Light Steel Framing Market size is forecast to reach $26.4 billion by 2025 after growing at a CAGR of 3.8% during the forecast period from 2020-2025. There has been a surge in the demand for steel in recent times, owing to the various advantages of steel, such as overall load, construction cost and quality over concrete. Being strong and relatively lightweight too, steel also has cost advantage over any other material used for construction such as concrete, wood etc. With the growing infrastructure needs which demand construction at high speed, strong structure and economic viability, light steel framing industry has a potentially successful future.
Owing to the aftermaths of the global pandemic- COVID-19, it has been estimated that the demand for steel is going to reduce by 11.6% by the end of 2020, but the promising news is that the demand is going to increase drastically by 9.2% in the year 2021. The developed countries such as the US and Europe are more likely to face heavier losses as compared to the developing countries such as India.
Report Coverage
The report: “Light Steel Framing Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the light steel framing industry.
By Product type: Joists/Studs, Tracks, U-Channels, Furring-Channels and L-Headers.
By Application: Residential Construction, Non-Residential Construction, Additions and Alterations, Non-Building Constructions and Maintenance.
By Geography: North America, South America, Europe, Asia-Pacific, and Rest of the world.
Key Takeaways
- Asia-Pacific dominates the light steel framing market owing to increasing construction activities in the commercial and industrial sectors of developing countries such as India and China.
- The growth of light steel framing industry can be associated with growing need for infrastructure in developed countries and its government coming up with various housing schemes and other projects.
- Increase in awareness about the merits of steel over the other conventional methods has given a boost to the steel industry.
- The evolving technology in the present days is a blessing in disguise to the steel industry, as the technology can be used to enhance the properties of steel, until it is being replaced with a substitute in the far future.
Light Steel Framing Market Segment Analysis - By Product Type
Studs/Joists held the largest share in the light steel framing market. Steel joists offer consistent quality, predictable performance and high strength-to-weight ratio, and they are dimensionally stable. They resist contraction, warp, crack or twist which makes them perfect for use in both residential and commercial projects.
Light Steel Framing Market Segment Analysis - By Application
Non-residential constructions have always been the primary source of business for steel industry. Light steel framing products are becoming more famous in non-residential construction industry because of its unique lightweight trait which makes it comfortable and safe to handle during construction.
Light steel framing products offers various benefits in the long-run which makes it a preferred product in the non-residential construction industry as it is sustainable and idle for constructions to last in a long run.
China being the largest consumer of steel across the globe, has been affected the most from the global pandemic. As a result of the global pandemic, china was in a continuous lockdown for 8 weeks in the beginning of the year, which resulted in 6.8% decrease in its GDP. This eventually affected its manufacturing sector, which saw a dip by 8.4%. Nonetheless, China was out of lockdown by the end of April, and its production sector resumed at full swing. Though the production was resumed, there was not much demand for manufacturing, as China was consuming it’s piled up stocks.
Light Steel Framing Market Segment Analysis - By Geography
APAC dominated the light steel framing market with a revenue share of more than 45%, followed by Europe and North America collectively making a share of 44%. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing gradual growth in the infrastructure industry and is expected to grow in the coming years. The construction industry in APAC will witness a growth at a CAGR of 7.06% to reach USD 3.092 billion by 2024. The commercial building construction market is expected to record a CAGR of 9.6% during 2020-2024.
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