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Scaffolding Accessories Market Is Estimated To Witness High Growth Owing To Opportunity In Construction Industry Growth

Scaffolding Accessories Market Is Estimated To Witness High Growth Owing To Opportunity In Construction Industry Growth

Scaffolding accessories include products such as brackets, clips, coupler pins, rebar and scaffold couplers. These accessories are used in construction for enhanced safety, efficiency and better productivity during activities such as plastering, painting and maintenance. With rapid urbanization and growing infrastructure development activities globally, the demand for scaffolding is witnessing strong growth. Scaffoldings require proper accessories for stability, safety and timely completion of projects. The global scaffolding accessories market is estimated to be valued at US$ 1.45 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The construction industry is witnessing significant growth especially in developing regions of Asia Pacific and Middle East & Africa region. Mega infrastructure projects related to roads, highways, metro rails, airports, stadiums etc. require extensive use of scaffolding and accessories during construction work. With increasing government focus on developing smart cities and investment in modernizing critical infrastructure, the demand for scaffolding accessories is expected to grow substantially over the forecast period. The growing construction industry globally presents huge market opportunity for manufacturers of scaffolding accessories.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. The scaffolding accessories industry requires significant capital investments and technological expertise to enter the market. However, the barriers to entry are relatively low compared to other construction equipment categories.

Bargaining power of buyers: The bargaining power of buyers is high. Buyers in the scaffolding accessories market have multiple alternatives and supplier options available. This enables them to negotiate for better pricing and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. While key raw materials like steel face supply constraints at times, the suppliers still lack pricing power due to availability of substitutes.

Threat of new substitutes: The threat of substitutes is low. Scaffolding accessories have few product substitutes that can effectively perform their intended functions safely at construction sites.

Competitive rivalry: Competition in the scaffolding accessories industry is high due to the presence of numerous global and regional vendors. Key players compete based on product quality, pricing, and innovation.

SWOT Analysis

Strengths: Scaffolding accessories offer safety, reliability and versatility for construction applications. Leading vendors have strong distribution networks and brands with proven product performance.

Weaknesses: Volatility in raw material prices can squeez company margins. Accessories require frequent replacement which impacts recurring business. Customers may bargain for lower pricing.

Opportunities: Rising infrastructure spending worldwide presents growth opportunities. Products with enhanced safety features and faster installation capabilities will drive demand. Integration of IoT sensors allows remote monitoring of scaffold structures.

Threats: Slowdown in macroeconomic conditions can delay construction projects. Stringent regulations regarding scaffolding safety at work sites pose compliance challenges. Growing preference for modular construction systems also poses a threat.

Key Takeaways

The global Scaffolding Accessories Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. Growing infrastructure spending especially in developing countries of Asia Pacific and Latin America is driving market demand. The market size for 2023 is estimated at US$ 1.45 Billion.

Regional analysis:

Asia Pacific region currently dominates the market with over 35% share led by China, India and other Southeast Asian countries. Rising urbanization and government focus on transportation and building infrastructure projects is promoting market growth. Europe and North America are also sizable scaffolding accessories markets. However, Asia Pacific is anticipated to witness the fastest CAGR during the forecast period owing to increased building construction projects.

Key players:

Key players operating in the Scaffolding Accessories market are Brand Energy & Infrastructure Services, Layher Holding GmbH & Co. KG, Safway Group Holding LLC, ULMA Construction, PERI GmbH, Altrad Group, MJ-Gerüst GmbH, Waco Kwikform Limited, Turbo Scaffolding, Simplified Scaffolding Pty Ltd., Hunan World Scaffolding Co., Ltd., Tianjin Wellmade Scaffold Co., Ltd., Apollo Scaffold Services Ltd., Pilosio S.p.A., Instant Upright. Brand Energy

For more insights, read- https://www.pressreleasebulletin.com/scaffolding-accessories-market-trends-size-and-share-analysis/

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