Pune, May 19, 2021 (GLOBE NEWSWIRE) -- Scaffolding Market Analysis
Market Research Future (MRFR) expects the global scaffolding market to grow at a CAGR of approximately 6.3% from 2020 to 2027 (forecast period).
Scaffolding is characterized as the erection, alteration or dismantling of a temporary structure, specially erected to support a platform. Scaffolds are widely used for working at heights, and it involves the risk for a scaffolder (person working on a scaffold) to fall from an incomplete scaffold during the erection and dismantling of a scaffold.
Scaffolding is a form of prefabricated construction that entails large structures or components of construction built off-site, generally at factories to be erected later on-site on a concrete foundation. Increasing FDI in construction in the Asia Pacific region and supportive government regulations and policies are driving the scaffolding market. The scaffolding market is constrained by factors such as fluctuating raw material prices and slower economic growth, which impede market growth.
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COVID-19 Impact on the Global Scaffolding Market
The COVID-19 pandemic has had a major impact on the global economy. The construction industry is currently facing disruptive challenges as a result of the outbreak, including labor shortages, financial strain, and supply chain issues. This has had a direct effect on rental construction services such as scaffolding, roofing, and interior finishing materials like acoustic panels, carpets, and fire alarm protection systems. Furthermore, the construction industry is heavily reliant on China for almost all materials and machinery, and any disruption would have an effect on the transport and delivery of base buildings by construction firms and building designers. The next two years will be crucial in regulating the projected supply chain delays as well as the global effect on the construction industry and the global economy. In India, if the COVID-19 pandemic does not recover, the labor force would be reluctant to return to work. Assuming employees are ready to work, the cost of maintaining laborer protection is projected to rise over the next 2-3 quarters.
Aside from the factors mentioned above, consumer buying behavior sentiments are expected to have an effect on the overall scaffolding market, as consumers would be unwilling to invest in housing projects due to low per capita income and unemployment fears. Scaffolding buyers are expected to postpone their purchases, resulting in an increase in unsold stocks. As a result, in the present situation, scaffoldings housing would be unaffordable for stakeholders due to the COVID-19 pandemic.
Market Segmentation
The global scaffolding industry has been segmented into type, material, and application.
Based on type, the global scaffolding industry has been segmented into supported scaffolding, suspended scaffolding and rolling scaffolding. The supported scaffolding segment held the largest market share of about 68.81% in 2016, with a valuation of more than USD 9,700 million. It is expected to grow at the highest CAGR during the forecast period.
Based on material, the global scaffolding market has been segmented into steel, aluminum, wood, and others. Steel captured the largest market share of about 46.28%, in 2016, with a market value of more than USD 6,500 million; anticipated to grow at the highest CAGR during the forecast period.
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Based on the application, the global scaffolding market has been segmented into the construction industry, electrical maintenance, temporary stage, and others. Construction Industry earned the largest market share of about 67.65% in 2016, with a market value of more than USD 9,500 million. It is anticipated to grow at the highest CAGR during the forecast period.
Regional Analysis
Based on geography, the global scaffolding market has been classified as Europe, North America, Asia Pacific, and the Rest of the World.
In 2016, Asia Pacific led the global market with a share of more than 45%. Since it includes vast markets such as China, India, and Japan, Asia Pacific is projected to continue to account for the lion's share of the global scaffolding industry. The pace of growth, however, will be slow due to the relative sluggishness in China's construction industry, the expansion of which will be hampered by a glut of new residential properties. The global scaffolding market is expected to grow at a faster pace than world GDP over the forecast period due to an increase in the global construction industry as Asian economies continue to industrialize and urbanize. After a long time of stagnation, construction in North America is on the rise. This has been most noticeable in the residential sector, where household deleveraging, tight labor markets, and stagnant hourly wages have stifled demand for new home construction. The construction industry in North America is expected to expand gradually, which will have an impact on the growth of the scaffolding market. Because of the continuous economic development and urbanization in these areas, the scaffolding markets in Latin America, the Middle East, and Africa show great potential for future growth.
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Key Players
Notable players operating in the scaffolding market are Wilhelm Layher Holding GmbH & Co. KG, MJ-Gerüst GmbH, Safway Group Holding LLC, PERI GmbH, Altrad Group, ADTO Industrial Group Co., Ltd., ULMA Construction, Waco Kwikform Limited, Stepup Scaffold, LLC, Changli XMWY Formwork Scaffolding Co., Ltd. Beijing Kangde, Cangzhou Weisitai Scaffolding Co.Ltd., Tianjin Wellmade Scaffold Co. Ltd., Youying Group Rapid Scaffolding Engineering Co. Ltd, Instant Upright, Tianjin Gowe Industrial Co. Ltd., Rizhao Fenghua Scaffolding Co. Ltd., Entrepose Echafaudages Itsen Construction Equipment (Guangzhou) Co. Ltd., and KHK Scaffolding & Formwork LLC.
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