Overview and Scope
The light gauge steel framing refers to a steel-framed wall system manufactured from cold-rolled load bearing. They are used for wall systems, roof panels, floor systems, or entire buildings. The advantages of LGSF include lightweight, easy transportation, lower construction cost, and high strength and durability.
Sizing and Forecast
The light gauge steel framing market size has grown steadily in recent years. It will grow from $34.67 billion in 2023 to $35.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to industrialization and urbanization, housing market trends, regulatory changes and standards, economic cycles and construction industry, consumer preferences and aesthetics.
The light gauge steel framing market size is expected to see steady growth in the next few years. It will grow to $40.87 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to industry collaboration and standards development, urbanization and population growth, shift in construction techniques, prefabricated and modular construction, resilience to natural disasters. Major trends in the forecast period include skilled labor availability, sustainable construction, modular and prefabricated construction, rise in urbanization, energy efficiency standards.
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Segmentation & Regional Insights
The light gauge steel framing market covered in this report is segmented –
1) By Type: Skeleton, Wall Bearing, Long Span
2) By End-Use: Commercial, Residential, Industrial
Asia-Pacific was the largest region in the light gauge steel framing market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the light gauge steel framing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising construction activities are expected to drive the growth of the light gauge steel framing market. Cold-formed steel is widely used as the principal construction material in the light gauge steel frame for roofs, floors, walls, roof panels, decks, and the complete structures of buildings. The rapid growth in construction is expected to boost the utilization of light gauge steel framing, as these are an essential part of construction activities. For instance, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, an increase in construction activities is expected to boost demand for light gauge steel framing during the forecast period.
Key Industry Players
Major companies operating in the light gauge steel framing market report are ArcelorMittal S.A., HONGLU STEEL STRUCTURE, Jinggong Steel, ZHEJIANG SOUTHEAST SPACE FRAME Co LTD., Clarkwestern Dietrich Building Systems Ltd., China State Construction Engineering Corporation Ltd., Precision Walls Inc., HangXiao Steel Structure Co Ltd., SCAFFO Steel Stud Company, QSI Interiors Ltd., MRI Steel Framing LLC, Super Stud Building Products Inc., Quail Run Building Materials Inc., Genesis Manazil Steel Framing LLC, 8 Diamonds Steel Framing Ltd., Arkitech Advanced Construction Technologies, CEMCO-California Expanded Metal Products Inc., Craco Metal Supply Inc., DCM Metal Corp, E PACK Prefabricated Buildings Co Ltd., FRAMECAD Ltd., Hadley Industries Ltd., Intelligent Steel Solutions Ltd., Metek plc, Nakayama Mitsubishi Steel Co Ltd., Steel Frame Solutions LLC, Tata BlueScope Steel Limited, The Steel Network Inc., WARE Industries Inc.
The light gauge steel framing market report table of contents includes:
1. Executive Summary
2. Light Gauge Steel Framing Market Characteristics
3. Light Gauge Steel Framing Market Trends And Strategies
4. Light Gauge Steel Framing Market – Macro Economic Scenario
5. Global Light Gauge Steel Framing Market Size and Growth
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32. Global Light Gauge Steel Framing Market Competitive Benchmarking
33. Global Light Gauge Steel Framing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Light Gauge Steel Framing Market
35. Light Gauge Steel Framing Market Future Outlook and Potential Analysis
36. Appendix
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