The latest report by IMARC Group, titled “GCC Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the GCC prefabricated building and structural steel market size reached US$ 3.9 Billion in 2022. Prefabricated buildings, also known as prefabs, are manufactured by assembling various parts, such as roofs, floors, panels, lintels, staircases, and walls. They are built off-site in specialized building installations according to the preference of the client. They include various materials, such as wooden panels, glass, plastics, metal panels, composites, and other reinforced plastics. These buildings are manufactured in a factory and then taken to the construction site to be assembled. In addition, they are environment-friendly and suitable for locations with unsuitable environmental conditions, require minimal maintenance, provide ease of expansion, save energy, and enhance weather resistance. As a result, prefabricated building materials are widely utilized in the construction of residential, industrial buildings, agricultural, institutional, and commercial buildings across the GCC region.
GCC Prefabricated Building and Structural Steel Market Trends:
The market is primarily driven by the increasing construction activities in the GCC region. This can be attributed to the growing housing needs, the rising population, and the increasing preference for sustainable materials. In addition, GCC countries are emphasizing economic diversification to minimize their reliance on the oil and gas sector. As a result, the continuous upgradation of existing infrastructures, and the increasing development of modern housing infrastructures, are augmenting the market growth. Moreover, the rising investments in the construction sector by public and private stakeholders are providing a positive thrust to market growth. Along with this, the widespread expansion of institutes, shopping complexes, high-rise buildings, and hotels, and the upcoming events in the GCC region, resulting in the escalating adoption of quick and affordable construction solutions, represents other major growth-inducing factors. Furthermore, with the sudden outbreak of coronavirus (COVID-19) disease, the government is investing in the tourism industry to attract more tourists, promote tourism, and generate revenue, creating a positive market outlook across the GCC region. Looking forward, IMARC Group expects the market value to reach US$ 5.6 Billion by 2028, exhibiting a CAGR of 5.9% during 2023-2028.
- Based on the product type, the market has been segmented into prefabricated building and structural steel, wherein prefabricated buildings account for the largest market share.
- The prefabricated buildings segment is categorised on the basis of component into floors and roofs, walls, staircase, panels and lintels, and others.
- The structural steel segment has further been classified as H-type beam, I-type beam, columns, angles, and others.
- Based on the end-use sector, residential sector holds the largest market share.
- Region-wise, Saudi Arabia represents the largest region in the GCC prefabricated building and structural steel market.
- The competitive landscape of the industry has also been examined in the report, with profiles of the players operating in the industry.
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||‘000 Units, Million Tons, US$ Billion
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