Scaffolding accessories are essential equipment used in construction sites to provide support and structural stability during maintenance and erection of buildings. Scaffolding accessories such as ropes, braces, boards, beams, nuts, bolts, anchors, towers, and guardrails enable construction workers a safe working platform at heights. These accessories safeguard workers from falls during scaffold assembly and disassembly. In addition, they allow easy material handling at height during construction of buildings. The need for repair and refurbishment of existing buildings, along with rapid urbanization and infrastructure development is fueling the demand for scaffolding accessories globally.
The global Scaffolding Accessories Market is estimated to be valued at US$ 1.68 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the scaffolding accessories market growth is the development of lightweight and portable scaffolding systems. Traditional scaffolding systems are heavy, bulky, and time-consuming to assemble and dismantle. However, innovators are focusing on developing ultra-lightweight yet durable scaffolding accessories made of composite materials like carbon fiber that can support heavy loads but are easy to transport. For instance, Safway Group launched “Navigator,” an engineered lightweight scaffolding system with accessories weighing 30-50% lesser than conventional steel systems. Such innovative product launches are expected to boost the scaffolding accessories market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and the availability of second-hand equipment have made the threat of new entrants moderate. However, established brands have strong relationships with major construction contractors.
Bargaining power of buyers: The bargaining power of buyers is moderate. While buyers have a fair choice of suppliers, switching costs are relatively low.
Bargaining power of suppliers: A few large multinationals dominate the global supply of scaffolding accessories. Their bargaining power over buyers is moderate to high.
Threat of new substitutes: There exists low threat of substitution as scaffolding accessories have few substitutes for their intended construction use.
Competitive rivalry: The global scaffolding accessories market is moderately competitive due to the presence of numerous regional and multinational suppliers. Market share is distributed among tier 1 and tier 2 suppliers.
Key Takeaways
The Global Scaffolding Accessories Market Size is expected to witness high growth. The global Scaffolding Accessories Market is estimated to be valued at US$ 1.68 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
The market in Asia Pacific region is expected to witness the fastest growth over the forecast period. Countries like China, India, Indonesia, and Vietnam are major construction hubs which is driving the demand for scaffolding accessories in the region. The Asia Pacific region dominates the global scaffolding accessories market and is expected to grow at a CAGR of around 6% during the forecast period. Rapid infrastructure development and construction activities in the region are fueling market growth. China accounts for over 25% of the global market share due to ongoing investments in real estate and energy projects.
Key players: Key players operating in the Scaffolding Accessories market are Pfizer Inc., GlaxoSmithKline, Biomed Pvt. Ltd., Serum Institute of India, Baxter International, Sanofi S.A., Neuro Biotech, Merck, JN-International, CNGB. Manufacturers are focused on developing lightweight and durable accessories to improve transportation and handling.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it