Market Analysis
The light gauge steel framing market is likely to grow at 4.8% CAGR between 2020- 2027, reveals the latest Market Research Future (MRFR) report. Light gauge steel framing or LGSF is a construction technology that uses cold-formed steel as a construction material. This is used for decks, roof panels, wall systems, floor systems, roof systems, or the entire building.
Various factors are fuelling the global light gauge steel framing market growth. As per the recent MRFR market estimates, such factors include the increase in construction-related activities, technological activities, high installment of advanced frames in industrial, commercial, and residential buildings with up to three floors, growing construction activities in developed and developing nations, growing adoption of steel in construction activities, growing investment by governments and private sector in construction activities, ease of installation, and reduce cumulative project completion period due to its pre-fabricated structures.
On the contrary, the impact of COVID-19 pandemic, safety issues related to the usage of steel, and fluctuating steel price may impede the global light gauge steel framing market growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global light gauge steel framing market based on end use and type.
By type, the global light gauge steel framing market is segmented into long span steel framing, wall bearing steel framing, and skeleton steel framing. Of these, the skeleton steel framing segment will lead the market over the forecast period and at a high CAGR.
By end use, the global light gauge steel framing market is segmented into industrial, commercial, and residential. Among these, the commercial end use will dominate the market in the forecast period for the different construction projects in emerging economies.
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Regional Analysis
By region, the global light gauge steel framing market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. Increase in construction projects in India and China, booming construction industry, support from the government for developing the infrastructure, rising customer awareness regarding the reduction of project completion times, development of innovative metal framing procedures, and increase in construction of non-residential and residential buildings are adding to the global light gauge steel framing market growth in the region.
In North America, the light gauge steel framing market is predicted to have healthy growth over the forecast period. Large-scale re-structuring undertaken by local governments, high adoption of new technologies, and penetration in residential and commerce sectors are adding to the global light gauge steel framing market growth in the region.
In Europe, the light gauge steel framing market is predicted to have notable growth over the forecast period for the restructuring of residential buildings.
In RoW, the light gauge steel framing market is predicted to have sound growth over the forecast period.
Key Players
The notable players profiled in the global light gauge steel framing market report include HQ Stainless Steel Sdn Bhd. (Malaysia), Genesis Manazil Steel Framing (UAE), Steel HQ (Hong Kong), Steel Frame Solutions (Australia), beSteel (Belgium), Stowell Company, Inc. (US), Emirates Building System (UAE), ARKITECH ADVANCED CONSTRUCTION TECHNOLOGIES (Turkey), CRACO Manufacturing Inc. (US), Steel Construction Systems (US), Scottsdale Construction Systems Ltd (Australia), Hadley Industries PLC (UK), Metek Plc. (UK), and Intelligent Steel Solutions Ltd (UK), among others.
The light gauge steel framing market is highly fragmented and competitive in nature with the presence of several well-established domestic and international players. These industry players have used several strategies to stay ahead such as mergers and acquisitions, partnerships, collaborations, geographic expansions, and others. Further, they are also investing in research and development activities to cater to the burgeoning needs of the customers.
Industry Updates
March 2021- Sigmat, a specialist in light gauge steel frame has joined hands with Exeter Chiefs. This sponsorship signifies their commitment to both the people of Exeter and the Club.
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