Global Light Gauge Steel Framing Market: Snapshot
The global construction sector has gained massive traction in the past few years owing to the vast rise in demand for new residential complexes, infrastructural elements, and commercial spaces in the emerging urban hubs in region such as Asia Pacific and Latin America. The industry has seen a notable inclination towards cost-saving methods and minimization of material wastage.
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As a result, the uptake of innovative elements such as steel framing systems, which enable ease of construction as well as enhanced design efficiency to builders and architects, has significantly increased. Moreover, the demand for construction elements that are thermally and acoustically sound has also increased. All these factors have worked well for the global light gauge steel framing market and are likely to continue to drive the market in the next few years as well.
The market is expected to gain massive traction in several emerging economies across the Asia Pacific region in the next few years. The massive surge in building construction projects in the region to provide residential facilities to the exponentially rising population, especially in urban settings, has led to vast growth opportunities for the light gauge steel framing market in the region. As the construction sector is likely to continue to exhibit a strong growth in the region in the next few years as well, the demand for light gauge steel framing is likely to remain strong as well.
Increased demand across new and relatively untapped regional markets has compelled a number of new companies to foray into the market, intensifying the level of competition. The market now features a large number of players, who are focusing on strategic collaborations and product innovations to strengthen their hold on the overall market. In the near future, the intensity of competition is likely to remain high in the global light gauge steel framing market.
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Global Light Gauge Steel Framing Market: Overview
Light gauge steel framing has gained popularity for non-structural framing in the residential and commercial construction industry, world over. The system has been popularly used to make interior partitions and external cladding. The framing is also gathering steam in the construction of landed properties in several developing and developed countries. Compared to any conventional system such as timber-framed construction, benefits of using such a construction system abound. This factor is expanding the range of construction works possible with cold formed steel characterized by light gauge steel framing. The substantially rising demand for light gauge steel framing in end-use industries and the rising demand for eco-friendly construction works are factors expanding the horizon of the market over the assessment period of 2018–2028.
Global Light Gauge Steel Framing Market: Key Trends
The use of light gauge steel framing endows builders and architects with easy buildability, ensures speedy construction, offers increased safety and easy remodeling ability, and enhances design flexibility. Moreover, the high strength-to-weight ratio of the steel accounts for the amazing combination of lightweight and strength of light gauge steel framing structures. In addition, the stringent implementation of fire and safety regulations in construction of buildings is also bolstering the demand. The rising public construction works in emerging economies is a significant trend boosting the market. The substantial need for completing these projects in less time has made the prospects of using light gauge steel framing in construction works lucrative. The rising thrust toward affordable housing in countries such as China and India is catalyzing the uptake of these framing.
Global Light Gauge Steel Framing Market: Potential
The light gauge steel framing market in recent years has witnessed an exciting assortment of new products and systems, underpinning its expanding prospects. Metsec plc, a prominent U.K.-based cold roll-forming company, has in April 2018 launched an array of steel framing system (SFS) products. The launch is motivated by the need for giving installers and architects a higher choice of gauges. In particular, according to the company, architects can reduce material wastage by avoiding overspecification and eventually design projects efficiently. The usage of range of light gauge steel products will enable architects to maximize useable floor area, reap the gains of cost-saving on construction projects, and ensure minimal environmental impact. Light gauge steel framing is fast gaining popularity in infill walling, especially in the U.K. The company hopes to capitalize on the emerging avenues.
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There is a substantial thrust toward cost-savings in the commercial construction industry by minimizing the wastage of materials. This has driven the launch of SFS systems and products that enable architects the benefits of enhanced design efficiency. The growing demand for construction works with materials that are acoustically and thermally sound is paving way for promising prospects for market players.
Global Light Gauge Steel Framing Market: Regional Outlook
The report offers a granular assessment of prospects of the market in various regions. Of the various regions, Asia Pacific is emerging at a lucrative pace as it has vast latent demand for light gauge steel framing systems. A burgeoning commercial and industrial buildings in several of its economies is presenting massive promising opportunities for market players to capitalize on. Developed regions such as Europe and North America are adding substantially to the global revenues. Advances in metal framing procedures in these regions has paved way for lucrative avenues. Moreover, several key economies in these regional markets are witnessing large-scale re-structuring projects, which is bolstering the demand for light gauge steel framing.
Global Light Gauge Steel Framing Market: Competitive Outlook
The study takes a closer look at the intensity of competition in the market and the factors likely to influence the strategies of new and emerging players. Top players are expected to leverage the synergies of collaborations, mergers, and acquisitions to get a stronghold in the light gauge steel framing market. A growing number of players are focusing on launching new products and services at competitive pricing, with an aim to get a foothold in the market or to consolidate their shares. Prominent players include QSI Interiors Ltd., Genesis Manazil Steel Framing, Emirates Building Systems LLC, and FRAMECAD Ltd.
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