IMARC Group’s latest report, titled “Prefabricated Building and Structural Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global prefabricated building and structural steel market size reached US$ 206.8 Billion in 2021. Prefabricated buildings are factory-made structures manufactured off-site and then transported to the construction site for installation. On the other hand, structural steel refers to the basic framework that comprises angles, columns, and beams designed to support prefabricated buildings. Compared to traditionally constructed buildings, they offer several benefits, such as lesser construction time, lower building costs, minimal maintenance requirements, superior weather resistance, and ease of expansion. They are ideal for construction in locations with unsuitable environmental conditions as they eliminate the need for skilled workers to be present on site. As a result, prefabricated buildings and structural steel are rapidly gaining traction due to their durability, environment-friendliness, versatility, energy efficiency, and efficient material utilization.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Prefabricated Building and Structural Steel Market Trends:
Significant growth in the construction industry owing to the expanding population and rising housing needs represents the primary factor driving the market growth. Moreover, the surging awareness about the benefits of prefabricated buildings and structural steel is another major growth-inducing factor. Additionally, there has been a substantial shift toward off-site construction among contractors as it helps reduce construction debris, pollutants, human errors, and the overall project cost. In line with this, the increasing adoption of green building practices has augmented product demand. Furthermore, with the growing environmental concerns, the leading players are engaging in research and development (R&D) activities to produce innovative steel products that aid in minimizing scraps and waste. Besides this, the shifting focus toward sustainable development and the rising need for waste management and minimizing emissions have propelled the market growth. Other factors, including the increasing product usage in smart cities, extensive investments in infrastructure development projects, supportive government initiatives, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 299.4 Billion by 2027, growing at a CAGR of 6.45% during 2022-2027.
- Based on the component, the global prefabricated building market has been classified into floors and roofs, walls, staircase, panels and lintels, and others.
- 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.
- The global prefabricated building and structural steel market has been categorized based on the end use sector 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.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
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