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 nosings are slip-resistant products installed at the leading edge of stairs. They provide an anti-slip surface to prevent falls on stairs. Stair nosings are made from various materials such as aluminum, rubber, and plastics and are available in different profile designs to suit industrial, institutional, and residential applications. They improve safety and reduce liability risks associated with slips and falls on stairs.
Market Dynamics:
Rising construction activities around the globe are expected to drive the growth of the stair nosing market during the forecast period. Rapid urbanization and industrialization have increased infrastructure development projects including residential, commercial, and industrial construction. According to the United Nations, around 68% of the world’s population is expected to live in urban areas by 2050. This is prompting governments worldwide to focus on construction of residential and commercial infrastructure. Furthermore, increasing safety regulations and building codes mandating installation of anti-slip products on stairs and platforms is also expected to boost the demand for stair nosings. Growing awareness about workplace safety and rise in liability claims due to slip and fall accidents would further propel the stair nosing market growth. However, availability of cheaper alternatives may hinder the market growth.
Segment Analysis
The Stair Nosing Market Size is segmented into rubber, aluminum, and other stair nosing materials. The aluminum stair nosing segment dominates the market and accounts for over 30% of the global share. Aluminum nosing is highly durable, slip-resistant, and requires low maintenance. It is corrosion resistant and provides safety on staircases.
PEST Analysis
Political: Stringent building codes and regulations regarding use of non-slip stair nosings in public infrastructure will support the market growth.
Economic: Growing construction industry globally especially in developing countries will drive the demand. Rise in renovation and remodeling activities of existing buildings and infrastructure will boost sales.
Social: Increasing safety awareness among consumers and organizations regarding use of slip-resistant materials on staircases will influence the market positively.
Technological: Advancements in material science led to development of innovative aluminum alloys and polymers with better slip-resistance and durability. This helps manufacturers differentiate their products.
Key Takeaways
The global stair nosing market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing commercial and residential construction activities worldwide. The Asia Pacific stair nosing market accounts for over 35% of the global share led by China, India and other southeast Asian countries due to massive infrastructure development projects. Key players in the stair nosing market are focusing on expanding their presence in developing regions through partnerships with local building material suppliers.
The North America regional market also offers profitable opportunities for manufacturers due to renovation of existing building stock and strict building safety codes. Europe holds significant share driven by strong construction sector in countries like UK, Germany, France etc.
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. Major players are investing in partnerships and new product launches catering to residential as well as commercial construction segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
