Light Gauge Steel Framing Market Size, Share & Trends Analysis Report By Type (Long Span, Wall Bearing, Skeleton), By End-use (Commercial, Residential), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028
New York, April 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Light Gauge Steel Framing Market Size, Share & Trends Analysis Report By Type, By End-use, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06064475/?utm_source=GNW
Light Gauge Steel Framing Market Growth & Trends
The global light gauge steel framing market size is expected to reach USD 48.21 billion by 2028, registering a CAGR of 4.6% over the forecast period. The development of advanced materials with capabilities that offer safety as well as strong structural support will augment the market growth over the forecast years.
The use of these framing products provides ease of installation along with a reduction in the cumulative project completion period owing to pre-fabricated structures, which is anticipated to drive product demand significantly over the next few years. The need to lower the production costs involved in the construction of buildings is also estimated to be one of the key factors responsible for market growth.
The rising need to reduce the cost is projected to result in the development of refined materials and manufacturing processes, ultimately increasing product adoption across the globe. Over the coming years, the product is estimated to have an increased scope of application in commercial buildings owing to improved strength of framing material, facilitating its use in the construction of buildings with more than three floors.
The Covid-19 pandemic has had a significant impact on the market in 2020.Several manufacturing companies reported a notable drop in their revenues for Q1 and Q2 of the year 2020.
However, the market witnessed growth in the latter part of Q3 and the beginning of Q4 of 2020. Key players in the market emphasize more on expanding their market presence through mergers and acquisitions.
Light Gauge Steel Framing Market Report Highlights
• The skeleton product type segment is expected to witness the fastest CAGR of more than 5% over the forecast period
• The segment growth can be credited to the benefits offered by the skeleton product types, in terms of strength and safety
• Governments across the globe have undertaken several initiatives for infrastructure development boosting the construction of commercial properties, which has subsequently contributed to the growth of the overall market
• The residential end-use segment led the global market accounting for the highest revenue share in 2020 and is expected to grow at a healthy CAGR from 2021 to 2028
• This growth is attributed to the increased product adoption in the residential construction sector on account of the rising need to reduce the overall project completion periods
• Asia Pacific was the dominant regional market in 2020 and will retain its leading position throughout the forecast period owing to the increasing construction activities of new commercial and industrial buildings
Read the full report: https://www.reportlinker.com/p06064475/?utm_source=GNW
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