[FURL=https://www.industryarc.com/Report/18829/light-steel-framing-market]Light Steel Framing Market[/FURL] 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.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.
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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.
Light Steel Framing Market Drivers
Increasing Investments in Construction Industry
Growing Popularity of Green Buildings
Less time taken to complete the work
Lower Construction Costs as Compared to Concrete Structures
Market Landscape
Innovation, product development, acquisition and expansion are some of the key strategies adopted by players in the light steel framing market. In 2019, the market of light steel framing has been fragmented and the top five players accounting for 8% of the share. Major players in the Light Steel Framing Market are ArcelorMittal, Clark Dietrich Building System, Nippon Steel & Sumitomo Metal Corporation, JSW Steel Limited, Nucor Corporation, Armstrong World Industries Incorporation, Super Stud Building Products Incorporation, AK steel corporation, SSAB Americas, Magnitogorsk iron & steel works, Hadley Group among others.
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