PUBLISHER: Grand View Research | PRODUCT CODE: 1587478
PUBLISHER: Grand View Research | PRODUCT CODE: 1587478
The global railing market size is expected to reach USD 71.73 billion by 2030 and is anticipated grow at a CAGR of 5.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the rising investments in residential and non-residential construction owing to the rise in the population. Moreover, the migration of people from rural to urban areas for better growth opportunities is expected to further fuel the market growth.
There has been a growing demand for composite railings in developed countries such as the U.S. and Canada as they are more economical than other materials in terms of their installation costs. Moreover, the demand for composite is also rising worldwide as they are environment-friendly. Several customers choose composite materials for developing railings due to environmental concerns. Composite railings are manufactured from recycled materials, such as discarded plastic milk bottles, plastic bags, and sawdust, which often end up in landfills, thereby making these railings environmentally friendly.
The Russia-Ukraine war has negatively impacted the prices of metals, including steel, aluminum, and iron, as these countries are significant exporters of steel and metallurgical products. Due to the war, the production of steel in Ukraine has decreased. This has disrupted supply chain activities across the world, which resulted in highly fluctuating prices, thus negatively impacting the overall profit margins of companies that manufacture metal railing.
The global market is highly competitive due to the presence of various small and large players in the market. Companies are focusing on acquiring local niche players to improve customer interaction and improve their market position. In addition, major players in the market are also collaborating with different distributors to increase their market share. Furthermore, new product development and mergers & acquisitions are some of the strategies used by players to gain a competitive edge.