GCC Prefabricated Building and Structural Steel Market Boosted by Flourishing Construction Industry
This can be accredited to the various advantages offered by prefabricated buildings and growth in the construction sector in the GCC region.
Prefabricated buildings are structured components which are manufactured in a factory and then assembled at the construction site. These prefabricated buildings are installed in structural steel frames which form the skeletal layout of the building. In the GCC region, prefabricated construction is gaining prominence on account of its various advantages such as sustainability, flexibility, cost effectiveness, time efficiency, and protection from moisture, environmental hazards and dirt. A new research report by IMARC Group, titled “GCC Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 3.0 Billion in 2017. The report further anticipates the market to cross US$ 4.4 Billion by 2023, at a projected CAGR of 6.6% over the forecast period.
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GCC Prefabricated Building and Structural Steel Market Drivers/Constraints:
There has been a rise in the construction activities and investments in infrastructure, road and railway projects across the GCC region. This is one of the major factors driving the growth of the market.
The increase in the demand for quick and cheaper construction solutions has been facilitated by upcoming events in the GCC region as well as by a significant boost in the tourism sector which has, in turn, contributed towards an augmented demand for prefabricated building and structural steel.
The governments across the region have implemented various regulations in order to improve waste management and save energy which has positively influenced the growth of the market.
There are several factors which act as major hindrances towards the growth of the GCC prefabricated building and structural steel market such as low build tolerance, supplier dependency and high development prices.
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Product Type Insights:
On the basis of product type, the market has been segmented into prefabricated building and structural steel. They are further segregated on the basis of components where prefabricated buildings include floors and roofs, walls, staircases, and panels and lintels, whereas, the structural steel segment includes H-type beam, I-type beam, columns and angles.
Based on end-use, residential sector holds the largest market share, followed by the institutional, commercial and industrial sectors. The growth in the residential sector can be attributed to increasing levels of disposable incomes and urbanisation.
On a geographical front, Saudi Arabia represents the largest region in the GCC prefabricated building and structural steel market. This can accredited to growing infrastructural projects across the region. Saudi Arabia is followed by the UAE, Oman, Qatar, Kuwait and Bahrain.
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