“Rising Security Concerns and Increasing Adoption of Smart Home Technologies”
- The growing awareness of security risks among homeowners and businesses, combined with the rapid expansion of smart home ecosystems, is a key factor driving demand for Extruded ABS products.
- For instance, in April 2024, Onity, Inc. (a Honeywell International subsidiary) introduced advancements in IoT-enabled self-storage security by incorporating cutting-edge sensors into its Passport locking system. Such innovations by leading companies are expected to boost the Extruded ABS market significantly during the forecast period.
- As awareness of security vulnerabilities rises, consumers are turning to Extruded ABSs for advanced features like remote monitoring, tamper alerts, and detailed access logs, which provide a superior alternative to traditional mechanical locks.
- Additionally, in January 2025, August Home (based in the U.S.) released a new smart lock model compatible with various smart home platforms, increasing consumer interest particularly in residential applications.
- The popularity of keyless entry, the ability to remotely manage access for family or service providers, and smartphone control apps are important factors fueling market expansion. The growing trend of DIY smart home installations and the rising availability of easy-to-use Extruded ABS models, as reflected in a surge of online sales in Q3 2024, further support this growth.
