The light gauge steel framing market is witnessing steady growth, increasing from $34.67 billion in 2023 to $35.79 billion in 2024, reflecting a CAGR of 3.2%. This growth is supported by urbanization trends and regulatory changes in the construction industry. By 2028, the market is projected to reach $40.87 billion, achieving a CAGR of 3.4%. Growth drivers include the adoption of modern construction techniques and increased focus on sustainability.
Major Driver In The Light Gauge Steel Framing Market
The anticipated growth of the light gauge steel framing market is intrinsically linked to the rising construction activities globally. Cold-formed steel, a primary construction material in light gauge steel framing, is widely used in various construction elements such as roofs, floors, walls, panels, decks, and complete building structures. The swift expansion in construction is expected to boost the adoption of light gauge steel framing, given its essential role in construction activities. Oxford Economics reported in October 2021 that global construction output was $10.7 trillion in 2020 and is projected to increase by 42%, or $4.5 trillion, between 2020 and 2030, reaching USD 15.2 trillion. This surge in construction activities is anticipated to drive the demand for light gauge steel framing during the forecast period, with market sizes in 2023, 2024, and 2028 reflecting this growth trajectory.
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Light Gauge Steel Framing Market Competitive Landscape
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.
Key Light Gauge Steel Framing Market Trend
Technological innovation is a key trend gaining popularity in the light gauge steel framing market. Technological innovations in light gauge steel framing include the development of new products using the latest technology such as modular light gauge steel solutions, which offer additional features such as dimension flexibility, multiple design options, and others. Technological innovations enable companies to offer advanced products with additional benefits and increase their customer reach. For instance, in January 2022, CRATE Modular Inc., a US-based manufacturer of modular construction components launched a new light gauge steel solution, a cold-formed steel methodology. This new methodology is unique due to its flexibility in dimensions and offers additional design options. With the introduction of its new cold-formed steel process, CRATE attained additional ability to offer more innovative solutions to its customers.
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Light Gauge Steel Framing 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
By Geography:The regions covered in the light gauge steel framing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the light gauge steel framing market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the light gauge steel framing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Light Gauge Steel Framing Global Market Report 2024 furnishes information about the global light gauge steel framing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
