Global Prefabricated Building and Structural Steel Market Size Expanding to Touch USD 348 Billion by 2029

Published | 20 February 2023

Global prefabricated buildings and structural steel market is flourishing due to the increasing number of massive rebuilding and redevelopment projects, growing demand from the thriving construction sector, and the rapid adoption of technology advancements.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global prefabricated buildings and structural steel market size at USD 218.96 billion in 2022. During the forecast period between 2023 and 2029, the global prefabricated buildings and structural steel market size is projected to grow at a CAGR of 6.96% reaching a value of USD 347.91 billion by 2029. Significant growth in the construction industry, an increase in infrastructure activities, and the adoption of technology advancements in the construction process are among the key factors positively influencing the market growth. Individuals' growing awareness of the benefits of using prefabricated materials and structural steel, such as flexibility, durability, energy efficiency, and faster completion, is boosting the market outlook. Aside from that, the rise in the number of hotels, institutes, shopping malls, and high-rise buildings is increasing demand for these materials, which will help to improve infrastructure durability. In line with this, the widespread use of prefabricated materials in temporary construction facilities, office spaces, medical camps, evacuation centers, schools, apartment blocks, and single-family homes provides lucrative growth opportunities for manufacturers.

Global Prefabricated Buildings and Structural Steel Market – Overview

Prefabricated buildings are built in a factory according to a person's preferences, then put on the building site. They are built off-site by employees in specialized facilities who manufacture components like walls, roofs, and staircases. Glass, composites, plastics, and other reinforced plastics, as well as metal and wooden panels, are just a few of the materials used to make them. They eliminate the need for qualified workers on the job site and help save time and money. On the other hand, the installation of prefabricated components uses structural steel as the basic framework. Longevity, adaptability in terms of design, ease of expansion, weather resistance, efficient use of resources, few maintenance requirements, and environmental friendliness are only a few advantages.

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Opportunity: Rebuilding & Redevelopment Projects in Disaster-hit Regions

Global prefabricated building and structural steel market is expected to gain from significant opportunities provided by the massive rebuilding, redevelopment, and recovery infrastructure projects from disaster-hit regions across the world, particularly in earthquake-hit Türkiye and war-ravaged Ukraine.

On February 06, 2023, a 7.8-magnitude of earthquake hit Türkiye and Syria, killing tens and thousands of people and severely damaging infrastructure in urban and rural areas across its fault line. The President of Türkiye announced that the government would engage in a comprehensive construction program to rebuild cities with safety and sustainability. Analysts estimated that the urban redevelopment across Türkiye post the earthquake would provide huge opportunities for the construction and related industries in total investment of more than USD 250 billion.

Russia’s war in Ukraine has been continuing for more than a year now. Consequently, infrastructure across Ukraine has been severely damaged. In September 2022, Ukraine government, the European Commission, and the World Bank, along with their partners estimated the cost of Ukraine’s reconstruction and recovery would be about USD 350 billion. As the war continues, the cost is anticipated to escalate.

Massive redevelopment and recovery projects in Türkiye and Ukraine are expected to provide lucrative growth opportunities for construction and supplementary industries. It, in turn, is projected to aid the growth of global prefabricated and structural steel market during the forecast period between 2023 and 2029 and beyond.

Challenge: High Variations in Costs

Market expansion is seriously threatened by raw material and machinery price variations and instability. The uneven distribution of raw materials in one area is impeding the market's expansion. The market's expansion will be further stymied by the availability of reasonably priced alternatives. Obstacles include low thermal conductivity, flammability, and corrosion susceptibility.

Impact of COVID-19 on Global Prefabricated Building and Structural Steel Market

COVID-19 had an impact on several manufacturing companies in 2020–2021 as it resulted in workplace closures, supply chain interruptions, and transit restrictions. Several countries, including China, India, Brazil, and many others, used lockdowns under this circumstance, which resulted in the shutdown of production and manufacturing facilities. The building, construction, electrical, electronics, and automotive industries were all significantly impacted by this outbreak, which in turn had a detrimental impact on the market. During this time, there was a major fall in revenues and profitability as a result of adverse effects on the supply chains of numerous manufacturing sites. However, because of the ongoing relaxations, a significant increase in imports and export is anticipated. The proper regulating body is beginning to lift these compulsory lockdowns.

Global Prefabricated Buildings and Structural Steel Market – By End User

The Residential, Institutional, Commercial, and Industrial segments are part of the global prefabricated building and structural steel market by end user. The industrial segment was the market leader in 2022. Structural steel is mostly used in industrial structures because of its tremendous strength and capacity to decrease the potential consequences of repairs. It is ideal for constructing large bridges due to its great durability and good strength-to-weight ratio, which allows it to support the weight of cars and pedestrians. spending increases on the development of manufacturing facilities, stadiums, hospitals, big-box stores, and data centers. These factors are what is causing this market segment to grow.

Competitive Landscape

Global prefabricated buildings and structural steel market is fiercely competitive. Prominent players in the market include Algeco Scotsman, Champion Home Builders Inc., Redsea Housing, Kirby Building Systems LLC, Lindal Cedar Homes, Red Sea Housing Services, Butler Manufacturing Company, Astron Buildings, Ritz-Craft Corporation, Modern Prefab Systems Pvt. Ltd., and United Partition Systems Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the global prefabricated buildings and structural steel market.

Don’t miss the business opportunity in Global Prefabricated Buildings and Structural Steel Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Prefabricated Buildings and Structural Steel Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Prefabricated Buildings and Structural Steel Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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