A recent report published by Infinium Global Research on the customized lever latch market provides an in-depth analysis of segments and sub-segments in the global as well as regional customized lever latch market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional customized lever latch market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global customized lever latch market. According to the report, the global customized lever latch market is projected to grow at a CAGR of nearly 30% over the forecast period of 2022-2028.
The revenue generated by the market was more than USD 460 million in 2022 and is expected to reach over USD 570 million in 2028 and is expected to grow with a CAGR of nearly 30% over the forecast period 2022-2028. On internal doors without a locking mechanism, lever latches are among the most popular locks utilized. A compressive lever latch pulls the door tightly without rubbing or wearing out the latch contact point or frame. The most common way to open and close a non-locking door is by using a mortice latch and a lever latch handle. Sash or bathroom locks should not be used with lever latch handles. Customizable lever latches available in the market are sealed lever latches, compression latches, self-adjusting latches, lift & turn latches, heavy-duty lift & turn and lift & turn compression latches. Customizable lever latches are designed around the requirements of the customer which best serves their purpose in a variety of applications such as industrial, commercial, and residential.
The primary factor that was driving the demand is the growing infrastructural activities around the world and especially in emerging countries. The growing population has necessitated the development of new infrastructure and residential space. Thus, the demand for customizable lever latches is expected to grow severalfold in the market. Overall, strong demand for customized latches and cost-effective options has stimulated demand from the downstream essential sector such as Industries. The flexibility in control and functionality that devices offer in the industrial space and the enhancement of the safe work environment in the various industries is expected to give the industry a strong boost. The only factor affecting the growth of the market is the availability of alternatives in the market. The product enhancements being undertaken by the industry players are expected to provide new optimized and effective products for the users. Thus, creating new opportunities.
The countries included in the North America region are the U.S., Canada, and Mexico. The countries included in the Europe region are Germany, the U.K., France, and Sweden. North America is expected to hold a significant share of the market. According to Associated General Contractors of America, the construction industry creates nearly USD 1.4 trillion worth of structures annually in the USA and is a major contributor to the economy of the USA. According to the Census Bureau of the United States, the value of construction in August 2022 was 1.78 trillion. Given the vast expanse of the construction industry in the USA alone, the demand for customizable lever latches is expected to remain high in North America. Home renovation is undertaken by a lot of people in North American region. Furthermore, the US is the largest economy in the world with a strong industrial base. Customizable lever latches find a range of applications in the industrial sector along with the commercial sector.
The report on global customized lever latch market covers segments such as material, type, mounting style, and application. On the basis of material, the sub-markets include 316 stainless steel, aluminum alloy, malleable iron, plastic, rubber, stainless steel, and others. On the basis of type, the sub-markets include sealed lever latch, compression latch, self-adjusting latches, lift & turn latches, heavy duty lift & turn, lift & turn compression latches, and other. On the basis of mounting style, the sub-markets include flush, single hole, and three hole. On the basis of application, the sub-markets include industrial, residential, commercial, and others.
The report provides profiles of the companies in the market such as Arconic Fastening Systems & Rings, LISI AEROSPACE, Hartwell Corporation, Avibank Mfg., Inc., Keystone Electronics, Bud Industries, Schroff, S.P.E.P. Acquisition Corp, Hammond Manufacturing, and Southco, Inc.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the customized lever latch market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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