Hardware & Building Materials - Kuwait

In Kuwait, the Hardware & Building Materials market is projected to generate a revenue of US$1.62bn in 2024.
It is estimated that the market will experience an annual growth rate of 3.90% (CAGR 2024-2029).
When compared globally, China is the leading country in terms of revenue with US$525bn in 2024.
In Kuwait, the per person revenue in the Hardware & Building Materials market is expected to reach US$371.60 in 2024.
Kuwait's hardware and building materials market is experiencing a surge in demand due to the country's ambitious infrastructure development 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 Kuwait is experiencing minimal growth due to various factors like low consumer demand, limited availability of resources, and slow economic growth. However, the market is still driven by the increasing use of digital technologies and convenience offered by DIY & hardware stores.

Customer preferences: In Kuwait, the Hardware & Building Materials Market within the DIY & Hardware Store Market has seen a rise in demand for eco-friendly and sustainable products. This can be attributed to a growing awareness among consumers about environmental issues and a desire to reduce their carbon footprint. Additionally, there has been an increase in demand for smart home technology and energy-efficient products, as individuals strive to make their homes more efficient and convenient. This shift is driven by a combination of cultural values and demographic changes towards more environmentally conscious and technologically advanced lifestyles.

Trends in the market: In Kuwait, the Hardware & Building Materials Market within the DIY & Hardware Store Market is experiencing a shift towards sustainable and environmentally friendly products. There is also a growing demand for smart home technologies, such as automated lighting and security systems. These trends are driven by increasing consumer awareness and government initiatives promoting green building practices. Additionally, there is a trend towards online purchasing, allowing customers to research and compare products before making a purchase. This can have significant implications for traditional brick-and-mortar stores, as they may need to adapt to the changing market landscape to remain competitive.

Local special circumstances: In Kuwait, the Hardware & Building Materials Market within the DIY & Hardware Store Market is heavily influenced by the country's hot and dry climate. This makes it essential for hardware and building materials to be durable and able to withstand extreme temperatures. Additionally, Kuwait's strong oil industry and high per capita income contribute to a growing demand for high-end, luxury hardware and building materials. The country's strict building codes and regulations also impact market dynamics, as retailers must adhere to specific safety standards and certifications.

Underlying macroeconomic factors: The Hardware & Building Materials Market within the DIY & Hardware Store Market in Kuwait is strongly influenced by macroeconomic factors such as economic stability, government regulations and policies, and overall consumer spending. Kuwait's robust economy, driven by its oil production and exports, has fuelled growth in the construction and real estate sectors, leading to an increased demand for hardware and building materials. This trend is further supported by the government's commitment to investing in infrastructure projects to diversify the economy and reduce reliance on the oil industry. Additionally, the rising disposable income and consumer willingness to invest in home improvement projects are driving the growth of the DIY & Hardware Store Market in Kuwait.

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.