The global prefabricated building and structural steel market size reached US$ 206.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 299.4 Billion by 2027, exhibiting a growth rate (CAGR) of 6.45% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sector. These insights are included in the report as a major market contributor.
Prefabricated buildings are manufactured in a factory and assembled on the construction site depending on the preference of an individual. They are made by assembling components, such as roofs, walls, and staircases, at off-sites by builders in specialized facilities. They are fabricated using numerous materials, including metal and wooden panels, glass, composites, plastics, and other reinforced plastics. They help save time and cost and eliminate the need for skilled workers to be present on the construction site. On the other hand, structural steel represents the basic framework wherein prefabricated parts are installed. It offers various advantages, such as durability, design flexibility, ease of expansion, weather resistance, efficient material utilization, minimal maintenance, and eco-friendly nature.
Prefabricated Building and Structural Steel Market Trends:
Significant growth in the construction industry, an increase in infrastructural activities, and technological advancements in the construction process represent one of the key factors positively influencing the market. In addition, rising awareness among individuals about the benefits of using prefabricated material and structural steel, such as flexibility, durability, energy efficiency, and faster completion, is creating a positive outlook for the market. Apart from this, the expansion of hotels, institutes, shopping complexes, and high-rise buildings is catalyzing the demand for these materials to enhance the durability of infrastructure. In line with this, the widespread adoption of prefabricated materials in temporary construction facilities, office spaces, medical camps, evacuation centers, schools, apartment blocks, and single-detached houses is offering lucrative growth opportunities to manufacturers. Furthermore, the shifting focus toward waste management and minimizing harmful emissions are increasing the adoption of green building practices, which, in turn, is driving the demand for these materials. Moreover, the increasing traction of smart cities is catalyzing the demand for prefabricated buildings and structural steel, which is expected to propel the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global prefabricated building and structural steel market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on component and end-use sector.
Breakup by Component:
- Prefabricated Building
- Floors and Roofs
- Panels and Lintels
- Structural Steel
- H-Type Beam
- I-Type Beam
Floors and roofs currently dominate the prefabricated building market as prefabricated materials make them durable, reliable, and cost-effective. On the other hand, H-type beams hold the largest share of the structural steel market as they can bear larger loads and are more reliable for large-scale projects.
Breakup by End-Use Sector:
On the basis of the end-use sector, the prefabricated building and structural steel market has been segmented into residential, institutional, commercial, and industrial.
Breakup by Region:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
The Asia Pacific enjoys the leading position in the market due to the growing population and the rising awareness among individuals about the benefits of constructing green buildings in the region.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||US$ Billion, Million Units, Million Tons
||Component, End-Use Sector, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
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