Prefabricated building comprises of factory-made units or components that are transported and assembled on the construction site to form the complete building. One of the major benefits of prefabricated buildings is the saving of time and cost. Moreover, prefabrication eliminates the need for skilled workers to be present on the construction site, where they often face restricting conditions such as a lack of power and water, exposure to harsh weather conditions or hazardous environments. Structural steel, on the other hand, is a category of steel construction materials that is produced with a particular cross section or shape, wherein the prefabricated parts are installed. According to IMARC Group’s latest report, titled “Prefabricated Building and Structural Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global prefabricated building market reached a value of US$ 109.8 Billion in 2018, whereas the structural steel market reached a value of US$ 99.2 Billion in 2018.
Growing acceptance and awareness regarding the advantages of prefabricated building and structural steel, such as flexibility, energy efficiency and faster completion represents the key factor driving the market. Additionally, advancements in the construction industry and upsurge in infrastructural activities have propelled the demand for prefabricated building and structural steel globally. Moreover, the shifting focus towards waste management and minimizing emissions, and increasing adoption of green building practices have encouraged the concept of prefabricated construction. Further, the increasing use of this construction technique in smart cities has provided a thrust to the market. Owing to these factors, the market for prefabricated buildings is expected to reach a value of US$ 130.3 Billion by 2024, exhibiting a CAGR of 2.9% during 2019-2024. On the other hand, the global structural steel market is expected to reach US$ 119.8 Billion by 2024, exhibiting a CAGR of 3.2% during 2019-2024.
The global prefabricated building market is segmented on the basis of product type into floors and roofs, walls, staircase, panels and lintels, and others. Based on the applications, the residential sector accounts for the largest share, followed by the institutional, commercial, and industrial sectors. Region-wise, North America represents the largest region, holding the largest share. Other major regions include Asia Pacific, Europe, Middle East and Africa (MEA), and Latin America.
The global structural steel market is segmented on the basis of product type including H-type beam, columns, I-type beam, and angles. Based on applications, the institutional sector represents the largest segment, followed by the residential, commercial and industrial sectors. Region-wise, Asia Pacific is the largest market, followed by Europe, North America, Middle East and Africa (MEA), and Latin America.
This report provides a deep insight into the global prefabricated building and structural steel market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the prefabricated building and structural steel industry in any manner.
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