Global Light Gauge Steel Framing Market
The GMI Research forecasts that the Light Gauge Steel Framing Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the growing demand for new residential complexes, infrastructural elements, and commercial spaces in the transpiring urban areas.
Introduction of the Light Gauge Steel Framing Market
Light gauge steel construction is similar to wood framed construction in principle- the wooden framing members are substitutes with thin steel sections. The steel sections used here are called cold formed sections, meaning that the sections are formed, or given shape at room temperature.
Key Players of the Global Light Gauge Steel Framing Market:
- MRI Steel Framing LLC
- FRAMECAD
- Stowell Company, Inc.
- Hadley Industries PLC
- Aegis Metal Framing
- Genesis Manazil Steel Framing
- CRACO Manufacturing Inc.
- FrameTech Systems
- Metek Plc.
- Emirates Building System
Light Gauge Steel Framing Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Growth in the light gauge steel framing market is mainly driven by the augmenting technical innovations along with the surging demand for residential and construction activities. In accordance with the International Energy Agency Organizations Report published in 2019, the expenditure on buildings and construction was valued at USD 4.5 trillion, including disbursement on renovations. The framing techniques take less time to build than wood and concrete structures. In addition, the accelerating number of commercial structures, which include hotels, retail stores, medical facilities, garages, and warehouses, will further strengthen the light gauge steel framing market size. However, instability in raw material prices accompanied by inflated manufacturing costs will hinder the market growth.
Type Segment Drivers
Based on the type, long span is contemplated to hold the largest share in the market over the forecast period. This is owing to the growing demand for extensive infrastructural development projects and favourable government and private investment. Moreover, the time span of LGS has great strength even though with low weight.
Application Segment Drivers
Based on the application, commercial will dominate the market in the next few years due to the aggravating demand for commercial spaces like hotels, malls, shopping centers, and offices.
Regional Drivers
Based on the regional coverage, Asia-Pacific is projected to expand at the highest rate. This is mainly because of the elevating public construction projects accompanied by the government and private investments across emerging countries such as India, China, and India. Gujarat state government planned to build the largest toy museum with an investment of 1,500 Crore showcasing 11 Lakh toys from across the country. Thus, this will supplement the market growth.
Light Gauge Steel Framing Market Segmentation:
Segmentation by Type
- Skeleton
- Wall Bearing
- Long Span
Segmentation by Application
- Residential
- Commercial
- Industrial
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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