Light Gauge Steel Framing Industry Overview
The global light gauge steel framing market size is expected to reach USD 48.21 billion by 2028, registering a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. The development of advanced materials with capabilities that offer safety as well as strong structural support will augment the market growth over the forecast years.
The Covid-19 pandemic has had a significant impact on the market in 2020. Several manufacturing companies reported a notable drop in their revenues for Q1 and Q2 of the year 2020. However, the market witnessed growth in the latter part of Q3 and the beginning of Q4 of 2020. Key players in the market emphasize more on expanding their market presence through mergers and acquisitions.
Light Gauge Steel Framing Market Segmentation
Grand View Research has segmented the global light gauge steel framing market on the basis of type, end-use, and region:
Based on the Type Insights, the market is segmented into Skeleton, Wall Bearing, Long Span.
- The wall-bearing product type segment led the global market in 2020 accounting for the highest share of over 46%.
- The skeleton product type segment is expected to register the fastest CAGR during the forecast period owing to the increasing penetration of these products in commercial buildings. Skeleton steel framing forms the structure of the building and provides improved stability and strength for single as well as multi-story buildings.
- The market, at present, is dominated by classic designs that are anticipated to be replaced by modern, eco-friendly designs over the next eight years. The easy availability of raw materials and the rapid demand from the end-use sectors, owing to the recovery of the global economy, are anticipated to generate growth opportunities for market players over the forecast period.
Based on the End-use Insights, the market is segmented into Commercial, Residential, Industrial.
- The residential end-use segment accounted for the largest revenue share of over 44% of the global market in 2020.
- The product is extensively used in commercial and residential buildings for structural support. The product penetration in residential buildings is also anticipated to increase over the next few years owing to the rising customer awareness, primarily in the U.S., the U.K., Germany, and Japan, about the benefits of product usage to reduce the project completion times.
- Recent improvements in technology have enabled the use of light gauge steel framing in commercial buildings with more than three floors. The product adoption is expected to increase substantially over the next eight years owing to improved material strength, refined manufacturing processes, and increasing awareness about its economic use.
- The rise in the number of commercial buildings, such as retail stores, hotels, medical centers, warehouses, and garages, in developing economies like India, China, Brazil, and Middle Eastern countries is anticipated to boost the product demand in commercial construction applications over the forecast period.
Light Gauge Steel Framing Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
Major companies focus on increasing their market share and thus, undertake various initiatives and adopt different strategies. These strategies include partnerships, RD investments, mergers and acquisitions, the development of new products and services, and competitive product pricing.
Some prominent players in the global light gauge steel framing market include
- Hadley Group
- Clarkwestern Dietrich Building Systems LLC
- Precision Walls Inc.
- QSI Interiors Ltd.
- Metek U.K. Ltd.
- Intelligent Steel Solutions Ltd.
- FRAMECAD Ltd.
Order a free sample PDF of the Light Gauge Steel Framing Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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