UAE Prefabricated Building and Structural Steel Market 2019 Trends, Key Players, Product Scope, Growth Rate Outlook, Challenge and Forecast to 2024

The UAE prefabricated building and structural steel market has exhibited strong growth in recent years on account of rising preference for offsite construction and increasing number of infrastructure projects supported by development programs.

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According to the latest report by IMARC Group, titled “UAE Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the value of the UAE prefabricated building and structural steel market reached US$ 912 Million in 2018. Prefabricated buildings refer to structures that are constructed off-site by builders and then installed at the site selected according to the preferences of consumers. Whereas, structural steel refers to a construction material made from different steel grades with different cross sections or shapes. As compared to conventionally constructed buildings, prefabricated structurers are environment-friendly, offer improved weather resistance, efficient material utilization, ease of expansion and minimal maintenance. Owing to these benefits, prefabricated buildings and structural steel are being used on a large scale across the UAE. Additionally, this type of construction offers control and transparency which means that all the steps of this process can be inspected, controlled, monitored and tracked which is further driving the demand for prefabricated construction in the country.

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Market Trends:

At present, rapid growth in the contracting and construction sectors remains one of the primary factors acting in favor of the prefabricated building and structural steel market in the UAE. In addition, the contractors are increasingly opting for offsite construction in order to reduce labor at the ground level and minimize construction time. This factor continues to have a positive effect on the growth of the market. Moreover, development programs by the Government, such as the Abu Dhabi Economic Vision 2030 – a long term plan for the economic development of the emirate, will increase the demand for prefabricated building and structural steel for the construction of resilient infrastructure. However, durability issues and lack of financing options are some of the factors which are hampering the growth of the market. Despite these challenges, the UAE prefabricated building and structural steel market is projected to reach a value of US$ 1,400 Million by 2024, registering a CAGR of more than 7% during 2019-2024.

Market Segmentation:

Market Performance by Component:

1. Floors and Roof

2. Walls

3. Staircase

4. Panels and Lintels

5. Others

On the basis of components, the UAE prefabricated building market has been segmented into floors and roofs, walls, staircase, and panels and lintels. Whereas, the UAE structural steel market has been segmented into H-type beam, I-type beam, columns and angles.

Market Performance by End-Use Sector:

1. Residential

2. Institutional

3. Commercial

4. Industrial

The UAE prefabricated building and structural steel market is categorized on the basis of end-users which mainly include residential, institutional, commercial and industrial sectors. Amongst these, the residential sector represents the largest end-user in the market.

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This release was published on openPR.