Global light gauge steel framing market was valued at USD 32.9 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 4.6%) between 2021 and 2028. The overall market growth is expected to be driven by a rise in construction-related activities both in developed and developing countries. The global market growth is expected to be supported by several housing programs that have been implemented by governments in developing countries like India and China over the next eight year. A variety of technological innovations have also led to improved strength, stability, safety, and durability.
These products will be used in a wider range of applications in the residential, commercial and industrial sectors over the next few years. This is due to their increased strength, which allows them to be used in constructions with more than three floors. The largest revenue share was held by the residential market in 2020. It is expected to continue to grow at a healthy CAGR between 2021 and 2028.
Pre-fabricated structures make it easier to complete construction projects using light gauge steel framing. This will fuel the market demand for the next few years. Market growth is also driven by the need to reduce production costs for building construction.
However, the COVID-19 pandemic in the world had a major impact on market growth in 2020. Many manufacturing companies experienced a drop in revenues in Q1 and Q2 2020. The market saw growth in the second half of Q3 and beginning of Q4 2020. Market leaders are focused on increasing their market presence by acquiring and merging with other players.
The global market's largest revenue share was held by the wall-bearing segment, which accounted for more than 46% of the total. The fastest CAGR is expected to be registered by the skeleton segment due to their increasing use in commercial buildings. Skeleton steel framing is used to support the building's structure and offers greater stability and strength for multi-story buildings.
It is expected to be in high demand in residential sectors, particularly in developed countries like the U.S.A and the U.K. The segment's growth has been positively affected by improvements in insulation materials and manufacturing procedures. This means that product use in commercial and residential applications is now safer.
The market is currently dominated by traditional designs. However, these designs will be gradually replaced by eco-friendly, modern designs in the coming eight years. Market players can expect to see growth opportunities due to the easy availability of raw material and rapid demand from end-use industries, which is a result of the recovery of global economies.
With over 44% of global market revenue in 2020, the residential segment was the most lucrative. It is widely used for structural support in residential and commercial buildings. Due to increasing customer awareness in the U.S. and Japan about the benefits of product use to reduce project completion times, residential product penetration is expected to grow over the next few year.
Modern technology has made it possible to use light gauge steel framing for commercial buildings that have more than three floors. Due to increased material strength, improved manufacturing processes and greater awareness about the economic benefits of this product, it is expected that product adoption will increase significantly over the next eight year.
Over the forecast period, the rise in commercial buildings such as hotels, retail stores, hospitals, warehouses and medical centers in emerging economies like India and Brazil is expected to increase the product demand for commercial construction applications.
Due to their exceptional structural capabilities, both developed and developing countries will see a rapid industrialization.
Asia Pacific was the dominant market with a revenue share greater than 44% in 2020. From 2021 to 2028, the regional market will expand at a 5.5% annual growth rate. The increasing construction of industrial and commercial buildings in Asia, particularly China and India, has contributed to the growth of the region market.
Due to large-scale restructuring undertaken by local governments, North America and Europe together accounted for nearly 43% of the market share in 2020. Customers, especially in the U.S.A and U.K. are expected to adopt innovative metal framing techniques to help them redevelop their buildings and use light gauge steel framing as structural support.
These regions are very adaptable to new technologies. The product is likely to have a high penetration in the residential and commercial sectors, which will positively impact market growth. Due to its large construction sector and many ongoing and upcoming major construction projects, the Middle East will continue to be a significant market.
Major companies are focused on increasing their market share. They take different initiatives and use different strategies. These strategies include partnerships and R&D investments, mergers & acquisitions, the development of new products, services, and competitive pricing. The following companies are key players in the global light gauge steel framing industry:
Hadley Group
Clarkwestern Dietrich Building Systems LLC
Precision Walls Inc.
QSI Interiors Ltd.
Metek U.K. Ltd.
Intelligent Steel Solutions Ltd.
FRAMECAD Ltd.
Up Market Research published a new report titled “Light Gauge Steel Framing Market research report which is segmented by Type (Wall Bearing, Long Span, Skeleton), by End-use (Commercial, Residential), By Players/Companies FRAMECAD; Clarkwestern Dietrich Building Systems LLC; Precision Walls Inc; Arkitech Advanced Construction Technologies; Keymark Enterprises; Intelligent Steel Solutions Ltd; Hadley Group; Metek UK Limited; Icarus LSF; and QSI Interiors Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Light Gauge Steel Framing Market Research Report |
By Type | Wall Bearing, Long Span, Skeleton |
By End-use | Commercial, Residential |
By Companies | FRAMECAD; Clarkwestern Dietrich Building Systems LLC; Precision Walls Inc; Arkitech Advanced Construction Technologies; Keymark Enterprises; Intelligent Steel Solutions Ltd; Hadley Group; Metek UK Limited; Icarus LSF; and QSI Interiors Ltd |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 201 |
Number of Tables & Figures | 141 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type (Wall Bearing, Long Span, Skeleton), by End-use (Commercial, Residential).
Light Gauge Steel Framing Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Light Gauge Steel Framing Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Light Gauge Steel Framing Market Report:
Some other reports from this category!