Modern Balustrade Designs to Replace Conventionally Welded Alternatives
Architectural designs and trends have evolved at a rapid pace. While conventional designs and structures continue to remain popular, modern designs and structures are being deployed across construction and infrastructure development projects worldwide. Balustrades have emerged as one of the most crucial features of a staircase, as they provide several benefits. Moreover, balustrades have garnered significant popularity as a safety component in staircases, and are increasingly being used across an array of infrastructure development projects, sports stadiums, public pathways, and commercial and residential buildings worldwide. In the current scenario, stakeholders in the balustrade market landscape are primarily focused on enhancing the aesthetic and functional aspects of balustrades.
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Current trends in the balustrade market indicate that conventionally welded balustrades are likely to be replaced by cutting-edge customized handrail balustrade designs. Further, stakeholders in the current market landscape are focused on improving quality, offering innovative designs, enhancing safety, and offering balustrades that are easy-to-assemble. Further, companies are also investing resources to minimize engineering and installation costs and eliminating on-site fabrication issues. These factors, along with significant growth of the construction industry are expected to drive the balustrade market. The balustrade market is expected to reach a value of US$ 6 Bn by the end of 2027.
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Glass and Stainless Steel Balustrades Gaining Popularity
At present, a host of materials are used to manufacture balustrades, including glass, wood, stainless steel, etc. In recent times, glass balustrades have gained a significant amount of popularity, particularly in the residential sector. Apart from enabling natural light to penetrate the property, glass balustrades provide multiple practical advantages. Glass balustrades are increasingly being used, as glass is moisture-friendly, easier to clean, and most importantly have a longer product cycle in comparison to other materials such as wood. A recent trend that can be observed in the balustrade market is the surge in the usage of toughened glass wherein stakeholders are offering high quality toughened glass staircase designs and systems.
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While glass is expected to remain the most favored material of choice among stakeholders operating in the balustrade market, the adoption of stainless steel balustrades is set to gain noteworthy momentum during the forecast period (2019-2027). Stainless steel balustrades are growing in popularity, owing to exceptional functional properties of stainless steel, including durability, resistance to corrosion, enhanced aesthetics, and longevity, among others. In terms of material, the glass segment is estimated to account for ~34% share of the balustrade market and reach a value of ~US$ 1.5 Bn, whereas stainless steel segment is projected to account for a market share of ~29% and reach a market value of ~US$ 1.2 Bn in 2020.
Safety Concerns Lead to Formulation of Stringent Regulations
Over the past couple of decades, within the construction sector, stringent safety regulations have been formulated. Moreover, apart from focusing on the aesthetics and appearance of balustrades, stakeholders in the balustrade market are required to adhere to balustrade standards and regulations. In recent times, government regulatory bodies across the world have formulated specific regulations that address some important points pertaining to the installation of balustrades. Some of the critical points that are listed in these regulations include height, material of balustrade, and sturdiness of balustrades.
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For instance, the Building Code of Australia (BCA) has laid down building codes and standards that are applicable to multiple stages of construction – from laying the foundation to intricate facets of construction, including balustrades. These regulations and standards are applicable to all types of balustrades and are largely formulated to enhance safety and prevent accidents across all types of properties in Australia.
Despite exhibiting a higher CAGR growth, the residential sector is expected to follow the trails of the non-residential sector, in terms of market share and value. Applications of balustrade in non-residential buildings is expected to be higher than residential buildings. The residential application segment of the balustrade market is projected to reach a value of ~US$ 1.7 Bn in 2020, whereas the non-residential segment is estimated to reach a market value of ~US$ 2.5 Bn in the same year.
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