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According to Fortune Business Insights, The global cold-formed steel market size is anticipated to grow at a healthy CAGR during the forecast period. Cold-formed steel, also known as light gauge steel, is primarily manufactured from steel plates, sheets, and strips. It offers several advantages, including ease of fabrication, transportation, and installation.
Cold-framed steel is commonly used for construction purposes. These cold-framed are mostly made up of sheets, steel plates, and strip materials. Its advantages such as easy to transport, fabricate and install. Its lighter weight, stiffness, and high strength are key properties boosting its demand and adoption. Steel is the most commonly used material for construction purposes. There are thousands of grades of steel, and there is various technology for the manufacturing of steel. One of the essential types of steel which are commonly used for construction purposes is called cold-framed steel.
Fortune Business Insights presents this information in its report titled "Cold-formed Steel Market, 2025-2032."
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The Report Lists the Key Players Profiled in the Market Report:
HBIS Group (China)
AK Steel Corporation (U.S.)
ArcelorMittal (Luxembourg)
Nippon Steel & Sumitomo Metal Corporation (Japan)
Baosteel (China)
POSCO (South Korea)
Nucor Corporation (U.S.)
Steel Dynamic Inc. (U.S.)
JSW steel (India)
Shagang Group (China)
Market Segments:
Based on segment type, the market is classified into structural shapes, panels & decks.
On the basis of technology, the market is split into roll forming, folding, and press banking.
According to the application, the market is segmented into building & construction (residential & non-residential), automotive, industrial equipment, and others.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Need for High-Strength Materials to Drive Market Forward
Cold-formed steel's properties are resistance to fire, wear and corrosion, moisture, and energy-efficient. They are also called light gauges and are made from sheets, strip materials, and steel plates.
The material's advantages are that it is easy to transport, fabricate and install. These factors and properties are anticipated to increase the demand in the market and elevate growth.
The cold-formed steel material is in high demand in the U.S. as the material appears to be earthquake-proof. Also, it’s lightweight and can bear the high magnitude of an earthquake is the reason for to growth of the market.
The demand for the product is not limited to the construction and building sector, but it has high demand in the industrial and automotive sectors.
Regional Insights:
Increasing Infrastructure Activities to Boost Asia Pacific Market Growth
Asia Pacific is expected to dominate the market with the increase in the growth in building and population and construction activities such as warehouses, bridges, and buildings. The main reason for the material is increasing because of the government's growing interest in infrastructure.
North America holds the second-largest share as the U.S. is the leading manufacturer of cold-formed steel. Surging construction activities in the U.S. is the reason for the cold-formed steel market growth.
In the Middle East & Africa, the growing demand for construction and buildings due to the 2022 football World Cup is expected to grow the cold-formed steel market share.
In Europe, with the development in the construction and automotive industry, the requirement for cold-formed steel is massive.
Competitive Landscape
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns, such as investments, and the launch of new and advanced products in the market. Companies have been applying new plans such as partnerships and mergers to support their position in the market.
Cold-formed steel can be fabricated with high accuracy in a plant and then assembled on job sites, which significantly increases erection efficiency and ensures construction quality. Also, very less manpower is required for construction; it is a durable material, economy in transportation and handling and recyclable in nature.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/cold-formed-steel-market-100983
Notable Industry Development:
December 2022- Recently, the Finance Ministry removed the 15% export tax it had previously imposed on a number of steel goods in an effort to increase supply on the domestic market and control pricing. The people involved in the steel sector are greatly relieved by this. Furthermore, the tax on high-grade iron ore has been reduced from 50% to 30% while being fully eliminated for lower grades with iron contents below 58%.
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