The Steel Framing Market is estimated to reach $155.44 billion by 2023 at a CAGR of 4.63%
By Construction Type (Structural Buildings, Light Steel Frame and Others; By Application (Residential, Commercial and Others); By Geography (2018-2023)”, the market is driven by the growth of residential, non-residential, and new infrastructure projects.
Steel Framing Market (2018 - 2023)”
Asia Pacific to dominate the Steel Framing Market
Asia Pacific will dominate the Steel Framing Market during the forecast period. It is expected to reach $ 83.75 million by 2023 at a CAGR of 4.63%. The large economic developments in China and other developing countries drive the growth of the Asia Pacific market. The region has many oil importers and supply chain participants, and is expected to benefit from low oil prices. The strong labour market conditions are also responsible for the growth of the region. In India, the growth of the steel frame homes is due to the rising infrastructure development and growing interest of automotive and steel utilization. Cold rolled steel is used to make steel frames. Growth in steel consumption, FDI, and government policies are also responsible for the growth of steel framing in India.
Selected Analysis done in the full Report:
The commercial segment has the largest share in the Steel Framing Market. In 2017, this segment had a share of $79.67 million. It is expected to reach $158.52 billion by 2023 at a CAGR of $4.90%. Expanding population, rapid growth in purchasing power in growing economies will drive the demand for energy, which in turn spurs the growth of construction activities. Commercial buildings are changing continuously to meet the needs of the users. North America is the major region for commercial construction due to the increase in the number of commercial buildings in the past two decades.
Excerpts on Market Growth Factors
- Growing investments in the construction industry enhances the demand for steel frame construction during the forecast period.
- Growing regulations across the globe increases the demand for green buildings, which in turn drives the demand for the steel stud framing.
- Low construction costs are an advantage for the Steel Framing Market.
Key Players of the Steel Framing Market
ArcelorMittal and China Baowu group dominate the Steel Framing Market. ArcelorMittaal has its headquarters in Luxembourg and is the largest steel producer in the world. The company deals with research and development, mining, and steel. China Baowu group, also called as Baowu Steel, is the fifth largest producer of steel in the world and has its headquarters in Shanghai China. It manufactures Carbon steel products, bars, heavy plates, and cold rolled steel sheets.
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