Asia Pacific accounted for the largest share in 2018 and is also projected to record the highest growth rate during the forecast period. The growth in the Asia Pacific region can be attributed to the increasing demand for pre-engineered buildings from the growing non-residential construction and infrastructural development in the region. The major demand for pre-engineered buildings in the region is contributed by India and China, owing to the growing population, economic growth, government investments, and demand for low-cost green buildings. Furthermore, foreign investors are setting up their factories and distribution centers in the developing countries of Asia Pacific owing to cheap labor, trade liberalization, and favorable government policies, further boosting the pre-engineered buildings market growth. This acts as an opportunity for the pre-engineered buildings manufacturers and suppliers.
The pre-engineered buildings market is projected to reach USD 25.0 billion by 2024, at a CAGR of 11.5% from 2019. Factors such as rapid industrialization, growth in the infrastructural investments, an increase in the use of steel in building & construction, and rising demand for sustainable buildings drive the pre-engineered buildings market.
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The warehouses & industrial segment is projected to grow at the highest CAGR during the forecast period. This is attributed to the development of factories, production plants, R&D centers, and warehouses, because of the growing manufacturing sector and industrial expansion in developed and developing regions. Further, the growth of the retail and e-commerce industry generates the demand for warehouses, supermarkets, and distribution centers, thereby supporting the pre-engineered buildings market growth.
The demand for single-story pre-engineered buildings is driven by their wide range of applications in the industrial sector (factories, workshops, warehouses, cold storages, steel mills, and assembly plants), the commercial sector (showrooms, supermarkets, offices, shopping centers, exhibition halls, restaurants, logistic centers, and multi-purpose buildings), public buildings (schools, hospitals, conference halls, laboratories, museums, and stadiums), and others (farms, utility centers, pump stations, aircraft hangers, and airport terminals).
The key players operating in the pre-engineered buildingsmarket 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). These players have adopted various growth strategies to expand their global presence and increase their market share.