Railing Market Growth & Trends
The global railing market size is expected to reach USD 74.37 billion by 2030, expanding at a CAGR of 4.8% from 2023 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 further to fuel the market growth.
There has been a growing demand for composite railings in developed countries such as U.S. and Canada as they are more economical than other railings in terms of their installation costs. Moreover, the demand for composite railings is also rising worldwide as they are an environment-friendly option. 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 environment-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 railing industry 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.
Railing Market Report Highlights
- The metal railing industry, dominated by stainless steel, aluminum, brass, bronze, wrought iron, and cast iron, accounted for 44.5% share of total revenue in 2022. With minimal maintenance and widespread use in building and construction, energy, power, petroleum, chemicals, and military industries; metal railing offer cost, durability, environmental friendliness, and ease of maintenance, boosting demand in the upcoming years
- The exterior application segment accounted for the largest revenue share of 68.5% in 2022. The railing is used in a variety of exterior applications, including balconies, terraces, decks, walkways, bridges, porches, and patios. In these applications, the most common materials are aluminum, stainless steel, wrought iron, and vinyl, owing to their durability and ability to withstand extreme weather conditions
- The professional installation segment is projected to continue its dominance in the railing industry, and it is growing at a CAGR of 5.0% in terms of revenue over the forecast period. Professionally installed railings are of high quality, require less time and effort to erect, are durable and long-lasting, and can tolerate weather changes
- The indirect distribution channel segment dominates the residential railing industry and accounted for USD 38 billion in 2022. It comprises wholesalers, contractors, retail stores, and online distributors. The growth of the indirect distribution channel segment of the market can be attributed to the preference of consumers to visually inspect the materials, products, colors, aesthetics, and specifications of railings before finalizing their purchase
- The North American railing industry is expected to grow at a CAGR of 4.5% due to the growing construction industry and increasing demand for residential and commercial spaces on account of the growing population in developing countries such as India, Mexico, and China. Moreover, the growth in the construction of green buildings in the U.S. and Canada, owing to the rising awareness regarding the usage of sustainable building materials, is projected to increase the demand for composites in the construction of railings as they are made from recycled materials. Therefore, resulting in the increased demand for railing in the region