April 22, 2024
Scaffolding Accessories Market
Ict

Scaffolding Accessories Market Is Estimated To Witness High Growth Owing To Increasing Adoption Of Automation

The scaffolding accessories market is a critical component of the construction industry. Scaffolding accessories provide safety and support for construction workers. Some key scaffolding accessories include tiebacks, fasteners, couplers, braces, and scaffold boards. These accessories ensure the stability, safety, and durability of scaffolding structures. The growing construction of commercial and residential buildings globally is fueling the demand for scaffolding accessories. The automatic identification and connectivity features of modern scaffolding accessories allow for remote safety monitoring and inventory management, enhancing productivity.

Global Scaffolding Accessories Market is estimated to be valued at US$1.68 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2030.

Key Takeaways

Key players: Key players operating in the scaffolding accessories market include Pfizer Inc., GlaxoSmithKline, Biomed Pvt. Ltd., Serum Institute of India, Baxter International, Sanofi S.A., Neuro Biotech, Merck, JN-International, CNGB.

Key opportunities: Rapid urbanization and infrastructure development projects in emerging economies offer significant growth opportunities for scaffolding accessories suppliers. Furthermore, the adoption of Internet of Things (IoT) devices and automation can optimize scaffolding safety and operations.

Technological advancements: Key technological advances enhancing the scaffolding accessories market include automated safety sensors, remote connectivity features, computer vision inspections, and automated inventory tracking. These technologies improve compliance, reduce costs, and minimize safety risks.

Market drivers

Growing construction industry: The robust growth of the global construction sector, driven by urbanization, infrastructure spending, and economic development programmes is a key driver for the scaffolding accessories market. The increasing number of new construction projects worldwide spurs the demand for scaffolding systems and accessories.

Safety regulations: Stringent workplace safety regulations mandated scaffolding systems with protective accessories at construction sites. Regulators globally have enhanced provisions to prevent worksite accidents and injuries involving scaffolding. This bolsters demand for standardized and certified scaffolding accessories.

Current challenges in Scaffolding Accessories Market:

The Caffolding Accessories Market Share is facing challenges due to rising prices of raw materials and shortage of skilled labor. The prices of steel and aluminum, which are the major raw materials used in scaffolding production, have witnessed a substantial rise in the past few years due to increasing demand from construction industry. Stainless steel prices are also rising at an accelerated pace. This price rise is squeezing profit margins of scaffolding manufacturers. Another challenge is the shortage of trained and certified scaffolders in many countries. Scaffolding installation requires specific skills and safety training which many workers lack. This challenge is more prominent in developing regions where construction activity is booming. The covid-19 pandemic also impacted manufacturing and supply chain for nearly 6-8 months in 2020 and 2021. This disrupted supply of accessories and inflated transportation costs. Overall, rising input costs and lack of adequate trained manpower are the major near-term challenges for players in the Scaffolding Accessories market.

SWOT Analysis
Strength: The Scaffolding Accessories market is growing at a moderate CAGR of 5.3% due to rising infrastructure development globally. There is steady demand from end use industries.
Weakness: Raw material price volatility poses major risk. Shortage of trained labor also affects market growth.
Opportunity: Growth in industrial and commercial construction in Asia Pacific provides new avenues. Development of lightweight and durable materials opens new avenues.
Threats: Economic slowdowns can dampen growth momentum. Stringent regulations regarding safety can increase compliance cost.

North America accounts for around 35% of global market value led by the US due to extensive refinery, manufacturing and infrastructure development activities in the region. Asia Pacific follows with 25% share and is poised to be the fastest growing market driven by China, India, South Korea and ASEAN countries where construction industry is booming. Europe is the third largest region with around 20% share and countries like Germany, UK, France, Italy contributing significantly to regional demand.

The Scaffolding Accessories market in Middle East and Africa is sizable accounting for over 15% share. Gulf economies led by Saudi Arabia, UAE, Qatar are undertaking large projects to diversify economy through construction of smart cities, airport expansion, railway projects which drive scaffolding demand in the region. Latin America has around 5% share in the overall market value currently concentrated mainly in Brazil and Mexico due to ongoing industrial and infrastructure modernization programs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it