Cold-formed Steel Market Size, Share and Global Trend By Type (Structural Shapes, Panel & Decks), By Technology (Roll Forming, Folding, Press Braking), By Application (Building & Construction, Automotive, Industrial Equipment, Others) and Regional Forecast, 2024-2032

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. Cold-framed steel is also called light gauge steel that is mostly made from steel plates, sheets, and strips materials. It has various advantages such as cold-framed steel is easy to fabricate, transport, and install.

Also, it provides moisture, fire, wear and corrosion resistance, and energy-efficient. In US cold-framed steel is called advantageous building material owing to light in weight and able to bear high magnitude of earthquake it appears to be earthquake-proof. These findings expected to increase in demand for cold-framed steel. Cold-framed steel is mostly utilized for assembling purposes in the construction. Also, it has wide applications in the automotive and industrial sectors.

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On the basis of type, the global cold-formed steel market can be segmented into individual structural shapes and panel & decks. Different structural shapes are widely used for building & construction activities like bridges, malls, etc. This segment consists of various shapes like C-section, Z-section, and T-section, etc. which are the base of big construction. Panel & decks are used to provide structural length, roofing, flooring, etc. Based on technology, the market is segmented as roll forming, folding, and press braking.

On the basis of application, the global cold-formed steel market is segmented into building & construction, automotive, industrial equipment, and others. Building & construction is expected to dominating the market in the above segmentation. In construction, cold-formed steel has wide application in the residential steel framing system. In construction, steel has used the alternative of lumber of joints, studs and other structural components of residential construction.

Also, it is widely used for various building products such as doors, windows. In highway construction, cold-formed steel is used for guard rails, median and glare barriers, permanent bridge deck forms, signs and other components. In the automotive industry, cold-formed steel is widely used to make parts of vehicles. 

The factor that is expected to drive the growth of the global cold-formed steel market is rising construction activities across the world primarily commercial construction in developing countries with respect to change in lifestyle and per capita income of the people. Also, cold-formed steel is lighter in weight, high strength, and stiffness result in more design options, wider span, and better material usage.

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.

The factor that is expected to restrain the growth of the global cold-formed steel market is trade war happens among the countries across the world which resulted in an increase in tariff or placing other restrictions for trade which has created obstacles in the steel market to grow.

Key Market Players

Some of the major companies in the global cold-formed steel market are HBIS group, AK Steel Corporation, ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Baosteel, POSCO, Nucor Corporation, Steel Dynamic Inc., JSW steel, and Shagang Group.

SEGMENTATION

Regional Analysis

The global cold-formed steel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the Asia Pacific with a rapid increase in population and growth in building & construction activities of a residential & commercial building, bridges, warehouses, etc. Also, in a developing country like India, where government spending has increased in infrastructure development for building & construction. These are the main reason for cold-formed steel market to grow. In North America, the USA is the leading manufacturer of cold-formed steel. Improvement in construction activities, especially in the USA is one of the factors which escalates the cold-formed steel market. In the Middle East & Africa owing to infrastructure construction going on in UAE related to the Dubai Expo 2020 exhibition, and in Qatar, for the 2022 football World Cup, is supporting cold-formed steel demand in the region. The rebuilding of both Syria and Iraq after recent military conflicts another primary reason for escalating cold-formed steel demand in the Middle East. In Europe, with the expansion in automotive production and rise in the construction activity, which requires a massive amount of cold-formed steel for the process.

Key Industry Developments

• In Jul 2019, Tata Realty and Infrastructure Ltd. planned to expand to its commercial real estate portfolio for its residential and commercial projects. Company has stepped up growth with the land acquisition of nearly about 10-15 million sq. ft. This growth will show a positive outlook for the cold-formed steel market in the future construction project.


• In Apr 2019, In Qatar, owing to an increase in big construction projects like building a football stadium for FIFA world cup Qatar 2022 which ramped up in the construction sector in Qatar. This project shows there is a huge demand for cold-formed steel.


• In Jun 2019, The US dept. of transport is investing in port infrastructure development program which will help to strengthen, modernize and improve countries’ maritime system and gateway ports. The worth of this new $300 million. This construction project will require a huge amount of cold-formed steel that shows a positive outlook for the cold-formed steel market.