The Stair Nosing Market is Estimated To Witness High Growth Owing To Increasing Emphasis on Safety Standards


The stair nosing market is estimated to be valued at US$ 1.09 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Stair nosing refers to the edging or band installed at the front edge of each tread of a stair or step. It provides safe footing at the leading edges of interior and exterior stairways. Stair nosing enhances traction and prevents accidental slips, eliminating potential tripping hazards. Stair nosing products come in a wide range of materials including aluminum, brass, plastic, wood and flexible rubber materials to suit various interior and exterior flooring applications.

Market key trends:

Increasing emphasis on workplace and public safety standards is encouraging the adoption of stair nosing products across various end-use industries. Strict regulations regarding stair safety are driving the installations of nosing strips and inserts in commercial buildings, schools, hospitals, and metro stations among others. Growing construction activities worldwide especially in Asian countries is also fueling the demand. Furthermore, rising commercial and residential remodeling along with renovation activities is boosting the market growth. Advancements in material science have led to the development of innovative slip-resistant and durable nosing solutions. Ongoing R&D in high-performance coatings and substrate materials are expected to introduce novel product variants with enhanced aesthetics and functionality over the forecast period.

Porter’s Analysis

Threat of new entrants: The Stair Nosing Market Size requires high initial capital investments due to specialized machinery and installations required for stair nosing production. This poses significant entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power as stair nosing products are available from a number of suppliers globally. Buyers can negotiate on price and quality standards.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and differentiated products. Requirement of specialized raw materials also impacts suppliers bargaining power.

Threat of new substitutes: Threat from substitutes is low as stair nosing has no close substitute and fulfills unique safety and aesthetic requirements of staircases.

Competitive rivalry: The global stair nosing market is a fragmented space with presence of numerous international and domestic players leading to high competitive rivalry.

SWOT Analysis

Strengths: Stair nosing provides enhanced safety and longer product life. Demand is driven by stringent safety regulations and zero tolerance for accidents.

Weaknesses: Requirement of specialized machinery increases initial investment and production costs. Dependence on raw material price volatility impacts profitability.

Opportunities: Growth in construction industry worldwide along with rising safety compliance boosts demand. Emerging economies offer scope to expand footprint.

Threats: Economic slowdowns and lowering of construction budgets poses threats. Competition from local manufacturers impacts pricing and market share.

Key Takeaways

The global stair nosing market size is expected to grow at a CAGR of 5.8% during 2023-2030 due to rapid urbanization and infrastructure development activities globally. The Asia Pacific region dominated the market in 2022 attributed to high construction spending in China and India.

Regional analysis - North America is projected to witness highest growth during the forecast period supported by stringent safety norms and recovery in construction industry post pandemic. Renovation and remodeling activities in the US and Canada will further drive the regional demand.

Key players analysis - Key players operating in the stair nosing market are Quantum Profile Systems Ltd., Amstep Products, Novaproducts Global, Optimum Technologies, Inc., Tarkett S.A., MEISHUO Building Materials Co. Ltd., Kinesik Engineered Products, Spectrum Floors, C.A.T. LTD. and Litokol. The market is dominated by Quantum Profile Systems Ltd., Amstep Products and Tarkett S.A. owing to their extensive product portfolio and global distribution network.

Read Our More Blogs : https://www.dailyprbulletin.com/stair-nosing-market-forecast-outlook-trend-2023-2030/


Comments

Post a Comment

Popular posts from this blog

Macrophage Marker Market Poised to Grow at a Robust Pace Due to Rising Demand in Medical Diagnostics

Image
  The macrophage marker market has witnessed significant growth in recent years owing to the growing applications of macrophage markers in medical diagnostics. Macrophage markers are proteins or cell surface receptors that are expressed by macrophages and are used to identify and study macrophages and their functions. Some of the key macrophage markers include CD14, CD68, CD163, CD206, and LAMP-3. These markers play a vital role in studying the functions of macrophages in various diseases like cancer, inflammatory disorders, and infectious diseases. The global macrophage marker market is estimated to be valued at US$ 295.15 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period of 2024-2030. The growing prevalence of various chronic and infectious diseases and increase in R&D spending for drug discovery are some of the key factors driving the demand for macrophage markers in recent years. Macrophage markers help in evaluating disease progression, drug
Read more

The global Cancer Diagnostics Market is growing at an accelerated pace

Image
  Cancer diagnostics involve various tests and procedures used to detect different types of cancers as early as possible to help improve treatment outcomes. From simple blood tests and imaging scans to biopsies and molecular testing, cancer diagnostics help doctors determine if an individual has cancer, where it is located in the body, if it has spread, and other important information. The growing incidences of various cancers like breast, lung, prostate and colorectal cancer globally have increased the demand for advanced and effective diagnostic procedures. Early detection is critical for cancers to treat them effectively and improve chances of survival. The global Cancer Diagnostics Market is estimated to be valued at US$ 59.1 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Immunohistochemistry is one of the key diagnostic trends gaining populari
Read more

The Global Boat Accumulator Market Growth Is Accelerated By Increasing Consumer Spending

Image
  Boat accumulators or batteries are sealed lead acid batteries that provide starting power and deep cycle power for boats. They are essential for powering marine electrical systems, motors, navigation lights, bilge pumps and other onboard appliances. The growing marine tourism and recreational boating activities have increased the demand for boats and yachts over the years. This has propelled the boat accumulator market. The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Increasing consumer spending on recreational boating activities has been a major driver for the boat accumulator market over the past decade. The number of recreational boats sold globally has increased steadily with the rise in disposable incomes and leisure time among consumers. Countries like the United State
Read more