Industry

Global Light Gauge Steel Framing Market

The Light Gauge Steel Framing Global Market Report 2023 by The Business Research Company, provides light gauge steel framing market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Light Gauge Steel Framing Global Market Report 2023, the market size is expected to grow from $34.46 billion in 2022 to $36.45 billion in 2023 at a compound annual growth rate (CAGR) of 5.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global light gauge steel framing is expected to grow to $45.56 billion in 2027 at a CAGR of 5.7%.

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.

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The light gauge steel framing market is segmented:

1) By Type: Skeleton, Wall Bearing, Long Span

2) By End-Use: Commercial, Residential, Industrial

Technological innovation is a key trend gaining popularity in the light gauge steel framing market. Technological innovations in light gauge steel framing include the development of new products using the latest technology such as modular light gauge steel solutions, which offer additional features such as dimension flexibility, multiple design options, and others. Technological innovations enable companies to offer advanced products with additional benefits and increase their customer reach. For instance, in January 2022, CRATE Modular Inc., a US-based manufacturer of modular construction components launched a new light gauge steel solution, a cold-formed steel methodology. This new methodology is unique due to its flexibility in dimensions and offers additional design options. With the introduction of its new cold-formed steel process, CRATE attained additional ability to offer more innovative solutions to its customers.

The light gauge steel framing market report table of contents includes: