The stair stringer market comprises of wooden, metal or engineered materials used for reinforced the step of stairs. Stair stringers provide strength and stability to stairs and ensures safety during the usage. Rising residential and commercial construction activities across the globe have boosted the demand for staircases and associated stair stringer products. Stair stringers are widely used in interior construction of buildings, homes and other infrastructure having multiple floors.
The key advantages of stair stringers include long-lasting durability, corrosion and damage resistance, ease of installation and maintenance. With rapid urbanization and growing population, construction of multi-storey buildings, hospitals, schools, malls and other commercial buildings have surged tremendously over the past few years. This augmentation in construction sector worldwide has stimulated the growth of global stair stringer market.
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. Rising construction of residential, commercial and industrial sector globally has propelled the demand for staircases fueling the sales of stair stringers. Technological advancements including availability of advanced stringer designs, durable engineered wood composites and corrosion resistant metal stringers have eased installation process and expanded product portfolio of manufacturers.
Market Trends
Modular/kit stair stringers are gaining popularity as these pre-cut stairs can be easily assembled on-site without additional woodwork. Growing inclination towards sustainable and eco-friendly products has boosted the demand for engineered composite wood and recycled plastic stair stringers.
Market Opportunities
Rapid urbanization in developing economies of Asia Pacific and Latin America will generate numerous opportunities in construction sector and eventually for Stair Stringer Market Size. Development of innovative, lightweight and tool-less stringer installation systems can further increase product penetration and customer convenience.
Impact of COVID-19 on the Stair Stringer Market
The COVID-19 pandemic has severely impacted the stair stringer market. Nationwide lockdowns and movement restrictions implemented across various countries led to the closure of construction sites, thereby disrupting market growth. Supply chain disruptions caused raw material shortages further exacerbating the situation.
Pre-COVID, the market was growing at a healthy pace driven by increased residential and commercial construction activities. However, the pandemic stalled all ongoing and upcoming construction projects globally. This led to a steep decline in demand for stair stringers during 2020 and 2021.
With mass vaccination drives and relaxing of lockdown measures in 2022, economic activities have started to resume. The construction sector is also witnessing signs of recovery with resumption of delayed projects and new project announcements. This is expected to drive the demand for stair stringers in the coming years. However, prolonged effects of the pandemic such as high inflation, rising interest rates and uncertainties caused by new variants can continue to pose challenges.
Moving forward, manufacturers need to focus on strengthening supply chain resilience and inventory management. Adopting digital technologies will help maintain business continuity even during crisis situations. Companies should also explore opportunities in infrastructure projects announced by various governments as part of COVID-19 economic stimulus packages. Diversifying into affordable housing and renovation projects can further aid market growth in the post-pandemic era.
Geographically, in terms of value, North America dominates the stair stringer market. This is attributed to the large construction industry and widespread implementation of building codes and standards in the region. Asia Pacific is expected to be the fastest growing market due to booming infrastructure development and increasing urbanization in countries like India and China. Countries in Europe and Latin America are also major contributors to the global market. The Middle East and Africa are expected to offer lucrative growth opportunities over the coming years.
In terms of value, the residential construction end use segment dominates the global stair stringer market. This is due to rising home improvement activities and increasing construction of single-family homes globally. The commercial sector including office spaces, retail complexes, educational institutions and hotels are also prominent consumers. Industrial projects are expected to contribute to future demand growth.
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