Steel Framing Market Overview
Steel Framing market size is forecasted to reach US$141.1 million by 2027, after growing at a CAGR of 3.5% during the forecast period 2022-2027. Steel framing is a building technique of vertical steel columns and horizontal beams constructed to support floors and wall bearing. In steel frames, the top is covered with a steel deck, and below there is a thick layer of concrete and steel reinforcing bars. Steel studs are used as structural and non-structural building materials for walls in construction projects. It is used in renewable energy resources, the construction industry and the transportation industry, driving the market growth. Due to its high strength, high compressibility, easy shape transformation, and anti-corrosive properties, it is used in many applications in various industries. But while it has many advantages, one of the main disadvantages of using steel framings is its high maintenance cost. The growth can be attributed to increasing demand for strong structures, and anti-corrosive material from the construction industry across various regions globally. COVID-19 impacted the entire world's steel production, demand, and supply chain. In addition, the coronavirus affected many industries like construction, transportation as well as energy, as a result of which the steel framing market declined in the year 2020.
The report: “Steel Framing Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the steel framing market.
- Asia-Pacific dominates the steel framing market, owing to the increasing construction and transportation industry in the region. The increasing demand, supply, and revenue have increased the expansion of these industries in the APAC region.
- Steel framings are often used in the construction of buildings, airports, bridges, and interiors as well as walls, floors, and roofs due to their high strength and loading capacity which is driving its market growth.
- In addition, steel frames are often used in renewable energy resources like windmills, solar panels, and hydraulic lifts because of their high ductile strength and easy shape transformation which is further supporting the steel framing industry.
Steel Framing Market Segment Analysis – By Type
The skeleton steel framing segment held the largest share in the steel framing market in 2021 and is forecasted to grow at a CAGR of 3.1% during the forecast period 2022-2027. A Skeleton frame is a framed structure that creates a network of columns and connecting beams which support the building’s exterior walls and interior floors and carries all loads to the foundations. It is often used in the construction of multi-story buildings. It is made up of steel beams and a series of columns to support a civil structure. The use of skeleton steel framing helps in constructing interior floor layouts which is free of immovable walls. Using skeleton steel framing in construction gives more advantages and benefits than ordinary constructions with higher strength, longevity, safety, and faster building. According to the Associated General Contractors of America, construction is a major contributor to the US economy which creates nearly US$ 1.4 trillion worth of structures every year. Therefore, the skeleton steel framing is majorly used in steel framing techniques which is gaining more popularity over the years.
Steel Framing Market Segment Analysis – By Application
The walls segment held the largest share in the steel framing market in 2021 and is forecasted to grow at a CAGR of 3.8% during the forecast period 2022-2027. Steel framing is used in interior as well as exterior walls which offer many benefits like higher strength, taller buildings, clear floor spans, and many more. Steel frame walls are used in both steel framed buildings and as infill in structural concrete buildings. Steel frames are considered over wood as steel studs are perfectly straight, it does not shrink or split. Steel frames are light and easy to store, it also resists fire, insects, and rot. The cost of steel frames is also around 30% less than wood. According to India Brand Equity Foundation, India is expected to become the world’s third-largest construction market by 2022 with an investment of US$ 1.4 trillion in infrastructure by the government in July 2021. Therefore, as the construction activities are increases, the use of steel frames will also increase.
Steel Framing Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the steel framing resin market in 2021 up to 38%, owing to the increasing construction industry in APAC countries. Due to increasing domestic demands, healthy labor markets, and constant government policy support, the construction industry in Asia-Pacific is growing at a higher pace. According to the Global Alliance for Buildings and Construction, the global buildings and construction market value annual rate of change was estimated at around 2.6% per year in 2019. The overall change in Asian markets, particularly China has seen the construction industry growth at 4.4% per year. Also, according to the Internal Financial Corporation (IFC), one of the biggest global investment opportunities was estimated to be around US$ 24.7 trillion by 2030, with which most of the investment potential lies in East Asia, Pacific Asia, and South Asian countries which were around US$ 17.8 trillion. Thus, the growth of the steel framing market in the region is being aided by the increasing construction sector in APAC, thereby dominating the market in the Asia-Pacific region.
Steel Framing Market Drivers
Increased use in Aircraft Hangars
The use of steel frames in aircraft hangars is used due to its advantages, though the cost of steel structure hangar building is high and relatively expensive. But using steel frames in aircraft hangars has many advantages. The assembly period of steel structure aircraft hangar is a short time once the foundation is ready as all fastener holes are pre-perforated or pre-drilled. Using steel structure, it resists strong winds and snow and the entire structure is resistant to bending. It is also anti-corrosive, anti-rust, and insect-proof as it is plated with aluminum or other protective metal. Also, it can be used with different appearance colors. According to International Air Transport Association (IATA), there were 25.7 million flights taken in 2021, up from 22.2 million in 2020. Therefore, an increase in the aircraft industry will lead to increased use of steel framing.
Surge in using steel frames in the renewable energy sector
Steel frames made up of structural steel are often used for supporting solar PV panels at some heights above the ground. The support structure of structural steel sustains wind load in wind energy turbines. It protects the machinery against corrosion, which is crucial for maintaining a long-lasting solar energy generating system. These steel frames are used due to their excellent strength against the pressure of air and have high resistance to breakage. It is quite ductile, even when cold. It has high tensile strength and impact strength. It can be shaped easily due to its inherent flexibility. According to the Center for Climate and Energy Solutions, renewable energy is the fastest growing energy sector in the United States, where renewable made up nearly 20% of utility-scale US electricity in 2020 including 7.3% hydropower and 8.4% of wind power. According to the Ministry of New and Renewable Energy, renewable energy has a share of 26.53% of the total installed generation capacity in India. Therefore, due to increased production in the renewable energy sector, the production of steel frames will also increase.
Steel Framing Market Challenges
Thermal Conductivity of Steel Framing
Steel frames are heat conductive, thus the insulation rates of walls can be reduced by around 50% when heat is transferred from walls to steel frames, which results in a lot of heat in the overall building. Thus, some insulation measures are needed to be taken care when using steel frames in building and construction to reduce the thermal conductivity of steel. Steel loses its properties at high temperatures as its expansion rate changes with the temperature change. Although steel is incombustible, the strength of steel frames lowers at high temperatures. For example, in case of fire in a building, as steel is an active conductor of heat, it will spark other materials when it comes in contact with and causes fire to rapidly spread. The steel frames are susceptible to buckling and can even collapse. Thus, steel frames are highly used in many applications, but it needs to be handled with care, which is limiting the steel framing market growth.
Steel Framing Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the steel framing market. Steel framing market top 10 companies are:
- The Steel Framing Company
- Keymark Enterprises LLC
- Aegis Metal Framing
- The Hadley Group
- ClarkDietrich Building Systems
- Olmar Supply Inc
- Saint-Gobain S.A.
- The Stowell Company Inc
- Zauba Technologies & Data Services Private Limited.
- Mill Steel Co.
- In April 2022, Saint-Gobain S.A. launched a new steel-frame system for offsite construction to help contractors and house builders deliver multi-story, multi-occupancy residential and commercial projects.
- In November 2021, Zauba Technologies & Data Services Private Limited launched a 700 W power outage alloy steel framed module for stronger support to large power module types.
- In July 2019, Mill Steel Co. announced the rebrand of its steel framing company, Steel Structural Products, to Mill Steel Framing.
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Report Code: CMR 1233
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