The demand for the prefabricated steel building method is rising rapidly in the Americas construction market and is likely to rise further in the forthcoming period. The method ensures high factory efficiencies by minimizing loss of building components and the time of assembly. Further, the growing investment in the construction market for the prefabricated steel building is offering enormous savings, in terms of time and cost, and increasing weather-related delays are facilitating the growth of the market. Owing to this growth in the construction market, BIS Research has compiled a report titled, ‘Americas Prefabricated Steel Building Market-Analysis and Forecast (2017-2025)’. According to the market intelligence report, it is estimated that the Americas prefabricated steel building market will reach a volume of 22.9 million tons by 2025 from 1.20 million tons in the year 2016, growing at a CAGR of 4.9% from 2017 to 2025.
Lately, the region has witnessed a slight increase in the business expansion activities, mergers, acquisitions, partnerships, and collaborations of large construction companies with small manufacturers dealing in modular parts, pre-cut and pre-engineered building components.
These competitive activities are an opportunity for the prefabricated steel building market since it can help the manufacturers and contractors in successfully catering to the customer’s demands. The construction industry and modular part manufacturer can jointly erect the building structure as well as take care of the customization needs of the consumers.
In August 2017, a commercial builder acquired HTT Contacting Inc. acquired trademark construction based in Houston, and GC American based construction based in New York City to expand their business. Another acquisition by AECOM of Shimmick Construction is an example of the same. The acquisition includes several high-profile California projects, including the $1.2-billion Gerald Desmond Bridge Replacement using modular and prefabrication.
Due to competition in the market, the domestic price of the prefabricated steel building is low as compared to other countries. However, countries like Australia are adopting the prefabricated steel building method for construction due to its various advantages such as reduction in the manufacturing cost and long durability of the building. Some of the prominent market players are Allied Steel Building, Kirby building systems, Acrow Bridge, Hormetal SA, and Medabil, among others.