The 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 Overview:
Scaffolding accessories refer to components and fittings used along with scaffolding systems. Some major scaffolding accessories include anchor hooks, bearing plates, coupler pins, scaffolds ties, wire ties, guardrails, nuts & bolts, and scaffold tubes. Scaffolding accessories are crucial for the safety and stability of scaffolding structures built for construction and maintenance activities. They facilitate ease of assembly and dismantling of scaffolding systems and ensure strict compliance with safety standards.
Market Dynamics:
The growth of the scaffolding accessories market is driven by increasing construction activities around the world. Rapid urbanization, rising investments in infrastructure development, and growth in non-residential construction are fueling the demand for scaffolding accessories. Furthermore, stringent worker safety regulations pertaining to scaffolding systems are prompting construction firms to utilize certified and standardized scaffolding components and fittings. Additionally, growing need for repair, renovation, and maintenance of aging buildings is positively impacting the sales of scaffolding accessories. However, availability of counterfeit and low-quality products may hinder the market growth.
SWOT Analysis
Strength: Scaffolding accessories have wide applications in construction industry. They enhance safety and efficiency of scaffolding. There is a large skilled workforce available for manufacturing scaffolding accessories. Production of scaffolding accessories requires basic manufacturing facilities which are easily available.
Weaknesses: Scaffolding accessories have low profit margins for manufacturers. Frequent fluctuations in raw material prices impact the overall cost of scaffolding accessories.
Opportunities: Growing infrastructure construction activities in emerging economies boost the demand for scaffolding and related accessories. Stringent safety regulations in developed countries promote the organized market for high quality scaffolding accessories.
Threats: Easy availability of low cost counterfeit products impacts sales of established brands. Economic slowdowns can result in reduced spending on infrastructure projects affecting the scaffolding accessories market.
Key Takeaways
The Global Scaffolding Accessories Market Size is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing investments in infrastructure development projects across regions. Rapid urbanization and growth of real estate sector particularly in Asia Pacific drives the need for scaffolding accessories in residential and commercial construction.
Regional analysis
Asia Pacific dominates the global scaffolding accessories market owing to massive infrastructure development programs in countries such as China, India. China represents over 30% of the global market for scaffolding accessories. Europe is another major regional market supported by stringent workplace safety compliances for construction industry in countries like Germany, UK, France.
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. The industry is highly consolidated with top five manufacturers accounting for over 40% share.
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https://www.rapidwebwire.com/scaffolding-accessories-market-size-share-growth-outlook-2023/
