Press release
Comprehensive Report On The Global Light Gauge Steel Framing Market For The Forecast Period 2024-2033 | ArcelorMittal S.A., HONGLU STEEL STRUCTURE, Jinggong Steel, ZHEJIANG SOUTHEAST SPACE FRAME Co LTD., Clarkwestern Dietrich Building Systems Ltd
Light Gauge Steel Framing Global Market Report
The Business Research Company offers in-depth market insights through Light Gauge Steel Framing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The light gauge steel framing market size has grown steadily in recent years. It will grow from $34.67 billion in 2023 to $35.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to industrialization and urbanization, housing market trends, regulatory changes and standards, economic cycles and construction industry, consumer preferences and aesthetics.
The light gauge steel framing market size is expected to see steady growth in the next few years. It will grow to $40.87 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to industry collaboration and standards development, urbanization and population growth, shift in construction techniques, prefabricated and modular construction, resilience to natural disasters. Major trends in the forecast period include skilled labor availability, sustainable construction, modular and prefabricated construction, rise in urbanization, energy efficiency standards.
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Market Segmentation:
The light gauge steel framing market covered in this report is segmented -
1) By Type: Skeleton, Wall Bearing, Long Span
2) By End-Use: Commercial, Residential, Industrial
Major Driver - Construction Surge Drives Growth In Light Gauge Steel Framing Market
The rising construction activities are expected to drive the growth of the light gauge steel framing market. Cold-formed steel is widely used as the principal construction material in the light gauge steel frame for roofs, floors, walls, roof panels, decks, and the complete structures of buildings. The rapid growth in construction is expected to boost the utilization of light gauge steel framing, as these are an essential part of construction activities. For instance, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, an increase in construction activities is expected to boost demand for light gauge steel framing during the forecast period.
Competitive Landscape:
Major companies operating in the light gauge steel framing market report are ArcelorMittal S.A., HONGLU STEEL STRUCTURE, Jinggong Steel, ZHEJIANG SOUTHEAST SPACE FRAME Co LTD., Clarkwestern Dietrich Building Systems Ltd., China State Construction Engineering Corporation Ltd., Precision Walls Inc., HangXiao Steel Structure Co Ltd., SCAFFO Steel Stud Company, QSI Interiors Ltd., MRI Steel Framing LLC, Super Stud Building Products Inc., Quail Run Building Materials Inc., Genesis Manazil Steel Framing LLC, 8 Diamonds Steel Framing Ltd., Arkitech Advanced Construction Technologies, CEMCO-California Expanded Metal Products Inc., Craco Metal Supply Inc., DCM Metal Corp, E PACK Prefabricated Buildings Co Ltd., FRAMECAD Ltd., Hadley Industries Ltd., Intelligent Steel Solutions Ltd., Metek plc, Nakayama Mitsubishi Steel Co Ltd., Steel Frame Solutions LLC, Tata BlueScope Steel Limited, The Steel Network Inc., WARE Industries Inc.
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Top Trend - Innovative System To Revolutionize Offsite Construction
Major companies in the light gauge steel framing market are focused on developing innovative systems, such as panelized systems, to revolutionize offsite construction and maximize their profits in the market. A panelized system is a construction method where building components, such as walls and floors, are prefabricated in panels offsite and then assembled on-site for greater efficiency and speed. For instance, in May 2022, Intrastack, a UK-based provider of frame systems, launched a panelized steel-frame system for the UK's building sector, facilitating the efficient construction of multi-storey, multi-occupancy residential and commercial projects. This light gauge steel frame is certified by NHBC Stage 1, offers flexibility for various building types, and achieves 120 minutes of fire performance. Manufactured at Saint-Gobain's Modern Methods of Construction facility, these panelized systems enhance construction speed by up to 50% compared to traditional methods.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Light Gauge Steel Framing Market Characteristics
3. Light Gauge Steel Framing Market Trends And Strategies
4. Light Gauge Steel Framing Market - Macro Economic Scenario
5. Light Gauge Steel Framing Market Size And Growth
…..
27. Light Gauge Steel Framing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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