Light Gauge Steel Framing Market Size Is Anticipated To Reach USD 52.73 Billion By 2030


 San Francisco, 29 April 2024: The Report Light Gauge Steel Framing Market Size, Share & Trends Analysis Report By Type (Skeleton Steel Framing, Wall Bearing Steel Framing), By End-use (Commercial, Residential), By Region, And Segment Forecasts, 2023 - 2030

The global light gauge steel framing market size is anticipated to reach USD 52.73 billion by 2030, registering a CAGR of 5.1% over the forecast period, according to a new report by Grand View Research, Inc.

The substantial rise in construction spending and a shift in the trend toward sustainable materials have contributed to higher energy efficiency at a lower cost, which in turn is driving the demand for light gauge steel frames. Rapid urbanization coupled with the rising disposable income in developed and emerging economies such as China, India, Brazil, and Southeast Asian countries, among others, is anticipated to drive the construction of residential buildings, industries, and commercial spaces in these nations, stimulating the growth of light gauge steel framing market.

Light gauge steel framing is one of the pivotal structural materials and has been among the essential constructional materials. Advantages such as lightweight, better stability, and shorter completion time have been instrumental in increasing the demand for light gauge steel framing. Moreover, its applicability in various types of construction, such as residential buildings, warehouses, and skyscrapers, has been a major driving factor for the growth in its demand over the last few years. The consistent growth in the number of commercial, residential, and industrial construction projects worldwide and ever-shrinking completion timelines are anticipated to boost the light gauge steel framing industry growth over the forecast period.

In the coming years, light gauge steel framing is estimated to have a broader application in commercial and industrial buildings, given the ability to build aesthetic designs and improved strength of framing material, facilitating its use in the construction of strong and eye-pleasing buildings. Light gauge steel framing was widely adopted during the COVID-19 pandemic in several countries to build emergency infrastructure such as hospitals, testing centers, vaccination centers, and supportive housing facilities. During the pandemic, five hundred modular and prefabricated homes were built using light gauge steel framing for homeless residents in San Jose, California.

Asia Pacific dominated the market in 2022 and is expected to remain the fastest-growing market from 2023 to 2030. A healthy spread of construction activities supports the stability of the Asian markets, with government intervention boosting a majority of projects for infrastructure development. Furthermore, the segment is expected to witness substantial growth owing to increasing demand for retail spaces. Additionally, the Middle East is also expected to remain an important market on account of its vast construction sector and several upcoming important construction projects in the region.

Access Research Report of Light Gauge Steel Framing Market @ https://www.grandviewresearch.com/industry-analysis/light-gauge-steel-framing-market

Light Gauge Steel Framing Market Report Highlights

  • Based on type, the skeleton steel framing segment is anticipated to grow at the highest CAGR of 5.6% over the forecast period. Skeleton steel framing is being extensively used in constructing multi-story buildings to impart strength to the building foundation
  • The residential end-use segment accounted for the largest share of about 44% in 2022 and is expected to grow significantly during the forecast period. The growth of the segment can be attributed to the rising adoption of light gauge steel framing in residential buildings due to improved material strength
  • Asia Pacific is expected to register the highest CAGR of 6.0% from 2023 to 2030. This is ascribed to the increasing construction activities across the commercial sector in China, India, and Japan

Light Gauge Steel Framing Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 37.27 billion

Revenue forecast in 2030

USD 52.73 billion

Growth rate

CAGR of 5.1% from 2023 to 2030

Base year for estimation

2022

Historical data

2017 - 2021

Forecast period

2023 - 2030

List of Key Players of Light Gauge Steel Framing Market

  • Arkitech Advanced Construction Technologies
  • Tata BlueScope Steel
  • CEMCO
  • ClarkDietrich Building Systems
  • Hadley Group
  • Genesis Manazil Steel Framing
  • Precision Walls Inc.
  • QSI Interiors Ltd.
  • Metek U.K. Limited
  • Intelligent Steel Solutions Ltd
  • Steel Frame Solutions
  • WARE Industries, Inc.
  • SCAFCO Steel Stud Company
  • The Steel Network Inc
  • Craco Manufacturing, Inc

Access Press Release of Light Gauge Steel Framing Market @ https://www.grandviewresearch.com/press-release/global-light-gauge-steel-framing-market

 

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