March 14, 2024 19:30 ET | Source: DataHorizzon Research DataHorizzon Research
Fort Collins, Colorado, March 14, 2024 (GLOBE NEWSWIRE) -- The Light Gauge Steel Framing Market size was valued at USD 41.1 Billion in 2023 and is expected to reach a market size of USD 66.5 Billion by 2032 at a CAGR of 5.5%. Metal Office
The expansion of the light gauge steel framing market in 2023, propelled by the boom in construction industry. The rapid growth observed in developing and developed economies has increased the demand for construction materials worldwide. Particularly in urban areas, the surge in construction activity, especially for multistoried buildings, is a direct consequence of urbanization trends.
Consequently, light gauge steel framing has emerged as an indispensable element within the construction sector. Serving as fundamental structural support for buildings, these frames play a pivotal role in ensuring the integrity of the entire structure. The high demand for light gauge steel frames can be attributed to their numerous advantages, including lighter weight, enhanced stability, and shorter construction timelines. The need for these frames is steadily growing with a continuous rise in commercial, residential, and industrial construction projects globally, coupled with increasingly stringent completion deadlines. As a result, the light gauge steel frame market is anticipated to witness significant growth in the forthcoming years.
Technological advancements in steel frame construction fuel the demand for light gauge steel framing. Unlike traditional structural steel, which undergoes rolling and hardening while hot and molten, light gauge steel is cold-formed. This manufacturing technique produces a lightweight yet durable material boasting high strength, flexibility, ductility, and impressive load-bearing capacity. This combination of attributes makes light gauge steel framing an attractive choice for modern construction projects, contributing to its increasing popularity in the market.
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The global light gauge steel framing market has been segmented into type, end-use, and region. Based on type, the market segmentation comprises skeleton, wall bearing, and long span. The wall bearing segment held the largest market share in 2023 and is expected to maintain its dominance during the forecast period. Based on end-use, the market is bifurcated into commercial, residential, and industrial. The residential segment held the largest market share in 2023.
Light Gauge Steel Framing Market Report Highlights:
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Light Gauge Steel Framing Market Segmentation:
By Type: Skeleton, wall bearing, long span
By End-use: Commercial, residential, industrial
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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