Pre-engineered Buildings Market to Grow at 11.5% CAGR to 2024 Driven by Recent Developments in Green Buildings and Lightweight Buildings

Report on pre-engineered buildings market dominated by increasing demand for green buildings & need for reduced construction time and cost along with demand for lightweight building structures. Vulnerability to corrosion, lower thermal conductivity, and limited fire resistance of pre-engineered buildings may pose a restraint to pre-engineered buildings market.

Pre-engineered buildings market is projected to grow from USD 14.5 billion in 2019 to USD 25.0 billion by 2024, at a CAGR of 11.5 % during forecast period. Single-story segment is projected to account for larger market share during forecast period. Cominance of single-story buildings is attributed to their wide range of applications, lesser requirement of accessories, green building solution, and cost-time benefits.

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Multi-story segment accounted for a lesser share in pre-engineered buildings market, owing to lesser acceptance and awareness of these buildings in commercial and residential application in the under-developed and developing countries. Consumers in these countries still prefer concrete as a construction material for multi-story buildings.

“Growing awareness about the green buildings is projected to drive the growth of the pre-engineered buildings market”

Key players operating in the pre-engineered buildings market include BlueScope Steel (Australia), NCI Building Systems (US), Nucor Corporation (US), Kirby Building Systems (Kuwait), Zamil Steel Holding Company (Saudi Arabia), ATCO (Canada), Lindab Group (Sweden), PEBS Pennar (India), PEB Steel Buildings (Vietnam), and Everest Industries (India). Major demand for pre-engineered buildings in region is contributed by India & China, owing to growing population, economic growth, government investments, and demand for low-cost green buildings.

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Asia Pacific accounted for largest share in 2018 and is also projected to record highest growth rate during forecast period. Growth in Asia Pacific region can be attributed to increasing demand for pre-engineered buildings from growing non-residential construction & infrastructural development in region. The Asia Pacific is projected to record the highest growth rate during the forecast period

Recent Developments

  • In March 2019, Nucor Corporation has planned to expand its steel plate production capacity by building a steel plate mill in Brandenburg, KY, US. The company has planned an investment of USD 1.35 billion in the mill. This mill has a planned production capacity of 1.2 million tons of steel products per annum.
  • In August 2017, Zamil Steel Pre-engineered Building Company signed a contract with Agility Kuwait to build four air-conditioned warehouses in Mina Abdullah, Kuwait. This contract was valued at USD 6.7 million.
  • In February 2016, Everest Industries built a 4.5 lac sq. ft. exhibition center, India Exposition Mart, in Greater Noida, India. This project was completed in 180 days and was valued at USD 5.22 million.

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Nucor Corporation’s (US) strong business portfolio, coupled with its focus on innovative technologies, contributes to its significant position in the pre-engineered buildings market. Its strong foothold boosts its market position globally. The company continues to target opportunities in emerging countries, such as India and China, to take advantage of the rising disposable income of consumers in these potential economies.

Key Benefits of Buying the Report

Report will help market leaders/new entrants in this market with information on closest approximations of revenue numbers of overall pre-engineered buildings market & its sub segments. Study also includes an in-depth competitive analysis of key players in market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

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