by Stair stringers are wooden or metal structural elements used for supporting treads in a stairway. They provide structural integrity to the stairway system. Residential and commercial buildings use wood as the most preferred material for stringers owing to its properties such as aesthetics, workability, and longevity. Growing infrastructure projects such as residential buildings, commercial buildings, and hospitals are expected to drive the demand for stair stringers during the forecast period. Stair stringers find extensive usage in varied construction activities including interior designing, remodeling, and new constructions.
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 Dynamics
Rising infrastructure projects and growing remodeling activities are expected to drive the stair stringer market growth over the forecast period. Rapid urbanization and increasing disposable income have led to growing construction of residential and commercial buildings around the world. This is augmenting the demand for stair stringers. According to data by Statista, the global construction industry is estimated to grow at a CAGR of 3.7% from 2018 to 2023. Additionally, growing focus on interior designing and remodeling of existing structures is also propelling the market growth. For instance, as per the Leading Associations of Remodeling Industry, spending on remodeling activities in the U.S. is expected to grow from $151 billion in 2020 to $162 billion by 2023. Renovation and remodeling of residential and non-residential spaces include replacement or modification of existing staircases using stair stringers. Hence, rising infrastructural development and remodeling activities are some of the major factors driving the stair stringer market growth.
Segment Analysis
The stair stringer market is dominated by the wooden segment which holds around 60% of the market share. Wooden stair stringers are preferred choice for homes and commercial buildings as it provides better aesthetics and appearance when installed. It gives natural, warm looks to the stairs. Though pricier than other materials, wooden stair stringers last longer and requires less maintenance over the years.
PEST Analysis
Political: The regulations around use of materials in construction varies across countries and states. Some regions have banned use of tropical wood while others promote sustainable forestry. This impacts choice of materials for stair stringers.
Economic: A major driver for the stair stringer market is growing construction and renovation activities globally. Rising economic conditions fuel spending on home improvements and commercial construction. This augurs well for demand.
Social: Stair stringers require replacement when homes or buildings change ownership or new tenants move in. The degree of social acceptance and adaptability of homes impacts refurbishment needs.
Technological: Advances in plasma cutting and CNC machining have improved precision and productivity for metallic and composite stair stringers manufacturing. Use of engineering plastics as an alternative to wood is also gaining ground due to design flexibility they provide.
Key Takeaways
The Global Stair Stringer Market Growth is expected to witness high over the forecast period driven by increasing residential and commercial construction activities globally. The Asia Pacific region dominates the market and is expected to maintain its lead aided by robust construction spending, population growth and urbanization trends in countries like China and India.
Regional analysis: The Asia Pacific accounts for over 35% value share and is expected to grow at a CAGR of 14% during the forecast period. Abundance of raw materials, low processing costs and huge consumer base are driving robust growth of stair stringer manufacturers in the region.
Key players: Key players operating in the stair stringer market are Tilray, Aphria, Inc., Wayland Group Corp., Aurora Cannabis, Canopy Growth Corporation, and GW Pharmaceuticals, Plc., among others. Tilray is a leading player with wide geographic presence and variety of product offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
