Northbrook, IL 60062 -- (SBWIRE) -- 06/28/2022 -- The global pre-engineered buildings market size 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 the forecast period. The increasing demand for green buildings and need for reduction in construction time and cost, along with the demand for lightweight building structure, are projected to drive the growth of the pre-engineered buildings market.
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The pre-engineered buildings market is dominated by major players such as 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 adopt various growth strategies such as contracts/orders/project developments, new product developments, divestitures and expansions, and acquisitions to increase their market share. Contracts/orders/project developments were the most dominating strategies adopted by major players from January 2016 to March 2019; this helped them to improve their product offerings and broaden their customer base.
Zamil Steel Holding Company (Saudi Arabia) is one of the key players in the pre-engineered buildings market. It offers pre-engineered buildings for a wide range of applications including warehouses, factories, offices, showrooms, shopping malls, aircraft hangars, power stations, and recreational infrastructures. It is among the few companies that offer complete building solutions. Contracts is the major growth strategy adopted by the company. For instance, 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. Under this contract, the company will provide 4,600 metric tons of pre-engineered steel buildings and over 100,000 square meters of sandwich panels. This contract is expected to enhance the pre-engineered buildings business and tap the untapped market.
Nucor Corporation (US) is involved in the manufacturing and selling of metal buildings for various low-rise and non-residential applications such as aviation/aircraft hangars, warehousing/storage, manufacturing, retail, agriculture, military, athletic/recreational, and self-storage. It has a strong global presence in Asia Pacific, North America, Europe, and the Middle East. The strong global presence and adoption of growth strategy such as expansions have ensured its key position in the pre-engineered buildings market. 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. This is projected to strengthen the company's steel plate product portfolio, which is further supporting its pre-engineered buildings production, as steel plates are used as a raw material to manufacture pre-engineered buildings.