The global light gauge steel framing market size is estimated to be worth USD 43.65 billion by 2025, according to a new report by Million Insights, accounting for a CAGR of 4.7% from 2017 to 2025. The growth can be attributed to the deployment of innovative instruments with properties that provide safety and strength as structural support. These framings offer easy installation and less completion time for the project due to the prefabricated structures. The aforementioned factors are expected to stimulate market growth in the near future.
The major parameter likely to stimulate the industry is the need to reduce production costs incurred in the construction of the building. This is expected to lead to the deployment of enhanced instruments and manufacturing activities thereby, driving the use of light gauge steel frames globally. The commercial sector is likely to observe substantial growth in demand by 2025 due to the higher strength of frame material that increases its application in buildings with three or more floors.
Various government schemes for infrastructural development have resulted in a surge in construction of commercial buildings globally which has further supported the light gauge steel framing market growth. Emerging countries such as India and China are witnessing considerable rise in construction projects, which, in turn, offers a lucrative opportunity for the market players to invest in.
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Further key findings from the report suggest:
• Skeleton steel framing is likely to register a CAGR of 5% from 2017 to 2025 due to the advantages provided by them. However, the wall bearing framing structure segment held the largest revenue share of the overall market in 2016.
• The residential segment led the market in 2016. It is anticipated to register a CAGR of over 4% due to increasing usage to reduce the time in project completion.
• Asia Pacific held the dominant position in the market in 2016 due to the rising construction of industrial and commercial buildings mainly in Southeast Asian nations.
• Major players include FRAMECAD, Genesis Manazil Steel Framing, QSI Interiors Ltd., and Emirates Building Systems LLC.
Million Insights has segmented the global light gauge steel framing market on the basis of type, end use, and region:
Light Gauge Steel Framing Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Wall Bearing
• Long Span
Light Gauge Steel Framing End-Use Outlook (Revenue, USD Billion, 2014 - 2025)
Light Gauge Steel Framing Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa