The GCC prefabricated building market, valued at US$ 3.15 Billion in 2020, is driven by construction activities, sustainable growth, and infrastructure investments.
According to the latest report by IMARC Group, titled “GCC Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the GCC prefabricated building and structural steel market reached a value of US$ 3.15 Billion in 2020. Prefabricated buildings represent structures manufactured in a factory and transported to the construction site, which are then assembled in a proper building. Structural steel stands for the skeletal framework of the building, wherein the prefabricated parts are installed. To build these frame structures, several materials are required, including metal panels, wooden panels, glass, plastics, composites, etc. They are suitable for temporary structures as they require less time involvement and have low costs. Prefabricated construction is also utilized in the GCC region as it aids in waste management and saves energy.
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The expanding construction activities and growing awareness among consumers regarding the flexibility of structural steel across the GCC region are driving the market growth. Besides this, the rising focus on sustainable growth is also encouraging the adoption of prefabricated buildings and structural steel in the construction sector, thereby augmenting the market growth. In addition to this, the increasing investments in the infrastructure sector by both public and private stakeholders are also propelling the market growth. Furthermore, the expanding tourism industry and the upcoming events in the GCC region have propelled the demand for quick and cheaper construction solutions, which, in turn, will continue to drive the market in the coming years. On account of these factors, the GCC prefabricated building and structural steel market is expected to exhibit moderate growth during the next five years.
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The article discusses the trends and growth of the GCC prefabricated building and structural steel market from 2021 to 2026.
How does prefabricated construction benefit the GCC region? It offers cost-effective, quick construction solutions and supports sustainable growth.
What factors are driving market growth? Expanding construction activities, sustainable growth focus, and infrastructure investments.
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