The Business Research Company’s Light Gauge Steel Framing Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 17, 2023 /EINPresswire.com/ — The global light gauge steel framing market, currently valued at $34.46 billion in 2022, is anticipated to reach $36.45 billion in 2023, displaying a steady compound annual growth rate (CAGR) of 5.8%. Despite the disruptive impacts of the Russia-Ukraine conflict and the persisting repercussions of the COVID-19 pandemic, the market is expected to continue its growth trajectory, reaching an impressive valuation of $45.56 billion by 2027. This growth is primarily attributed to the escalating construction activities across various sectors, leading to a heightened demand for light gauge steel framing solutions.
Rising Construction Activities Propel Market Expansion
The burgeoning construction sector stands as a key driver propelling the growth of the light gauge steel framing market. Cold-formed steel serves as a fundamental construction material in light gauge steel frames for various building components, including roofs, floors, walls, panels, and complete structures. The rapid surge in construction activities worldwide is expected to drive the adoption of light gauge steel framing, highlighting its essential role in construction projects. Notably, in the UK, the Office for National Statistics reported a substantial 1.7% monthly growth in construction output in March 2022, reaching a record value of GBP 14,994 million ($18.88 billion). The noteworthy increase in both repair and maintenance (3.0%) and new work (1.0%) further contributed to the surge in construction output, with private home repair and maintenance (5.8%) and private commercial new work (4.0%) emerging as the primary drivers for the monthly gain.
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Key Players and Technological Innovations
Leading light gauge steel framing manufacturers such as Hadley Industries and Clarkwestern Dietrich Building Systems are actively focusing on technological advancements to enhance their product offerings and expand their market presence. Notably, CRATE Modular Inc., a US-based manufacturer of modular construction components, recently launched an innovative cold-formed steel solution, showcasing enhanced dimension flexibility and additional design options. This technological advancement enables companies to provide customers with advanced solutions, fostering innovation and further industry growth.
Light Gauge Steel Framing Market Segments:
• Type: Skeleton, Wall Bearing, Long Span
• End-Use: Commercial, Residential, Industrial
Geographical Insights: Asia-Pacific Leads Market Growth
Asia-Pacific emerged as the largest region in the light gauge steel framing market in 2022 and is expected to continue its dominance during the forecast period. For comprehensive insights into regional dynamics, market trends, and growth opportunities, access the complete report.
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Light Gauge Steel Framing Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Light Gauge Steel Framing Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on light gauge steel framing market size, light gauge steel framing market drivers and trends, light gauge steel framing market major players, competitors’ revenues, light gauge steel framing market positioning, and light gauge steel framing market growth across geographies. The light gauge steel framing market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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