June 19, 2024

Stair Nosing Market is Estimated to Witness High Growth Owing to Rising Construction Industry

They are mostly made of aluminum but can also include other materials like stainless steel, brass, and plastic. The growing construction of residential and commercial buildings is driving 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 construction of multi-family housing and commercial buildings across developed and developing nations presents lucrative growth opportunities. Furthermore, the innovation of stair nosing with advanced slip-resistant technologies is expected to gain traction.

North America dominates the global stair nosing market currently due to high construction spending. However, Asia Pacific is anticipated to witness the fastest growth owing to growing urbanization and increasing disposable income in countries like China and India. Countries in Europe and Latin America also offer promising growth prospects for stair nosing manufacturers.

Market Drivers

The growth of the construction industry is one of the key drivers for the stair nosing market. There is significant investment in infrastructure development and construction of residential and commercial real estate across both developed and emerging economies. This is positively impacting the demand for stair nosing. Furthermore, strict government regulations regarding workplace and building safety are promoting the installation of stair nosing to prevent accidents. Growing awareness about safety measures is also supporting the adoption of stair nosing globally.
PEST Analysis

Political: The Stair Nosing Market Size is regulated by many laws and regulations pertaining to health and safety standards in construction and building industry. Rules regarding fire safety compliance and slip resistance are crucial determinants.

Economic: Global construction industry growth along with rising safety standards bolster demand. However, fluctuating raw material prices pose cost challenges.

Social: Growing safety awareness and strict workplace compliance foster replacement demand. Aging population drives need for assisted living homes boosting installation.

Technological: Material innovations lead to durable, long-lasting products. Smart sensor features for detecting obstacles on stairs gain traction.

Geographical Concentration

North America holds the major share in stair nosing market in terms of value owing to stringent safety codes and proliferation of commercial buildings. Europe and Asia Pacific witness significant installation owing to urbanization and infrastructure development.

Fastest Growing Region

Asia Pacific region presents lucrative growth opportunities on account of rapidly expanding construction industry, rising affluence, and focus toward public infrastructure development in developing economies like China and India. Government initiatives for smart city projects augur well for stair nosing market in the region.

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