Cold-Formed Steel Market: Product Introduction
- Cold-formed steel is processed by rolling steel or pressing steel into semi-finished or finished products at relatively low temperatures or at room temperature. Currently, the usage of cold-formed steel systems is significantly rising in countries where traditional structural building solutions have dominated the construction sector
- This is primarily due to the developing and increasing technical, structural, and economic competitiveness of cold-formed steel systems. Cold-formed steel offers certain advantages such as lightness of weight, high quality, dimensional stability, durability, high strength-to-stiffness ratio, ease of mass production, flexibility, quick and simple erection or installation
- Also, cold-formed steel are easy for transportation and handling, and are reusable elements at the end of lifecycle. Cold-formed steels are widely used in buildings, automobiles, home and office furniture, utility poles, storage racks, grain bins, railway coaches, highway structures, drainage facilities, and bridges
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Key drivers of cold-formed steel market
- Less wastage, requirement of less number of personnel, and speed of construction are the key factors driving the global cold-formed steel market
- Cold-formed steel are widely used in building & construction activities. Advantages associated with cold-formed steel over other construction materials drives the overall demand for cold-formed steel market. Furthermore, industry-wide support provided by various organizations to promote cold-formed steel research and products, including codes and standards development that is spearheaded by the American Iron and Steel Institute (AISI) is also one of the key factor for cold-formed steel demand
Cold-formed Steel Market: Segmentation
- In terms of application, the global cold-formed steel market can be segregated into residential, non-residential, automotive, industrial equipments and others
- Non-residential is expected to exhibit significant share during the forecast period. Non-residential segment refers to the commercial buildings such as offices, malls, educational institutes, industrial structures etc.
- Cold-formed steel are widely used for wall framing, wall coverings, floor deck, roof framing and others in non-residential segment. Design flexibility makes cold-formed steel products ideal for residential, commercial, institutional, educational, and industrial structures. Cold-formed steel stud wall framing has been widely used in commercial buildings for exterior and interior wall construction
- Rise in infrastructure activities especially construction of commercial complexes especially in developing countries owing to change in lifestyle and increase in per capita of the people is the major factor which is anticipated to drive the demand for cold-formed in non-residential segment
- Cold-formed steel are classified in two major types individual structural framing members and Panel & decks. Individual structural framing members consist of usual shapes such as C-section, Z-section, hat sections, I-sections, T-sections and tubular members. These sections can be used as primary framing members in building & construction
- Panel & decks are normally used for roof decks, bridge forms, floor deck, wall panels and siding material. Cold-form steel panel & deck not only provide structural length, but also provide a surface on which roofing, flooring or concrete fill can be applied
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Asia Pacific anticipated to hold significant share of global cold-formed steel market
- Asia Pacific is expected to hold key share of the cold-formed steel market during the forecast period. The market in the region is estimated to expand at a rapid pace during the projected period
- Abundant availability of raw materials, favorable manufacturing regulations, rise in government initiatives, rapid growth in population, and expansion in building & construction activities are prominent factors anticipated to augment the demand for cold-formed steel in Asia Pacific
- China and India are the prominent countries projected to constitute large share for cold-formed steel market in Asia Pacific during the forecast period. Construction of residential & commercial buildings, recreational architecture, bridges, warehouses, and industrial storage houses is rising at a rapid pace in the region. Also, increased urbanization, government spending also set the ASEAN economies in developing stage which is anticipated to propel the growth in infrastructure development for building and construction industry in region
- After Asia Pacific, North America is likely to be the key region of the market between 2019 and 2027. Revival in construction activities in especially in U.S. is the major factor which is anticipated to propel the demand for cold-formed steel in North America during the forecast period
- The steel industry is fundamental to the manufacturing sector and the overall economy of North America. It directly and indirectly supports almost one million U.S. jobs. The cold-formed steel market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period
Cold-formed Steel Market: Key Players
Large numbers of companies operate in the global cold-formed steel market. Cold-formed steel market is fragmented owing to presence of large number of companies in the market. Some of the prominent companies operating in the cold-formed steel market include
- AK Steel Corporation
- Nippon Steel & Sumitomo Metal Corporation (NSSMC)
- Nucor Corporation
- Steel Dynamic Inc.
- JSW Steel
- Jiangsu Shagang
Global Cold-formed Steel Market: Research Scope
Global Cold-formed Steel Market, by Product Type
- Individual structural framing members
- Panel & decks
Global Cold-formed Steel Market, by Application
- Building & Construction
- Industrial equipment
- Others (Grain bins, transmission tower, etc. )
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.