Stainless Steel Balustrade Market: Overview
- A balustrade is a row of balusters topped by a rail, which serves as an open parapet along the edge of a balcony, terrace, bridge, staircase, or the eaves of a building. Balustrades can be made from various materials including stone, steel, or wood. The most important purpose of installing balustrades is to prevent people from falling off interior as well as exterior structures.
- Stainless steel balustrades is a safety and design feature of residential and commercial buildings. Stainless steel balustrades is a series of architectural posts supported with top railings and bottom railings. Stainless steel balustrades can differ in shape and size.
Key Drivers of Global Stainless Steel Balustrade Market
- The global construction industry expanded at a rate of 3.0% in 2019, at a rate of 3.5% in 2018, and at a rate of 2.7% in 2017. The residential segment held a major share of the global construction industry in 2018, driven by growth of the residential sector in countries such as India, the UAE, China, and Indonesia. In terms of volume, the construction sector in the U.S. expanded at a Y-o-Y growth rate of 3% in 2018 and at a rate of 2.1% in 2019. Increase in the construction expenditure in 2018 was attributable to growth of non-residential and residential sectors.
- The construction industry in Asia Pacific is expected to expand rapidly during the forecast period. China has the world’s largest construction industry and the country is a major importer of construction products across the globe. In China, the residential construction sector is expected to experience sluggish yet stable growth in the next few years. Residential and non-residential construction sectors are expected to expand at a considerable pace during the forecast period.
- According to the French Builders Association FFB, the construction sector in France expanded at a significant rate of 5% in 2017, primarily driven by rise in the number of new residential buildings in the country
- The GDP of GCC increased by 1.9% in 2018 and by 2.6% in 2019. The UAE, Saudi Arabia, and Qatar remain the top three industries for construction in GCC.
- Growth of the global construction industry is anticipated to drive the global stainless steel balustrade market during the forecast period
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Europe Projected to Hold a Major Share of Global Stainless Steel Balustrade Market
- The construction sector in Latin America witnesses growth, with countries such as Brazil, Colombia, Chile, and Peru having high growth potential. Rising construction activities in the region are boosting the stainless steel balustrade market in Latin America.
- The U.S. construction industry is one of the leading industries in North America, with annual expenditures valued over US$ 1,231 Bn. Strong growth of the economy and a positive outlook for the commercial real estate sector have boosted construction activities in the country. Large-scale projects in building & construction and infrastructure sectors have been prominent in Canada over the last few years.
- Rest of Europe is a major consumer of stainless steel balustrades in Europe. Denmark, the country most affected by financial crisis, is likely to experience growth of the construction sector. The construction sector in Sweden is estimated to witness growth at the maximum rate across the region in the near future. Stainless steel balustrades is a safety and design feature of residential and commercial buildings. Thus, growing construction sector in Europe is likely to drive the stainless steel balustrade market in the region in the next few years.
- The construction sector in China is expanding rapidly, due to rising population, growing industrialization, and increasing foreign investments in the country. China accounts for almost 25% share of the world’s primary energy consumption. Demand for housing from the middle-income group in India is expected to increase in the next few years and the Government of India is taking active steps to bridge the gap between demand and supply. As per an estimate, every year, 2 million new housing units are built in urban areas, while 4.5 million units are built in rural areas of India.
- Outlook for the construction sector in Mexico appears positive, due to the large number of private projects accomplished in 2018, primarily housing buildings, mixed-use buildings, commercial malls, and industrial and distribution facilities
- The Government of UAE plans to develop residential complexes, schools, and health care centers, especially in the eastern part of the country. The Ministry of Public Works of the UAE Government is developing housing complexes and standalone houses across different emirates. Sheikh Zayed Housing Program by the UAE Government is likely to fuel the development of affordable houses in the country between 2019 and 2022.
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Key Players Operating in Global Stainless Steel Balustrade Market
The global stainless steel balustrade market is highly fragmented, with the top players accounting for approximately 20%–30% of the market share. Key players operating in the global stainless steel balustrade market include:
- F H Brundle
- GOKING HARDWARE
- Inline Design
- Halinox Steel Industries
- Kamal Metal Industries
Global Stainless Steel Balustrade Market: Research Scope
Global Stainless Steel Balustrade Market, by Grade
- Interior Railings
- Exterior Railings
Global Stainless Steel Balustrade Market, by Application
Global Stainless Steel Balustrade Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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