Reduced cost and time required for construction, increase in focus toward affordable warehouse structures, and rise in demand for new construction activities, owing to growth in population and rapid urbanization, drive the growth of the global pre-engineered buildings market.
WILMINGTON, Del., March 21, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Pre-Engineered Buildings Market by Structure (Single-story and Multi-story), and Application (Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global pre-engineered buildings market was valued at $17.6 million in 2022, and is projected to reach $46.6 million by 2032, registering a CAGR of 10.4% from 2023 to 2032.
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Prime determinants of growth
The expansion of the pre-engineered buildings construction product market relies heavily on investments in industrial and commercial construction. There is a notable demand for constructing commercial complexes, buildings, and workshops due to increased investment in various industries. Additionally, the growth in population and rapid urbanization necessitates the utilization of pre-engineered buildings. Furthermore, the rising demand for renovating old warehouses and buildings fuels the necessity for cost-effective and efficient pre-engineered constructions. In turn, this is anticipated to support the development of the pre-engineered buildings market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size In 2022 |
$17.6 Billion |
|
Market Size In 2032 |
$46.6 Billion |
|
CAGR |
10.40 % |
|
No. Of Pages In Report |
220 |
|
Segments Covered |
Structure, Application, And Region. |
|
Drivers |
Reduced Cost And Time Required For Construction. |
|
Opportunities |
Government Initiative Toward Green Building Concept For Resource Efficiency. |
|
Restraints |
Volatility In Raw Material Prices. |
The single-story segment to maintain its leadership status throughout the forecast period.
By structure, the single-story segment held the highest market share in 2022, accounting for more than three-fifths of the global pre-engineered buildings market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in demand for rapid construction, cost-effectiveness, and flexibility in design and functionality. However, the multi-story segment is projected to manifest the highest CAGR of 11% from 2023 to 2032, owing to the escalating urbanization, increasing demand for high-density spaces, cost-efficiency in construction, and advancements in technology enabling taller structures with enhanced strength and flexibility.
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The commercial segment maintained its lead position during the forecast period.
By application, the commercial segment accounted for the largest share in 2022, contributing nearly three-fifths of the global pre-engineered buildings market revenue, owing to rising demand for rapid construction, cost-effectiveness, and flexibility in design and functionality. However, the industrial segment is projected to manifest the highest CAGR of 10.6% from 2023 to 2032. This is owing to increasing demand for cost-effective, durable, and flexible solutions to accommodate evolving manufacturing, warehousing, and logistics needs.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the pre-engineered buildings market revenue, owing to rising industrialization in developing countries such as India, Japan, China, and others. However, the Middle East and Africa are expected to witness the fastest CAGR of 11.4% from 2023 to 2032, owing to rising industrial growth in different sectors of manufacturing, and other industries in the region.
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Leading Market Players: –
- BlueScope Steel
- Era Infra
- Everest Industries
- Interarch Building Products
- Jindal Buildsys
- Kirby Building Systems
- Lloyd Insulations
- PEB Steel Buildings
- Tiger Steel Engineering
- Zamil Steel
The report provides a detailed analysis of these key players in the global pre-engineered buildings market. These players have adopted different strategies such as new product launches, collaborations, expansion, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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