The latest report by IMARC Group, titled, “Prefabricated Building and Structural Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global prefabricated building market has reached a value of more than US$ 106.7 Billion in 2017, whereas, the global structural steel market has reached a value of nearly US$ 96.1 Billion in 2017. Prefabricated buildings are the structures which are constructed off-site by the manufacturers and then installed in the selected site according to the choices and preferences of the consumers. These buildings are ideal for operations which require short construction time, temporary structures or comparatively inexpensive construction costs. On the contrary, structural steel refers to a construction material which is sourced from particular steel grades having a cross section or shape. The strength, stiffness, toughness and ductile properties of structural steel make it a suitable alternative for applications in warehouses, refineries, cold storage, industrial sheds and aircraft hangers over wood and concrete.
Highlights of the global prefabricated building and structural steel market:
- Increasing awareness about the benefits of prefabricated building and structural steel remains the major growth-inducing factor.
- floors and roofs are the largest product type for prefabricated buildings, whereas, H type beam dominates the structural steel market.
- North America represents the largest market for prefabricated buildings, while, Asia-Pacific is the biggest market for structural steel.
The global prefabricated building and structural steel market is being majorly driven by rising awareness among consumers about the advantages offered by structural steel and prefabricated buildings. Moreover, technological advancements coupled with infrastructural development particularly in the residential sector has augmented the demand for eco-friendly prefabricated buildings. As a result, the global prefabricated building market is further expected to reach a value of more than US$ 126 Billion, exhibitng a CAGR of nearly 3% during 2017-2023. On the other hand, the growth of the global structural steel market is induced by various factors such as economic development, rapid urbanisation, declined costs of sub-structures in residential buildings, increasing availability of raw materials, development in building practices and adoption of structural design method advancements. Thus, the global structural steel market is projected to be valued at around US$ 117 Billion, registering a CAGR of around 3.3 % during 2017-2023.
The report has bifurcated the market into prefabricated building and structural steel. On the basis of type, prefabricated buildings have been segmented into floors and roofs, walls, staircase, and panels and lintels, where floors and roofs are the biggest product type. Whereas, H type beam is the largest product type for structural steel, followed by columns, I type beam and angles. Based on application, residential is the largest application for prefabricated buildings, while institutional applications dominate the structural steel market. Region-wise, North America is the leading market for prefabricated buildings followed by Asia-Pacific, Europe, MEA and Latin America. On the other hand, the major markets for structural steel include Asia-Pacific, Europe, North America, MEA and Latin America, where Asia-Pacific holds the majority of the market share.
The report by IMARC Group has examined the global prefabricated building and structural steel market on the basis of:
- Floors and Roofs
- Panels and Lintels
- North America
- Latin America
- H Type Beam
- I Type Beam
- North America
- Latin America
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