The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global light gauge steel framing market size is expected to reach USD 43.65 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 4.7% over the forecast period. This growth is ascribed to development of advanced materials with capabilities that offer safety as well as strong structural support. Light gauge steel framing provides ease of installation and reduce cumulative project completion period owing to its pre-fabricated structures. This factor is anticipated to further drive market growth considerably over the next few years.
Key factor expected to drive the market is the need to lower production costs involved in building construction. This need is projected to result in development of refined materials and manufacturing processes, ultimately boosting adoption of light gauge steel frames across the globe. The commercial segment is expected to witness significant rise in demand over the forecast period, owing to improved strength of frame material that makes it suitable in the construction of buildings with more than three floors.
Further key findings from the report suggest:
- Skeleton steel framing is expected to witness around 5% CAGR over the forecast period owing to benefits offered by these structures. However, in 2016, wall bearing framing structures captured the highest market revenue share
- Several government initiatives for infrastructure development have led to an increase in construction of commercial properties across the globe, which has subsequently contributed to market growth
- Residential was the dominant end-use segment in 2016 and is expected to witness a CAGR of more than 4% owing to rising adoption driven by the need to reduce project completion time
- Asia Pacific dominated the market in 2016 owing to increasing construction of new commercial and industrial buildings, particularly in Southeast Asian countries
- Key players such as FRAMECAD, Emirates Building Systems LLC, Genesis Manazil Steel Framing, and QSI Interiors Ltd dominated the market in 2016 owing to emphasis on expanding their market presence through mergers and acquisitions.