LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global ladder market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global ladder market will grow at a CAGR of over 5% during the forecast period. The increasing residential and commercial construction activity is a major factor driving the market’s growth.
Ladders are usually used for domestic and commercial applications. Ladders are also used in the construction industry. Thus, the increasing residential and commercial construction activity will drive the growth of the global ladder market during the forecast period. Residential and commercial construction activity is expected to grow significantly during the forecast period because of the economic growth and increasing spending. Construction investments in developed countries in APAC such as Japan, South Korea, and Australia grew by over 2% in 2017. A major portion of such investment was spent on residential construction. The demand for commercial buildings for office space is also increasing across the world.
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In this report, Technavio highlights the increasing popularity of fiberglass ladders as one of the key emerging trends in the global ladder market:
Increasing popularity of fiberglass ladders
Apart from traditional raw materials such as wood, steel, aluminum, and iron, many vendors use fiberglass to manufacture ladders. Fiberglass ladders are generally known as glass-reinforced plastic (GRP) ladders. In the US, around 53% of the ladders are made of fiberglass. The demand for fiberglass ladders is expected to increase during the forecast period because of the advantages associated with them. One of the advantages associated with fiberglass ladders is that they are durable as they are weather and rust resistant. This makes them ideal for applications such as painting and decoration. These ladders are lightweight and therefore, can be easily moved from one place to another.
“Fiberglass ladders are resistant to denting and twisting owing to the high tensile strength of the raw material, and they are a good insulator of electricity. Thus, fiberglass ladders are suitable for applications that need them to come directly into contact with the power supply. The advantages of fiberglass ladders make them suitable for multipurpose applications. The demand for multipurpose ladders is increasing, which will increase the adoption of fiberglass ladders during the forecast period,” says a senior analyst at Technavio.
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Global ladder market segmentation
This market research report segments the global ladder market into the following applications (industrial, domestic, and commercial) and key regions (the Americas, APAC, and EMEA).
The industrial segment held the largest market share in 2017, accounting for more than 42% of the market. This segment is expected to witness steady growth and dominate the global market during the forecast period.
APAC was the leading region for the global ladder market in 2017, accounting for a market share of over 40%. It was followed by EMEA and the Americas respectively. APAC is anticipated to dominate the market throughout the forecast period.
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