by Stair stringers are crucial for providing structural support to staircases and help transport people up and down between different levels of a building safely. They are usually fabricated using durable woods like oak or hardwood composites and cement materials to withstand years of usage. Stair stringers outline the geometry of staircases and provide strength and stiffness to the treads and risers attached to them. With increasing urban population and massive construction of residential and commercial complexes worldwide, the demand for stair stringers has grown substantially.
The global stair stringer market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Prefabricated and customizable stair stringers have emerged as key trends in the market. Major manufacturers have started offering prefabricated and customizable stair stringer designs and materials to suit different architectural styles and construction needs. Customers can select their desired dimensions, materials, wood species, railings and coating/finishing options online as per their indoor or outdoor construction requirements. This has streamlined the procurement process and ensured reduced installation times. Standardized prefabricated designs in different capacities are also economical and accelerate large infrastructure and real estate development projects. The trend towards customizable and prefabricated solutions is expected to surge further with growth in e-commerce channels for stair stringer sales.
Porter’s Analysis
Threat of new entrants: The stair stringer market has moderate threat of new entrants due to availability of raw material and high initial investment requirement for production plants.
Bargaining power of buyers: Buyers have moderate bargaining power as there are multiple established players offering similar products in the market.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials like wood, plastic and metals are easily available.
Threat of new substitutes: Substitutes like pre-fabricated staircases offer low threat as they cater to different consumer base compared to custom-made stringers.
Competitive rivalry: The stair stringer market witnesses high competition due to presence of numerous global and regional players.
Key Takeaways
The Global Stair Stringer Market Demand is expected to witness high growth. The North America region is expected to dominate the global stair stringer market over the forecast period owing to high construction activities in countries like US and Canada.
Regional analysis comprises- The Asia Pacific is projected to grow at the fastest rate during the forecast period. Rising industrialization and infrastructure development activities in countries like China and India are expected to fuel demand for stair stringers in the region.
Key players related content comprises- Key players operating in the stair stringer market are Tilray, Aphria, Inc., Wayland Group Corp., Aurora Cannabis, Canopy Growth Corporation, and GW Pharmaceuticals, Plc. Tilray is one of the leading players focused on research, cultivation, production and distribution of cannabis products worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
