by Stair nosing offers anti-slip properties that helps prevent people from tripping or falling down the stairs. Increasing awareness about safety at workplaces has led to high demand for stair nosing that provides safe walking surface and reduces risk of injuries. Rapid urbanization and infrastructure development activities have boosted the construction of residential as well as commercial buildings, thereby propelling the demand for stair nosing.
The Global stair nosing market is estimated to be valued at US$ 1.26 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the stair nosing market are Sartorius, Merck KGaA, Thermo Fisher Scientific Inc., GENERAL ELECTRIC, Danaher Corporation.
The rising residential and commercial construction activities across developing nations present lucrative growth opportunities in the global stair nosing market. Technological advancements in materials such as introduction of non-slip additive polyvinyl chloride (PVC) have improved wear and durability of stair nosing.
Market drivers
Rising infrastructural projects such as construction of bridges, rail and road networks have propelled the demand for stair nosing. According to the World Bank, the global infrastructure spending is estimated to grow at 3% annually till 2040. Implementation of stringent safety regulations at construction sites and commercial complexes by governments and industry bodies have boosted the adoption of slip-resistant stair nosing. Rapid urbanization has increased residential construction activities, thereby driving the stair nosing market.
Current challenges in Stair Nosing Market
Rapid urbanization and infrastructure development has fueled the construction of commercial buildings and facilities. However, lack of safety standards and regulations has led to increased number of accidents on stairways. Poor installation and use of substandard materials for stair nosings poses serious risk. There is a need for creating awareness about benefits of using ergonomic and slip-resistant Stair Nosing Market Size . High costs of premium quality products also limit their adoption. The market sees tough competition owing to presence of several local and regional players offering low cost alternatives. Innovation is required to develop aesthetically appealing and durable stair nosings within affordable prices.
SWOT Analysis
Strength: Effective in preventing slips and falls. Provides visual guidance and traction on stairways.
Weakness: Premium products are costly. Require regular maintenance.
Opportunity: Growth in real estate and construction industries. Rising safety and sustainability concerns offer new opportunities.
Threats: Intense competition. Easy availability of low quality substitutes. Fluctuations in raw material prices.
Geographical regions with high market concentration
North America holds the largest share currently owing to stringent safety regulations and guidelines. Several codes make the installation of stair nosings mandatory in commercial facilities. The Asia Pacific market is growing rapidly led by China, India and other Southeast Asian countries. Ongoing infrastructure development projects and urbanization are driving demand.
Fastest growing geographical region
The Asia Pacific region is forecast to witness the highest CAGR during the analysis period. Rapid economic growth, rising disposable incomes, and expansion of the real estate sector are fueling construction of residential and commercial buildings. This is increasing the adoption of stair safety products for preventing accidents. China, India and other Southeast Asian nations will be the major revenue generators for stair nosing manufacturers.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
