Globally, the light gauge steel framing market occupies a USD 34,134.50 million CAGR value of 4.30% during the market forecast 2021-2030
Globally, the light gauge steel framing market occupies a USD 34,134.50 million CAGR value of 4.30% during the market forecast 2021-2030. The base year during which maximum growth took place was recognized to be 2018. The market forecast period was found to be 2021-2030.
It was found that the light gauge framing industry has faced a steady growth where the demand for light gauge steel framing has framed out. The government has taken some initiatives and has supported the construction activities. Besides it, the light gauge work includes installing effortlessly but it also minimizes the completion of the project on time because of its prefabricated features. With the help of the cold-formed process, light gauge steel frame systems are manufactured which is done in the absence of heat, helping the steel manufacturers to produce lightweight and increasing tensile strength of gauge sheets.
Globally, the outbreak of COVID had a bad effect on the environment. It affected the market growth and prohibited the growth in market size. A drop in the competition among the key players was marked. A change in revenue growth took place this hampering the economic conditions of the world. A change in customers' behavior was marked. COVID even hampered the supply chain thus interrupting the transportation facilities. Trade activities were prohibited during this period. During this period, the competitors focussed on expanding their businesses by either collaborating or building partnerships. Moreover, the shutdown of various manufacturing units was experienced.
The majority of the countries are trying several steps for expanding their market share and taking several steps. Some of the major market players are
Due to some of its benefits like the increase in design flexibility, easy installation process, high recyclable property, the inherent strength, its lightweight property, and it’sThe majority short construction period as compared to its other systems like timber or concrete acts as a driving force for the rise in light gauge steel framing market size. The advantage of using the light gauge material is that it has less shrinkage property, does not rot, warp or decompose. It can be easily installed in certain areas which are very much prone to termite attacks.
Development in light gauge steel construction activities is augmenting up the market growth. Some of the schemes put forward by the government of India and China are supporting the rise in market size. The number of innovations taking place as per the technology has improved the strength, stability, and safety of the light gauge. Using the light gauge steel for constructing purposes can be done at the least expense. So, this was mostly preferred over concrete or wood. Moreover, the traditional and classic designs of the market are being replaced by modern and environment-friendly designs.
The inclination of the industry towards adopting various cost-saving techniques and ways for reducing material waste. This is the challenging factor for the market size. The name itself suggests that the system is lightweight and is easy to handle and carry.
The growth in the market growth in the forecast period contributed to the cumulative expansion of the country. The base factor is the period during which maximum growth took place.
High installation costs of the light gauge hinder the light gauge steel framing market size. Corrosion of the materials and its fire-catching property is the major restraining factor of the market growth. For this reason, excessive money is spent to make the material fireproof. This hampers the global market size and its growth.
Globally, the gauge market has been classified based on type and end-use. As per the type, the global market is being classified into skeleton steel framing, long-span steel framing, wall bearing steel framing, and many more. The skeletal steel framing in the year 2018, occupied the most dominant segment and covers a large light gauge steel framing market value. Presence of a large number of construction projects, it has been found that the skeletal steel framing has been used for commercial purposes as it gives better stability and good strength to the single and multi-story buildings. Based on the end-user, the global gauge market has been divided into residential, commercial, and industrial purposes. Here the commercial segment occupies the most dominant market share due to the presence of various projects in the emerging countries. These countries’’ standards and economic conditions are very good due to which there is a rise in foreign investment in the construction industry throughout the globe. This led to the rise in growth projects which involve commercial buildings like retail stores, hotels, warehouses, garages, and medical centers helps in driving up the market size.
Growth in technology had brought the setting up of light gauge steel products in the commercial building having more than three floors. Technology led to the adoption of new products which substantially increased the growth opportunities in the upcoming years. This led to the improvement in the material strength, purifying the manufacturing processes, and raising awareness concerning its economic purposes. Moreover, due to the setting up of more industries, the developing nations have adopted high longevity product types which helped in outstanding structural capabilities. Moreover, some of the regions have become adaptive as per the new marketing trends and the new technology.
As per the region, globally the light gauge steel framing market has been classified into the North American region, some of the European region, Asia Pacific, and other regions present in the rest of the world. The Asia Pacific in the year 2018, was marked to cover the largest area of light gauge steel framing market share followed by the regions of North America and some of the European region. This is due to the rise in the number of construction activities in this region. This region was also attributed to be supported by the government in terms of funding and also in the case of its infrastructural development. This helped in raising the demand of the light gauge market during the market forecast period of 2019-2022. Moreover, the growth in consumer awareness concerning minimizing the funding for the project is completed on time. This is helpful in upsurging the light gauge steel framing market size.
The light gauge steel framing market report gives a good summary of the qualitative and the quantitative assessment during the review period. It also gives reviews about the industry experts and the industrial participants across the value chain. The report gives a quick review of the new marketing trends, the macroeconomics indicators, and the points that will help in governing the market and will increase its attractiveness. The report gives an in-depth analysis of the qualitative impact of various other growth factors on the different marketing segments spread in various regions. The study gives a strong framework about the market dynamics and provides information about the critical assessment of the user's journey, their emerging avenues, and the frameworks so put forward for taking the right decisions. The report gives a good evaluation about the present and the future prospectus about the growth, the points so involved in shaping their investment potentials, and their various other consumption patterns of the global market.
|Market Size||2030: USD 34,134.50 million|
|CAGR||4.30% CAGR (2021-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Metek Plc. (UK), Hadley Industries PLC (UK), Intelligent Steel Solutions Ltd (UK), Scottsdale Construction Systems Ltd (Australia), Steel Construction Systems (US), CRACO Manufacturing Inc. (US), Steel Frame Solutions (Australia), Steel HQ (Hong Kong), HQ Stainless Steel Sdn Bhd. (Malaysia), ARKITECH ADVANCED CONSTRUCTION TECHNOLOGIES (Turkey), Emirates Building System (UAE), Stowell Company Inc. (US), beSteel (Belgium), Genesis Manazil Steel Framing (UAE),|
|Key Market Opportunities||
|Key Market Drivers||
Light gauge steel framing market is projected to grow at a 4.30% CAGR between 2021-2030.
Light gauge steel framing market is predicted to touch USD 34,134.50 million by 2030.
The Asia Pacific is expected to dominate the light gauge steel framing market.
Growing construction industry and ease of installation are key factors driving the light gauge steel framing market.
Volatile raw material prices may limit the light gauge steel framing market growth.
Fairly the global gauge market is competitive due to the presence of a large number of key players. These players adopt various marketing strategies for expanding their global market and rising their light gauge market shares. Some of their strategies include using high-quality products, using fewer cost products, and building partnerships and acquisitions with other Manufacturing key players.
In 2020, the revenue segment consisting of the wall-bearing product type covered a large market share of about 46%. This segment is highly benefited and is in high demand in the residential sector of the United States and the United Kingdom region. Some of the major improvements concerning the insulation segment and in its procedures have increased the impact on the growth segment.
The easy and excess availability of the raw materials along with the demand from end-users Industries helps in solving the global economic growth conditions which creates general opportunities during the market forecast period.