Globally, the Light Gauge Steel Framing Market occupies a USD 34,134.50 million CAGR value of 4.30% during the market forecast 2021-2030. The base year during which maximum growth took place was recognized to be 2018. The market forecast period was found to be 2021-2030.
It was found that the light gauge framing industry has faced a steady growth where the demand for light gauge steel framing has framed out. The government has taken some initiatives and has supported the construction activities. Besides, the light gauge work includes installing effortlessly but also minimizes the project’s completion on time because of its prefabricated features. With the help of the cold-formed process, light gauge steel frame systems are manufactured, which is done in the absence of heat, helping the steel manufacturers to produce lightweight and increasing tensile strength of gauge sheets.
Globally, the gauge market has been classified based on type and end-use. As per the type, the global market is classified into skeleton steel framing, long-span steel framing, wall-bearing steel framing, and many more. The skeletal steel framing in 2018 occupied the most dominant segment and covered a large light gauge steel framing market value. Presence of many construction projects, it has been found that the skeletal steel framing has been used for commercial purposes as it gives better stability and strength to the single and multi-story buildings. Based on the end-user, the global gauge market has been divided into residential, commercial, and industrial. Here the commercial segment occupies the most dominant market share due to various projects in the emerging countries. These countries’’ standards and economic conditions are very good due to a rise in foreign investment in the construction industry throughout the globe. This led to the rise in growth projects involving commercial buildings like retail stores, hotels, warehouses, garages, and medical centers, helping drive the market size.
Growth in technology had brought the setting up of light gauge steel products in the commercial building having more than three floors. Technology led to the adoption of new products, substantially increasing growth opportunities in the upcoming years. This led to improving the material strength, purifying the manufacturing processes, and raising awareness concerning its economic purposes. Moreover, the developing nations have adopted high longevity product types due to the setting up of more industries, which helped in outstanding structural capabilities. Moreover, some regions have adapted to new marketing trends and technology.
As per the region, globally, the light gauge steel framing market has been classified into the North American region, some of the European region, Asia Pacific, and other regions in the rest of the world. The Asia Pacific in the year 2018 was marked to cover the largest area of light gauge steel framing market share, followed by the regions of North America and some of the European regions.
This is due to the rise in the number of construction activities in this region. The government also supported this region in terms of funding and the case of its infrastructural development. This helped raise the demand for the light gauge market during the market forecast period of 2019-2022. Moreover, the growth in consumer awareness concerning minimizing the funding for the project is completed on time. This is helpful in upsurging the light gauge steel framing market size.
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Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objectives
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
The rise in the construction sector, rapid urbanization and industrialization, and easy installation of the system positively affects the light gauge steel framing market. Furthermore, technological advancements in the equipment extend profitable opportunities to the market players in the forecast period of 2021 to 2028.