June 08, 2021
According to the research report titled ‘Global Light Gauge Steel Framing Market Size study, by Type (Long Span, Wall Bearing and Skeleton), End-Use (Commercial, Residential and Industrial) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global light gauge steel framing market was worth USD 5.44 billion in 2019 and is expected to expand at 11.1% CAGR over 2020-2027, amassing a valuation of USD 12.63 billion by the end of the forecast timespan.
Increasing number of commercial buildings like warehouses, garages, medical centers, retail stores, and hotels is primarily stimulating global light gauge steel framing market growth. Moreover, rising investments in large industries along with surging number of construction activities and introduction of modern, eco-friendly designs are also enhancing the market demand.
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For the uninitiated, light gauge steel framing consists of structural frames built from cold formed steel sections, and are protected from corrosion by a zinc-aluminum alloy or zinc coating. It can be used to build floor joists, non-load-bearing interior walls, load-bearing external walls, curtain walls, and roof trusses, among other things.
In comparison to wood frame construction, light gauge steel framing allows for faster construction and provides more space. With new technological advancements, these products are offering benefits such as increased safety, strength, stability, and lower completion time. The adoption of this framing method is projected to increase in the upcoming years as it is pollution-free nature and serves as a raw material for green building technology.
Considering the factors restraining the expansion of worldwide light gauge steel framing industry, high maintenance costs is negatively impacting the businesses in this domain.
Speaking of the geographical ambit, Asia Pacific holds considerable portion of global light gauge steel framing market share, creditable to growing construction of residential and non-residential buildings in developing economies such as China and India. In addition, rising cognizance among customers regarding eco-friendly and lower completion time benefits of product, along with increasing disposable income are adding to the regional market development.
Major companies in global light gauge steel framing market sphere are Emirates Building Systems Co. LLC, Craco Manufacturing Inc., Aegis Metal Framing LLC, Framecad Ltd., Intelligent Steel Solutions Ltd., Metek plc, QSI Interiors Ltd., Precision Walls Inc., Clarkwestern Dietrich Building Systems LLC, and Hadley Group.