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New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Light Gauge Steel Framing Global Market Report 2022' -
The global light gauge steel framing market is expected to grow from $32.60 billion in 2021 to $34.04 billion in 2022 at a compound annual growth rate (CAGR) of 4.41%. The light gauge steel framing market is expected to reach $40.47 billion in 2026 at a CAGR of 4.42%.
The light gauge steel framing market consists of sales of light gauge steel framing by entities (organizations, sole traders, and partnerships) that refer to a steel-framed wall system manufactured from cold-rolled load bearing.They are used for wall systems, roof panels, floor systems, or entire buildings.
The advantages of LGSF include lightweight, easy transportation, lower construction cost, and high strength and durability.
The main types of light gauge steel framing skeleton, wall bearing, and long span.A bearing wall, also known as a load-bearing wall or structural wall, supports the house's weight from top to bottom.
This wall helps distribute the weight of the building from the roof to the base, and its removal could cause it to collapse. The end-user of light gauge steel framing includes commercial, residential, and industrial.
Asia-Pacific was the largest region in the light gauge steel framing market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the light gauge steel framing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The light gauge steel framing market research report is one of a series of new reports that provides light gauge steel framing market statistics, including light gauge steel framing industry global market size, regional shares, competitors with a light gauge steel framing market share, detailed light gauge steel framing market segments, market trends and opportunities, and any further data you may need to thrive in the light gauge steel framing industry. This light gauge steel framing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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. For instance, according to the Office for National Statistics of the UK, in March 2022, in the UK, monthly construction output climbed by 1.7% in volume terms, marking the fifth consecutive month of growth and a monthly high in terms of value GBP 14,994 million ($18.88 billion) since monthly records began in January 2010. In March 2022, increases in both repair and maintenance (3.0%) and new work (1.0%) drove the monthly increase in construction output; at the sector level, private home repair and maintenance (5.8%) and private commercial new work (4.0%) were the biggest contributors to the monthly gain. Therefore, an increase in construction activities is expected to boost demand for light gauge steel framing during the forecast period.
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 USA-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.
In August 2021, Etex, a Belgium-based building material manufacturer acquired Sigmat Limited for an undisclosed amount.This acquisition enhances Etex's position and growth in the offsite construction market in the UK and Ireland.
The acquisition also matches Etex's goal to become a global leader in offsite construction. Sigmat Limited is a UK-based manufacturer of light gauge steel framing (LGSF).
The countries covered in the light gauge steel framing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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