May 18, 2024
Construction Safety Net Market

The Global Construction Safety Net Market Is Driven By Increasing Safety Concerns In Construction Industry

The construction industry involves various hazardous activities which necessitate safety measures to prevent accidents. Construction safety nets have gained prominence as effective solutions to mitigate falling and collision risks at construction sites. These nets are made of durable synthetic or nylon fabrics using secure tying and knotting techniques. They are designed to catch falling objects or persons from elevated surfaces without breaking or sagging under the load. Safety nets provide a reliable safety layer below bridges, balconies, roof edges and scaffolds.

The global construction safety net market is estimated to be valued at US$ 3.98 billion in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One key trend gaining traction in the construction safety net market is the introduction of nets made from composite fibers. Leading manufacturers are offering nets woven with ultra-high molecular weight polyethylene fibers and aramid fibers like Kevlar and Twaron. These composite nets have significantly higher strength-to-weight ratios than conventional nylon nets. They can withstand loads up to 5 tons and help minimize net sagging even under heavy falling impacts. The enhanced durability of composite nets allows longer usage at construction sites before replacement. Their usage is expected to grow substantially over the forecast period owing to stringent worker safety regulations across major economies.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the construction safety net market is low to medium due to the presence of established players. Significant capital investments are required to set up manufacturing units and establish distribution networks.

Bargaining power of buyers: The bargaining power of buyers in the construction safety net market is high due to the availability of substitute products. Buyers can switch to alternatives if they do not get their desired products or services at competitive prices.

Bargaining power of suppliers: The bargaining power of suppliers is medium as there are many suppliers in the market providing raw materials for construction safety nets. However, suppliers may bargain for higher prices due to rising raw material costs.

Threat of new substitutes: The threat of new substitutes is low to medium as construction safety nets made of different protective materials serve unique purposes and characteristics. However, alternatives like scaffolding offer a substitute option.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous regional and global players offering a wide range of construction safety nets. Players compete on pricing, quality, and performance.

Key Takeaways

The Global Construction Safety Net Market Share is expected to witness high growth over the forecast period. The global construction safety net market is estimated to be valued at US$ 3.98 billion in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

North America is projected to dominate the market during the forecast period due to stringent worker safety rules resulting in increased demand for construction safety nets. The Asia Pacific market is estimated to grow at the fastest rate during the forecast period due to rapid urbanization and infrastructure development activities in major countries like China and India.

Key players: Key players operating in the construction safety net market are Heraeus Holding, PPG Industries, Inc., Akzo Nobel N.V., The Sherwin-Williams Company and AnCatt Inc. Heraeus Holding is one of the leading manufacturers of construction safety nets offering a wide range of nets for fall protection and cargo safety.

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