Global Light Gauge Steel Framing Market By Type (Wall Bearing, Skeleton, and Long Span), By End Use (Residential, Industrial, and Commercial), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
The Global Light Gauge Steel Framing Market size is expected to reach $42.8 billion by 2027, rising at a market growth of 4.0% CAGR during the forecast period.
Users choose low gauge steel frames in current building procedures because they are lighter and recyclable. Moreover, when compared to typical clay, stone, or brick, it is shown to be cost economical and time-efficient in the construction. Warehouses, office buildings, stadiums, and steel structure workshops are examples of residential and industrial structures that utilize the light steel frame structure system. The worldwide light gauge steel framing market is expected to develop at a faster rate than the global building industry.
Over the projected period, the total market is expected to grow due to an increase in construction-related activities in both emerging and developed countries. In the next eight years, numerous housing initiatives established by emerging country governments, like China and India, are likely to promote worldwide market growth. Furthermore, technological advancements have resulted in the production of goods with increased safety, strength, and stability.
In concept, light gauge steel framing is quite similar to wood framing. The wooden framework elements are substituted with thin steel parts in steel construction. Cold formed portions are the steel sections utilised in this project. Cold formed steel is created by passing thin layers of steel through a sequence of rollers, each one slightly altering the shape, resulting in a C or S-shaped piece from a flat sheet of steel.
The use of light markers reduces the time it takes to produce a product, resulting in increased profits for the company. The advantages associated with the acceptance of light measure steel outlining framework would continue to increase the market.
COVID-19 Impact Analysis
The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Global manufacturing, tourism, and financial sectors have all been heavily damaged. The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more.
The worldwide COVID-19 pandemic, on the other hand, had a substantial influence on market growth in 2020, with some manufacturing businesses reporting a large decline in revenues for the first and second quarters of the year. The market, on the other hand, grew in the later half of Q3 and the beginning of Q4 2020. The industry's major players are concentrating on extending their market share with mergers and acquisitions.
Market Growth Factors:
Rising government investments in infrastructure
Several governments across developing nations are highly investing in making strong infrastructure, especially in education and healthcare. In addition, the expanding population in these countries is creating more demand for offices, households, schools, colleges, and other facilities. For this, governments are allocating a significant budget for these construction activities, which would fuel the growth of the light gauge steel framing market.
Cost-effective and highly effective in comparison to Concrete Structures
Concrete construction not only takes a long time to finish, but it is also rather expensive compared to light steel frame items. Concrete is quite expensive when purchased in big quantities, but light steel frame items for the same work are far less expensive. A nice finish can also be achieved with light steel frame components.
Market Restraining Factors:
Raw material availability and stringent regulations
Steel manufacturing is heavily reliant on the raw resources required to get steel. The mobility and availability of iron ore, a major raw material used to create steel, are critical considerations in evaluating the feasibility of steel manufacturing. The raw materials are scarce, which makes it even more expensive. These factors must be used to choose the location of a factory, restricting the options thereby making raw material transportation costly and, in some cases, impossible.
Based on the Type, the Light Gauge Steel Framing Market is segmented into Skeleton, Wall Bearing, and Long Span. In 2020, the Skeleton segment procured a significant revenue share of the overall light gauge steel framing market. This is because to the rising penetration of these goods in commercial structures. Skeleton steel framing is a type of steel framing that forms the framework of a building and improves its durability and strength for single and multi-story structures. As a result, it is predicted to gain high acceptance in the residential segment, particularly in developed economies such as the United States and the United Kingdom.
End Use Outlook
On the basis of End-use, the Light Gauge Steel Framing Market is divided into Commercial, Residential, and Industrial. In 2020, the Commercial segment acquired a significant revenue share of the overall light gauges steel framing market. Light gauge steel framing may now be used in commercial multistoried structures as a result of recent technological advancements. Because of better material strength, streamlined production methods, and more understanding about its economic application, product acceptance is predicted to increase during the coming years.
By Region, the Light Gauge Steel Framing Market is analysed across North America, Europe, APAC, and LAMEA. With the maximum revenue share of the market, Asia Pacific emerged as the dominating region in the overall light gauges steel framing market in 2020. The expanding construction works of new industrial and commercial buildings, particularly in India, China, and Southeast Asian nations, are attributable to the regional market's expansion.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SCAFCO Steel Stud Company, The Steel Network, Inc., WARE Industries, Inc., Precision, Walls, Inc., Hadley Industries Holdings Ltd., FRAMECAD Limited, CRACO Manufacturing, Inc., and California Expanded Metal Products Co.
Scope of the Study
Market Segments covered in the Report:
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