The latest report by IMARC Group, titled “GCC Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the GCC prefabricated building and structural steel market reached a value of nearly US$ 3 Billion in 2016. Prefabricated buildings are structured components which are manufactured and assembled by a process called prefabrication. These prefabricated buildings are installed in structural steel frames which are skeletal layout of a building. In the GCC countries, prefabrication construction is gaining popularity on account of various advantages such as flexibility, sustainability, time efficiency, cost effectiveness, and protection from moisture, environmental hazards and dirt.
Highlights of the GCC prefabricated building and structural steel market:
- Increasing construction activities in the GCC region act as one of the major factors for market growth.
- Prefabricated building exhibits a clear dominance in the market, accounting for the majority of share.
- Saudi Arabia represents the largest market owing to increasing steel consumption and infrastructural projects.
In order to achieve economic diversification, there has been a surge in the construction activities and growing investments in infrastructure, road and railway projects in the GCC countries. This acts as a primary factor for the growth of the GCC prefabricated building and structural steel market. Additionally, a boost in the tourism sector along with upcoming events in the GCC countries have facilitated the demand for quick and cheaper construction solutions. Moreover, on account of energy saving and waste management, the governments have been supporting the use of prefabricated buildings. However, low build tolerance, supplier dependency and high development prices act as a hindrance for the market growth. Further, the GCC prefabricated building and structural steel market is further expected to reach a value of more than US$ 4 Billion, exhibiting a CAGR of 7.1% during 2017-2022.
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The report has segmented the market on the basis of product type into prefabricated building and structural steel which are further segregated on the basis of components. The components of prefabricated building are floors and roofs, walls, staircases, and panels and lintels, whereas, H-type beam, I-type beam, columns and angles represent the components of structural steel. Based on end-use, residential sector holds the largest market share, followed by institutional, commercial and industrial sectors. Region-wise, Saudi Arabia currently accounts for the majority of the total global share, as a result of growing consumption of steel and infrastructural projects in the region. Some of the other key markets include UAE, Oman, Qatar, Kuwait and Bahrain.
The report by IMARC Group has examined the GCC prefabricated building and structural steel market on the basis of:
- Prefabricated Building
- Structural Steel
- Floors and Roofs
- Panels and Lintels
- H-Type Beam
- I-Type Beam
- Saudi Arabia
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