Global Prefabricated Building and Structural Steel Market to Reach US$ 381.8 Billion by 2032, Driven by Increasing Construction Projects

June 29, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Prefabricated Building and Structural Steel Market Report by Component (Prefabricated Building, Structural Steel), End-Use Sector (Residential, Institutional, Commercial, Industrial), and Region 2024-2032,” the global prefabricated building and structural steel market size reached US$ 235.4 Billion in 2023. Prefabricated building and structural steel refer to the construction method that involves the manufacturing and assembly of building components off-site, in a controlled factory environment, before being transported to the construction site for final installation. This approach is also known as modular construction or off-site construction. Structural steel refers to a type of steel that is specifically designed and manufactured for use in structural applications. It is known for its high strength-to-weight ratio, which allows for the creation of lightweight yet robust building structures. Structural steel components include beams, columns, trusses, and other load-bearing elements. In prefabricated building construction, various components, such as walls, floors, roofs, and even entire room modules are fabricated in a factory using advanced manufacturing techniques. These components are typically constructed using structural steel, which provides strength, durability, and versatility to the building. The prefabrication process involves precise planning, design, and manufacturing to ensure that the building components are accurately produced to meet specific project requirements. Once the components are completed in the factory, they are transported to the construction site and assembled, often using cranes or other lifting equipment. The final assembly includes connecting the prefabricated components, integrating utilities and systems, and completing the finishing touches.

Global Prefabricated Building and Structural Steel Market Trends:

The increasing number of construction projects represents one of the key factors driving the growth of the market across the globe. This is primarily attributed to the rising investments in infrastructure development, including transportation, healthcare, education, and residential sectors, which are driving the growth of the market. In addition to this, the increasing demand for infrastructure development, including commercial buildings, residential complexes, and industrial facilities, is contributing to the growth of the market. The market is also driven by the rising awareness regarding numerous advantages of prefabricated buildings, such as reduced construction time, improved quality control, cost savings, flexibility in design, and enhanced sustainability. Prefabricated components, including structural steel are manufactured off-site under controlled conditions, resulting in faster construction, minimized on-site labor requirements, and improved project efficiency, which is propelling the growth of the market. Apart from this, the rising shift toward sustainable construction practices, along with increasing environmental concerns are facilitating the growth of the market. In line with this, Prefabricated buildings and structural steel offering inherent sustainability benefits, including efficient use of resources, reduced waste generation, and recyclability are further driving the growth of the market. Moreover, governments and organizations promoting sustainable construction initiatives are driving the demand for prefabricated buildings and structural steel solutions. Other factors, including significant advancements in technology, such as building information modeling (BIM), computer-aided design (CAD), and advanced manufacturing techniques, the rising demand for disaster-resistant buildings with the increase in natural disasters, and cost and time efficiency, are creating a positive outlook for the market across the globe. Looking forward, the market value is projected to reach US$ 381.8 Billion by 2032, expanding at a CAGR of 5.4% during 2024-2032.

Market Summary:

  • Based on the component, the global prefabricated building market has been classified into floors and roofs, walls, staircase, panels and lintels, and others. Currently, floors and roofs hold the largest market share across the globe.
  • On the basis of the component, the global structural steel market has been divided into H-type beams, columns, I-type beams, angles, and others. Presently, H-type beams hold the largest market share across the globe.
  • On the basis of the end-use sector, the market has been divided into residential, institutional, commercial, and industrial.
  • Region-wise, the market has been segmented into the Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Currently, Asia Pacific is dominating the market across the globe.
  • The competitive landscape of the market has also been examined with some of the key players.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Million Units, Million Tons
Segment Coverage Component, End-Use Sector, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Prefabricated Building and Structural Steel Market to Reach US$ 381.8 Billion by 2032, Driven by Increasing Construction Projects
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