Global Cam Locks Market to Reach US$ 3.8 BN by 2031, driven by the Growing Use of Cam Locks in Construction Industry: Global Insight Services
New York, September 2022: According to a new research study by Global Insight Services (GIS), the cam locks market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 3.8 billion by 2031.
A cam lock is a specific locking mechanism used in security systems to safeguard any type of facility. Cam locks, which are primarily meant for internal rather than external use, are not high-security locks in terms of physical robustness. Still, they are more than suitable for most customer needs. After installing the lock, the enclosure is unlocked by inserting and turning a key into the former part. Cam locks are often preferred over padlocks because they are concealed. Cam locks allow consumers to assemble cabinets and furniture easily and quickly. Increasing the use of cam locks in the construction industry along with wide scope applications in various industries would drive the cam locks market growth during the forecast period.
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Global Cam Locks Market: Key Drivers
The increasing usage of cam locks in growing residential and commercial spaces is one of the primary drivers of the cam locks market growth. Especially in commercial construction, due to the rise in urbanization, several commercial spaces are growing worldwide. Adoption of cam locks from end users such as office spaces, hotels, restaurants, public administrative buildings, shopping malls, and recreational facilities is rising. A cam lock is one of the most basic and often used locks in manufacturing cabinets and other furniture. It is vital in seating arrangements and document storage in commercial areas. In the residential construction sector, with the rise in compact households, multi-functional furniture has become popular, allowing for large storage. There has been an increase in extra home spaces for offices, which has resulted in a demand for office furniture. The booming construction industry is propelling the global cam locks market.
Global Cam Locks Market: Market Restraints and Challenges
Increasing overall maintenance and repair cost of cam locks and likely restraining market revenue growth in the forecast period. Further, increasing volatility in raw material prices and the high maintenance cost of cam locks are anticipated to hinder market growth during the forecast period. Growing volatility in raw material prices influences the ability of manufacturers to produce cam locks based on specific requirements. However, companies are increasing investment in research and development for cost-effective technology to reduce the cost of cam locks.
Global Cam Locks Market Report Findings
The regular segment is likely to hold the major share of the market in 2021
Based on type, it is bifurcated into regular and electronic. The regular segment is expected to be the largest segment in the cam locks market in 2021 owing to the availability of advanced manufacturing processes and the most rigorous quality management techniques. Due to this factor mentioned above, the regular segment is expected to hold a major market share in 2021.
The metal furniture segment is likely to hold the major share of the market in 2021
Based on application, it is segmented into metal furniture, wooden furniture, mail boxes, automotive accessories, lockers, windows and doors, and others. The metal furniture segment is expected to be the largest segment in the cam locks market in 2021 as it creates high demand for metal filing and lockable metal cabinets with fire-resistant and water-resistant qualities. Thus, the metal furniture segment will likely hold a major market share in 2021.
The Asia Pacific region is accounted for the majority of market share in 2021
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021. The rapidly growing construction activities across countries, such as China and India, are propelling the economic growth across Asia Pacific. Despite the economic challenges, the Asia Pacific construction industry recorded significant growth in 2021. Demand for residential construction remained strong in big economies. Also, infrastructure construction experienced significant investments, and regional construction companies expanded at faster pace. The huge development potential for single-family housing and multifamily housing units construction propels the growth of the cam locks market in Asia Pacific.
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The key players studied in the global cam locks market are ABS Corporation (India), ASSA ABLOY (Sweden), Camsco Electric (Taiwan), Eberhard Manufacturing (US), EMKA Beschlagteile GmbH & Co. KG (Germany), JK Lock Co.,Ltd. (Taiwan), Lowe & Fletcher Ltd (UK), Shah Industries (India), SINOX COMPANY LTD. (Taiwan), and Southco, Inc. (US).
Global Cam Locks Market: Recent Developments
- June 2022, Southco, Inc. introduced the newest product in its successful C2 series of lever latches, with a new push-to-lock option that incorporates an auto-relock feature. With customizable features, versatile locking styles, and a streamlined industrial appearance, the push-to-lock C2 Lever Latch provides upgraded functionality that is used to demonstrate compliance with industry regulations.
- February 2022, EMKA had expanded its product range with a folding T-Handle series. These are robust locks dedicated for use on heavy or large doors and flaps with a thickness of up to 4 mm. For this reason, the folding handles were also designed to be significantly larger and stronger than the basic version. The new robust folding handles are available in two different materials. In the first material version, both the dish and the handle are made of zinc die. Both components can be supplied chrome-plated or powder-coated – or in combination – depending on the customer’s requirements. The second version consists of a stainless steel dish in combination with a zinc die or stainless steel T-handles.
- November 2021, ABLOY USA had entered into a national distributor partnership with Anixter, Inc. to expand brand awareness in the critical infrastructure market. The agreement means more attention from a wider audience for mechanical and electromechanical high-security products such as the award-winning intelligent key system ABLOY PROTEC2 and PROTEC2 CLIQ.
Global Cam Locks Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global cam locks market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future global cam locks market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global cam locks market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global cam locks industry.
Global Cam Locks Market Segmentation
- Metal Furniture
- Wooden Furniture
- Mail Boxes
- Automotive Accessories
- Windows and Doors
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East
- ABS Corporation (India)
- ASSA ABLOY (Sweden)
- Camsco Electric (Taiwan)
- Eberhard Manufacturing (US)
- EMKA Beschlagteile GmbH & Co. KG (Germany)
- JK Lock Co.,Ltd. (Taiwan)
- Lowe & Fletcher Ltd (UK)
- Shah Industries (India)
- SINOX COMPANY LTD. (Taiwan)
- Southco, Inc. (US)