Hardware & Building Materials - Cyprus

The Hardware & Building Materials market in Cyprus is projected to generate a revenue of US$213.30m in 2024.
It is anticipated to experience an annual growth rate of 4.15% (CAGR 2024-2029).
When compared globally, China leads the market with a revenue of US$525bn in 2024.
Taking into account the total population, per person revenues amount to US$168.20 in 2024.
Cyprus is experiencing a surge in demand for high-quality building materials, driven by a growing construction sector and increased investment in infrastructure projects.

Definition:

The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building. In terms of hardware, this includes various items relating to doors, cabinets, floors, and garage accessories. Also included in this category are products related to home safety and security. Building materials cover products related to key components of home improvement such as doors, walls, ceilings, and windows, as well as concrete, cement, and masonry.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. This segment does not include floor covering, which is shown separately in the Floor Covering segment of the DIY market. For more information on the displayed data, click the info button on the right hand side of each box.

Hardware
Building supplies

Hardware services
Construction activities

The Hardware & Building Materials Market in Cyprus is seeing minimal growth, influenced by factors like economic uncertainty and declining consumer confidence. Despite this, the market is supported by the demand for DIY and home improvement projects, as well as the availability of online shopping options.

Customer preferences: Consumers in Cyprus are becoming more aware of the importance of sustainable living, leading to a growing demand for eco-friendly and energy-efficient building materials. This trend is driven by a shift towards environmentally-conscious lifestyles and a desire to reduce carbon footprint. As a result, DIY and hardware stores are now stocking a wider range of green building materials, such as recycled wood and low-energy lighting options. Additionally, there is a growing preference for products that are locally sourced, as consumers prioritize supporting their local economy and reducing transportation emissions.

Trends in the market: In Cyprus, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a rise in demand for eco-friendly and sustainable products. This trend is driven by consumer awareness and preference for environmentally friendly options. Companies are also increasingly investing in eco-friendly manufacturing and packaging processes to meet this demand. This trend is expected to continue and have significant implications for industry stakeholders, as it presents opportunities for growth and differentiation in a competitive market. Additionally, there is a growing trend towards online sales and home delivery of hardware and building materials, as more customers seek convenience and safety during the COVID-19 pandemic. This shift towards e-commerce is expected to have long-term implications for the market, as companies invest in online platforms and digital marketing to reach a larger customer base.

Local special circumstances: In Cyprus, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's geographical location. As an island nation, Cyprus relies heavily on imports, leading to higher prices for building materials and hardware products. Additionally, cultural preferences play a role in market dynamics, with the locals favoring traditional and durable building materials over newer, eco-friendly options. Furthermore, strict building regulations and permits can slow down the construction process, affecting the demand for hardware and building materials. These unique factors contribute to the distinct market dynamics in Cyprus, shaping consumer behavior and industry trends.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Cyprus is influenced by various macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The performance of this market is impacted by the overall economic stability of the country, as well as any fluctuations in the global economy. Furthermore, government policies and investments in infrastructure, construction and housing sectors also play a significant role in shaping the demand for hardware and building materials. A strong economy and favorable policies can lead to increased consumer spending and investments in home improvement projects, driving the growth of this market in Cyprus. Additionally, the increasing urbanization and growing population in Cyprus are leading to a rise in housing demand, creating further opportunities for the hardware and building materials market.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

For those who want to start a do-it-yourself project to improve their home or give it a new style, the Home Depot might be considered a shopping paradise. Whether consumers prefer to buy in-store or online, the Home Depot offers a wide range of products such as appliances, building materials, hardware, indoor garden furniture, paint, kitchen, and bath decorating items, among other important products for home improvement projects. With stores across North America, the company is the leading DIY and home improvement chain in the United States and Canada. By the end of the fiscal year 2023, Home Depot had generated over 152 billion U.S. dollars in revenue, and its revenue in the previous year placed it as the home improvement leader worldwide.