ID: MRFR/CO/6640-HCR | February 2021 | Region: Global | 107 pages
Light gauge steel framing industry has been witnessing moderate growth in the past couple of years, globally. The demand for light gauge steel frames is expected to be driven by factors such as beneficial government initiatives and support for construction activities. Moreover, light gauge steel framing not only ensures easy installation but also reduces the project completion time due to its pre-fabricated structures. A light gauge steel frame system is developed using a cold-formed process, which does not involve the use of heat, enabling the steel manufacturers to produce lightweight and high tensile steel sheets.
There are various benefits associated with light gauge steel framing systems such as design flexibility, ease of installation, easy remodeling, recyclable, inherent strength, lightweight, and shorter construction period compared to other system such as timber or concrete. The light gauge steel frame construction does not shrink, rot, warp, or decompose, making it easy to be installed in areas where there is a possibility of termite attack.
However, the growth of the market might be hindered by the high maintenance costs that are required for ensuring it remains corrosion and fire resistant. A light gauge steel frame will lose its strength in the advent of fire, therefore extensive fireproofing costs are involved in making it fireproof. These factors hamper the growth of the global market.
The global light gauge steel framing industry is expected to witness 4.8% CAGR over the forecast period. The base year considered for the study of the market is 2018 and the light gauge steel framing market size considered from the period, 2019 to 2024.
Based on region, the global light gauge steel framing market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). In 2018, Asia-Pacific held the largest share in the global light gauge steel framing market, followed by North America and Europe. This can be attributed to the increase in the number of construction projects mainly in developing countries, such as China and India. Growth of the construction industry in the region and government support for developing the infrastructure is expected to raise the demand for light gauge steel framing in Asia-Pacific during the forecast period. Moreover, rising customer awareness regarding the reduction of project completion times is the other reason responsible for the growth of the market in the region.
Global Light Gauge Steel Framing Industry: Segmentation
The global light gauge steel framing market has been segmented based on type and end-use. On the basis of type, the global market has been segmented into skeleton steel framing, wall bearing steel framing, and long span steel framing. In 2018, the skeleton steel framing segment held the largest market share in the global light gauge steel framing industries and is expected to grow with the highest CAGR during the forecast period. A skeleton steel framing is frequently used in commercial buildings as it provides better stability and strength for single and multi-story buildings.
On the basis of end-use, the global market has been segmented into residential, commercial, and industrial. The commercial segment held the largest market share in the light gauge steel framing industry due to the various construction projects in emerging economies. Additionally, there has been an increase in the global foreign direct investment (FDI) inflow in the construction industry across the globe. This has led to an increase in construction projects primarily of commercial buildings such as retail stores, warehouses, hotels, medical centers, and garages, which drives the global light gauge steel framing.
The global light gauge steel framing market is fairly competitive with a moderate number of players, across the globe. These players are expected to adopt various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include developing high-quality products, ensuring cost-effectiveness, and forming strategic partnerships and collaborations with manufacturing companies.
Frequently Asked Questions (FAQ) :
Light gauge steel framing market is projected to grow at a 4.7% CAGR between 2019-2024.
Light gauge steel framing market is predicted to touch USD 43 billion by 2024.
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.