Global Elevator and Escalator Construction Materials Market Size (2023-2030)

The Global Elevator and Escalator Construction Materials Market was valued at USD 90.74 Billion and is projected to reach a market size of USD 142.87 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.7%.

An elevator, often known as a lift, is a vertical transportation device that allows people or products to be moved between levels of a multi-story structure. It operates within a vertical shaft and has the primary function of vertically transporting individuals or items within the building. Elevators are composed of various components that collaborate to transport people and goods vertically in buildings. These include the cabin/car for enclosed transportation, a cable/rope that supports and pulls the car, an elevator machine with a motor, drive sheave, brake, and machine bed plate to move the car through the hoistway, a controller for managing the elevator's operation and voltage control, a drive unit powered by VVVF drives, a counterweight to balance the car and reduce strain on cables while aiding in braking, a hoistway enclosed by fireproof walls and doors, guide rails to guide the car and counterweights, buffers for absorbing kinetic energy, speed governors for regulating speed and applying brakes, a safety brake to prevent accidents in case of cable failure, and doors for entry and exit, either manual or automatic. These components work together to ensure the safe and efficient functioning of elevators in buildings.

Escalators are vertical transportation devices resembling moving staircases, consisting of a chain of aluminum or stainless steel steps guided by looping tracks. They are commonly installed in busy locations like malls, airports, stations, and public buildings to facilitate the smooth and safe movement of large crowds between different floors. Escalator systems consist of various components. The landing platforms provide space for users and include curved tracks, gears, and motors. The truss connects the upper and lower landings, supporting the straight-track sections. Balustrades support the handrail and can be made of metal, sandwich panels, or glass. The handrail moves using a chain and pulleys connected to the main drive gear, typically made of durable materials. Tracks guide the front and back wheels of the steps, allowing them to form a staircase as they pass under the comb plate. The steps are linked by a continuous metal chain, forming a closed loop. Escalators are driven by a motor and chain system within the truss, with gears turned by an electric motor. The motor also powers the synchronized moving handrail.

Global Elevator and Escalator Construction Materials Market Drivers:

The growing demand for vertical transportation solutions in buildings is fueling the growth of the global elevator and escalator construction materials market.

With the need to move people and goods efficiently between different floors, elevators, and escalators are essential features in multi-story buildings to meet accessibility requirements. The reliance on mechanical force, various elevator types like traction and hydraulic systems, and the design of sliding panel doors contribute to the market demand for elevator and escalator construction materials. As the construction industry continues to expand and building regulations prioritize accessibility, the market for these materials is driven by the increasing adoption and installation of elevators and escalators in buildings worldwide. Therefore, this factor drives the demand for elevator and escalator construction materials.

The increasing demand for infrastructure development across the globe is another factor contributing to the growth of the global elevator and escalator construction materials market.

The elevator and escalator construction materials market is experiencing growth owing to rapid industrialization and urbanization, leading to increased demand for infrastructure development. Factors such as population growth, rising disposable incomes, and evolving lifestyles are propelling the expansion of the respective market. The construction industry contributes significantly to a nation's GDP and provides employment opportunities. Infrastructure development in construction is a labor-intensive sector that necessitates considerable manpower, financial resources, and raw materials like cement, sand, and steel.

Global Elevator and Escalator Construction Materials Market Challenges:

The global elevator and escalator construction materials market is encountering challenges, primarily in terms of unfavorable construction circumstances. The construction materials industry faces growth obstacles due to supply chain disruptions, safety concerns, reduced real estate investment, electricity availability, environmental factors, and a shortage of skilled workers. These challenges impact elevator and escalator construction timelines, quality, and costs, while clearances from various authorities further complicate the process. 

Global Elevator and Escalator Construction Materials Market Opportunities:

The utilization of smart and sustainable construction materials presents a lucrative opportunity in the global elevator and escalator construction materials market. Smart construction materials with adaptive properties respond to the environment, and additive manufacturing methods like 3D printing reduce waste and create new market possibilities. While elevator and escalator construction cannot be fully automated, workers are still needed for tasks like reinforcing printed concrete structures. Elevator and escalator construction materials manufacturers are adopting modern technologies like additive manufacturing and laser instruments, reshaping construction practices. The rise of sustainable materials allows suppliers to offer eco-friendly options to customers.

COVID-19 Impact on the Global Elevator and Escalator Construction Materials Market:

The outbreak of the COVID-19 pandemic substantially impacted the global elevator and escalator construction materials market. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of elevator and escalator construction materials. Moreover, the pandemic caused delays in construction projects, resulting in reduced demand for elevator and escalator materials due to economic uncertainty, labor shortages, and social distancing measures. These factors negatively impacted the growth of the global elevator and escalator construction materials market. Despite these challenges, the global elevator and escalator construction materials market is projected to recover and grow in the coming years.

Global Elevator and Escalator Construction Materials Market Recent Developments:

• In January 2023, Nippon Steel introduced FeLuceTM, a high-design steel sheet, for the Maebashi City Council Building. It incorporates unique designs in the plating layers, providing corrosion resistance. Unlike conventional methods, FeLuceTM enhances the natural steel texture, preserving its beauty while ensuring functionality. It was utilized for elevator peripheral panels, enhancing aesthetics and durability.
• In December 2022, TuoLian commenced supplying stainless steel materials, including austenitic steel grades 304 and 316, and ferritic stainless steel grades, for elevator design and construction. Through partnerships with top elevator brands, Tuolian aims to support businesses in bringing innovative elevator and escalator products to the market, offering a comprehensive range of stainless steel products specifically designed for the elevator industry.
• In June 2022, Jindal Stainless developed a hairline finish for the elevator industry, specifically using Grade 304 and 441 stainless steel. This finish features straight and fine continuous lines on the surface, creating a unique brushed appearance. It finds wide application in elevators, escalators, building exteriors, and automotive and architectural sectors.

ELEVATOR AND ESCALATOR CONSTRUCTION MATERIALS MARKET REPORT COVERAGE:

Global Elevator and Escalator Construction Materials Market Segmentation:

Global Elevator and Escalator Construction Materials Market Segmentation: By Material Type

• Aluminum
• Composite Materials
• Glass
• Plastics
• Stainless Steel
• Others

Based on the material type, the global elevator and escalator construction materials market is segmented into aluminum, composite materials, glass, plastics, stainless steel, and others. In 2022, the stainless steel segment held the highest market share. The growth can be attributed to the extensive utilization of stainless steel sheets and plates in elevator doors, cabin walls, ceilings, floors, press plates, control panels, handrail systems, and shaft cladding. These stainless steel components come in various designs, providing customization options, and improving the aesthetics of elevator construction. The elevator industry now provides a broad selection of stainless steel choices to cater to different design preferences and functional needs in elevator projects.

Global Elevator and Escalator Construction Materials Market Segmentation: By Application

• Residential Buildings
• Commercial Buildings
• Industrial Buildings

Based on the application, the global elevator and escalator construction materials market is segmented into residential buildings, commercial buildings, and industrial buildings. In 2022, the commercial buildings segment held the highest market share. The growth can be attributed to the extensive utilization of elevators and escalators in commercial settings like shopping malls, retail centers, and co-working spaces. The commercial sector is experiencing growth fueled by the growing emphasis on eco-efficiency, adaptable design, and safety. The rise of self-employment has also boosted the requirement for co-working spaces, leading to a demand for elevators and escalators in such establishments. Additionally, investments in office spaces are evolving, which is projected to contribute to the expansion of the market.

Global Elevator and Escalator Construction Materials Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

The region of Asia-Pacific held the largest share of the global elevator and escalator construction materials market in the year 2022. The easy availability of raw materials and affordable labor, the rapid urbanization and industrialization, the development of smart cities, and the rising demand for vertical transportation solutions in densely populated nations, including China and India are some of the factors propelling the region's growth. Additionally, Asia-Pacific is home to several significant market players, including China National Building Material Co., Ltd., Asahi India Glass Limited, Boral Limited, Nippon Steel Corporation, and TouLian Metal.

Due to the early and wide adoption of new technologies, the presence of a well-established industrial sector, particularly in the United States, and the strong presence of major market players, including Owens Corning, Vulcan Materials Company, and Guardian Glass, the region of North America is anticipated to expand at the quickest rate over the forecast period.

Global Elevator and Escalator Construction Materials Market Key Players:

1. Asahi India Glass Limited (India)
2. Vulcan Materials Company (United States)
3. Owens Corning (United States)
4. Boral Limited (Australia)
5. Guardian Glass (United States)
6. Nippon Steel Corporation (Japan)
7. Covestro AG (Germany)
8. CEMEX S.A.B. de C.V. (Mexico)
9. TouLian Metal (China)