Hardware Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Hardware Manufacturers produce a range of metal hardware goods, such as hinges, handles, keys and locks. The industry has recently seen a minor income increase due to better ...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Construction market growth is mainly responsible for demand for products related to home improvement. These goods include door locks, screen sets, screens, storm door and win...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The industry's client market dispersion is correlated with its geographic spread. Automobile, auto component, airplane, aircraft engine and aircraft parts makers, whose opera...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Competition is fierce among manufacturers due to the industry's fragmentation. Industry participants can be distinguished from one another by several characteristics, such as...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The Hardware Manufacturing industry is renowned for its fierce competition. Many big and small companies are active in the market, vying for market share and trying to stand ...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Allegion Plc's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Spectrum Brands Holdings, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Fortune Brands Home & Security, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 8 additional companies
Detailed analysis
- Description and key data for Allegion Plc, and factors influencing its performance in the industry
- Description and key data for Spectrum Brands Holdings, Inc., and factors influencing its performance in the industry
- Description and key data for Fortune Brands Home & Security, Inc., and factors influencing its performance in the industry
- Description, key data and performance trends for 8 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The disposal of trash from facilities in the Hardware Manufacturing industry is governed by a variety of environmental laws and regulations. The Environmental Protection Agen...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Manufacturers spend a lot of money on purchases, mostly nonferrous metals including steel, aluminum and bronze. Consequently, any input price changes will likely have a signi...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Hardware Manufacturing in the US industry in United States in 2024?
The market size of the Hardware Manufacturing in the US industry in United States is $9.9bn in 2024.
How many businesses are there in the Hardware Manufacturing in the US industry in 2024?
There are 483 businesses in the Hardware Manufacturing in the US industry in United States, which has declined at a CAGR of 2.5 % between 2019 and 2024.
Has the Hardware Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Hardware Manufacturing in the US industry in United States has been declining at a CAGR of 2.0 % between 2019 and 2024.
What is the forecast growth of the Hardware Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Hardware Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Hardware Manufacturing in the US market in United States?
The biggest companies operating in the Hardware Manufacturing market in United States are Allegion Plc, Spectrum Brands Holdings, Inc. and Fortune Brands Home & Security, Inc.
What does the Hardware Manufacturing in the US in United States include?
Metal furniture hardware and caster manufacturing and Metal appliance hardware manufacturing are part of the Hardware Manufacturing in the US industry.
Which companies have the highest market share in the Hardware Manufacturing in the US in United States?
The company holding the most market share in United States is Allegion Plc.
How competitive is the Hardware Manufacturing in the US industry in United States?
The level of competition is high and steady in the Hardware Manufacturing in the US industry in United States.
