The Stair Stringer Market is primarily used in construction industry for supporting stairways and providing stability to stairs. Stair stringers are long rectangular or triangular strips of wood or metal fixed vertically at both the outer edges of staircase to provide support. Stair stringers are available in wood, steel, aluminium and other composite material options and can be customized as per project requirements. These increase the lifespan of staircases by bearing the weight load and distributing stress evenly.
The Global Stair Stringer Market is estimated to be valued at US$ 34.99 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the Stair Stringer Market are F. Hoffmann-La Roche Ltd, Biocryst Pharmaceuticals Inc., Bristol-Myers Squibb Company, Kyowa Kirin Co., Ltd., Genmab A/S, Seagen Inc., GlaxoSmithKline plc., Johnson and Johnson Private Limited, Elorac, Acrotech Biopharma, Merck and Co. Inc., Novartis AG, SHIONOGI & Co., Ltd., Spectrum Pharmaceuticals Inc., and Bausch Health Companies Inc. The global Stair Stringer Market Size is witnessing significant growth due to increasing demand from the construction industry. Rapid urbanization and infrastructure development projects across both developing and developed nations are spurring the sales of stair stringers. Furthermore, rising disposable incomes and growth in spending on home remodeling and renovation activities is propelling the product adoption. Geographically, the market is expanding owing to large scale infrastructure development projects underway in Asia Pacific and Middle East regions. Countries including China, India, Indonesia, UAE, and Saudi Arabia are expected to generate high revenue for stair stringer manufacturers over the forecast period. In addition, growth in commercial construction sector across North America and Europe will further support the regional market expansion during 2024-2031. Market Key Trends Lightweight and durable composite materials are gaining popularity among stair stringer manufacturers. Advances in material science and engineering has led to development of glass-fiber reinforced polymers, carbon-fiber reinforced polymers and other composites for use in construction industries. Composite stair stringers provide high tensile strength, are non-corrosive, and are affordable over long term when compared to metal components. The popularity of advanced composite stair stringers is expected to rise significantly over the coming years. 3D printing technology is also emerging as a trend in stair stringer production. Several manufacturers have started developing 3D printed prototypes as well as final products with intricate designs and shapes. 3D printed stair stringers allow for design flexibility, reduce material wastage, and provide customized solutions. With further reductions in 3D printing costs, on-demand short run production of stair stringers using additive manufacturing is forecasted to upsurge, especially for niche construction projects.
Porter’s Analysis Threat of new entrants: Stair stringer market requires decent level of investments for manufacturing facilities making threat of new players entering low. Bargaining power of buyers: Buyers hold lower bargaining power due to lack of product substitutes and differentiated product offerings by existing players. Bargaining power of suppliers: Suppliers hold moderate level of bargaining power due to availability of raw material alternatives and differentiation in sourcing. Threat of new substitutes: Substitute threat remains low since stair stringers have limited substitutes for their intended use in buildings. Competitive rivalry: Intense competition exists among existing players to gain market share and customer base. Geographical Regions North America region accounts for over 30% of the total stair stringer market value majorly driven by residential and commercial construction industry in United States. Increasing disposable incomes, changing demographics are boosting remodeling and retrofit activities. Asia Pacific region encompasses fastest growing markets for stair stringers majorly attributed to ongoing infrastructure development, rising foreign investments in countries like India, China and government initiatives for affordable housing. The region is estimated to expand at 9% CAGR during forecast years.
Choose preferred language for better understanding-
About Author-
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Known for her strong SEO background, she skillfully blends SEO strategies with insightful content. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
