New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Architectural And Structural Metals Global Market Report 2023" - https://www.reportlinker.com/p06464096/?utm_source=GNW
, Larson Manufacturing Company Inc., Jeld Wen Inc., Defiance Metal Products Co., TrueNorth Steel Inc., and DuraVent Inc.
The global architectural and structural metals market is expected to grow from $562.71 billion in 2022 to $592.26 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The architectural and structural metals market is expected to reach $720.94 billion in 2027 at a CAGR of 4.9%.
The architectural and structural metals market consists of sales of steel, aluminum, and copper.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Architectural and structural metals refer to the high-standard and well-designed components that are engaged in holding a building together. They are used in the construction industry to form structural components.
North America was the largest region in the architectural and structural metals market in 2022. The regions covered in the architectural and structural metals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of architectural and structural metals are plate work and fabricated structural products and ornamental and architectural metal products.Plate work and fabricated structural items are products whose main function is to produce iron, steel, or other metal for use in structures.
The various applications involved are construction, manufacturing and others.
The growing construction industry is expected to propel the growth of the architectural and structural metals market going forward.Construction is the process of creating, modifying, repairing, remodelling, or destroying an infrastructure facility.
It also refers to the act of making or creating something.The construction industry requires architectural and structural metals to create impressive and long-lasting buildings because they are resistant to corrosion, ductile, and lightweight, so a growing construction industry will propel market growth.
For instance, in 2021, according to Oxford Economics, a global provider of economic forecasting and analysis, global construction output grew by 6.6%. The world construction output is anticipated to increase by 35% from the current decade to 2030 when it is expected to reach a cumulative amount of $135 trillion. Therefore, this is driving the architectural and structural metals market.
Technological advancements are a key trend gaining popularity in the architectural and structural metals market.Major companies operating in the architectural and structural metals market are focused on technological advancements to strengthen their market position.
For instance, in December 2022, CYPE, a Spain-based developer of technical software for architecture, engineering, and construction professionals, launched StruBIM Steel, a new tool for creating structural steel detailing drawings.It is uniquely designed to create and maintain BIM (building information model) models for steel detailing and generate all the structural drawings ready for fabrication with a single click.
The documents generated by the program can be delivered directly to fabrication workshops. It allows to revision and update of the fabrication drawings and assembly drawings on an ongoing basis.
In November 2022, Clover Architectural Products, a US-based provider of architectural products for the construction industry acquired American Custom Metal Corp. for an undisclosed amount. Through this acquisition, Clover will combine its resources with those of American Custom Metal to enable it to expand and strengthen its business offering and product portfolio. American Custom Metal Corp is a US-based architectural metal fabricator, that specializes in high-end architectural metals.
The countries covered in the architectural and structural metals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The architectural and structural metals market research report is one of a series of new reports that provides architectural and structural metals market statistics, including architectural and structural metals industry global market size, regional shares, competitors with architectural and structural metals market share, detailed architectural and structural metals market segments, market trends, and opportunities, and any further data you may need to thrive in the architectural and structural metals industry. This architectural and structural metals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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