The Asia Pacific Light Gauge Steel Framing Market would witness market growth of 4.0% CAGR during the forecast period (2021-2027).
The light gauge steel frame technique of construction is carried out with the assistance of computers and technology, which cuts, rolls, or collaborates the entire structure without the use of physical labour. Because there is little or no human intervention, the chance of error is reduced. Hence, these factors are anticipated to propel the growth of the regional light gauge steel framing market over the forecasting period.
The increasing requirement to cut costs is expected to lead the development of more refined materials and production techniques, which will lead to increased product acceptance throughout the Asia Pacific. The product's breadth of applicability in commercial buildings is expected to expand in the future as the strength of the frame material improves, allowing it to be used in structures having more than 3 floors.
The growth of the market is being aided by the expansion of building activities. Some of the plans proposed by the governments of China and India are assisting in the expansion of the sector. The light gauge's durability, reliability, and safety have all enhanced as a result of the numerous technological advancements. Light gauge steel can be used for construction for the least amount of money. As a result, it was favoured over concrete and wood.
The China market dominated the Asia Pacific Light Gauge Steel Framing Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5,269.3 million by 2027. The Japan market would experience a CAGR of 3.5% during (2021 - 2027). Additionally, The India market is poised to grow a CAGR of 4.7% during (2021 - 2027).
Based on Type, the market is segmented into Wall Bearing, Skeleton, and Long Span. Based on End Use, the market is segmented into Residential, Industrial, and Commercial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Light Gauge Steel Framing Market is Projected to reach USD 42.8 Billion by 2027, at a CAGR of 4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SCAFCO Steel Stud Company, The Steel Network, Inc., WARE Industries, Inc., Precision, Walls, Inc., Hadley Industries Holdings Ltd., FRAMECAD Limited, CRACO Manufacturing, Inc., and California Expanded Metal Products Co.
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