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. )
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