Corrugated Steel Panels Market Forecast and CAGR
According to the latest research by Fact.MR, steel panels market is set to witness steady growth during 2021-2031. Demand for these panels will witness steady recovery in the short term, with an optimistic growth outlook in the long run.
As these panels can be used for various purpose and they are not very costly along with the fact that they are easy to maintain, the demand is expected to see a growth in projected years of the report.
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What is Driving Demand for Corrugated Steel Panels?
Due to Covid-19, the steel industry saw a decrease in demand as constructions were on hold in many countries, but with the ease in lockdown and reopening construction industry, these steel panels market will see a rise in demand.
The steel panels industry will see growth due to the rise of their demand in agricultural and commercial sectors, for their use in sheds, garages, warehouse, farms house and others.
The construction industry is seeing a boost and the industry will see huge growth and corrugate steel panels are used in many non-residential & commercial buildings, retail outlooks and other construction sites, so with the boost in constructions the steel panels industry will also see a growth in upcoming years.
As these steel panels are strong and long-lasting they are used in constructing roofs for agricultural buildings so their demand in the agricultural sector is expected to rise in the projected period of the report.
The Use of Corrugated Steel Panels is Rising for Siding Purpose
Siding is outer covering or cladding of a residential house or any other industrial or agricultural construction buildings. In these construction sites, siding can be done by wood or stone but the market is moving more towards steel panels because of their durability and low maintenance cost.
Steel panels are also preferred for siding because they have high tensile strength. Because of this high tensile strength, they can be used for stronger impacts and high weight loads as well. Other factors that is driving the demand of these panels are they are long lasting and they can be easily replaceable and maintaining them is also very cost effective and easy.
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India & China Corrugated Steel Panels Market Outlook
Asia is expected to be the biggest region for the corrugated steel panels industry in upcoming years. China is the biggest market in the region followed by India.
As the construction industry is seeing a boost in China and many new sites like non-residential buildings and agricultural shed are being constructed in the country, the use of these panels is also being used in many garages as well, so the use of steel panels is increasing across the country.
Similar to China, in India also the construction industry is seeing growth, with many new agricultural sites are being made and these steel panels are being used in these constructions as they are very cost-effective and can last for a very long period.
Latin America and North America Market Outlook
Latin America is an evolving and growing region, there is a rise in constructions in recent years and it is projected the rate of construction will keep on rising in coming years. Steel panels are used in many of these construction sites, especially in countries Argentina, Brazil and Colombia.
Compared to Latin America, the industry for corrugated steel panels in North America is and will grow at a slow rate because the construction industry in the region is matured and consumers in the country prefer to use wood or stone in the county prefer these panels for garage doors.
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Who are the Key Manufacturers and Suppliers of Corrugated Steel Panels?
Some of the leading manufacturers and suppliers of corrugated steel panels include
- Aesteiron Steel LLP
- ABC Roofing Compony
- HMAL Ltd.
- Bansal Roofing
- JSW Steel
- McElroy Metal
- Bridger Steel
- Tata BlueScope Steel
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