GCC Prefabricated Building and Structural Steel Market Size 2027

According to the latest report by IMARC Group, titled "GCC Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the GCC prefabricated building and structural steel market reached a value of US$ 3.15 Billion in 2020.Prefabricated buildings refer to the structures manufactured in a factory and transported to the construction site, which are then assembled in proper buildings. On the other hand, structural steel frames, are the skeletal framework of the building, wherein the prefabricated parts are installed. Various types of materials, including metal panels, wooden panels, glass, plastics, composites and other reinforced plastics are used in the process to build these structures.

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GCC Prefabricated Building and Structural Steel Market

Prefabricated buildings and structural steel significantly aids in waste management and is energy-efficient. This, along with the rapidly expanding construction sector across the region represents one of the key factors driving the market growth. Additionally, the increasing focus on sustainable products has significantly boosted the demand for prefabricated building and structural steel, which is further providing an impetus to the market growth. Apart from this, the expanding tourism sector and rising investments in infrastructural projects by private and public stakeholders are creating a positive outlook for the market in the GCC region.

GCC Prefabricated Building and Structural Steel Market Drivers/Constraints:

There has been a rise in the construction activities and investments in infrastructure, road and railway projects across the GCC region. This is one of the major factors driving the growth of the market.
The increase in the demand for quick and cheaper construction solutions has been facilitated by upcoming events in the GCC region as well as by a significant boost in the tourism sector which has, in turn, contributed towards an augmented demand for prefabricated building and structural steel.
The governments across the region have implemented various regulations in order to improve waste management and save energy which has positively influenced the growth of the market.
There are several factors which act as major hindrances towards the growth of the GCC prefabricated building and structural steel marketsuch as low build tolerance, supplier dependency and high development prices.

Product Type Insights:

On the basis of product type, the market has been segmented into prefabricated building and structural steel. They are further segregated on the basis of components where prefabricated buildings include floors and roofs, walls, staircases, and panels and lintels, whereas, the structural steel segment includes H-type beam, I-type beam, columns and angles.

End-Use Insights:

Based on end-use, residential sector holds the largest market share, followed by the institutional, commercial and industrial sectors. The growth in the residential sector can be attributed to increasing levels of disposable incomes and urbanisation.

Regional Insights:

On a geographical front, Saudi Arabia represents the largest region in the GCC prefabricated building and structural steel market. This can accredited to growing infrastructural projects across the region. Saudi Arabia is followed by the UAE, Oman, Qatar, Kuwait and Bahrain.

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Key highlights of the report:                                                           

Market Performance (2015-2020)
Market Outlook (2021-2026)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

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