According to Research and Markets, the prefabricated steel building market saw a growth of 1.92 percent between 2008 and 2012. During the financial crisis of 2009, the overall steel building market fell 15 percent as did most other major production industries across the globe. While 1.92 percent may seem like small growth, when you consider the economic collapses seen across the world during 2009, it’s a miracle the steel building market didn’t simply break even or post record-breaking losses.
Other industries didn’t fare as well. During the 2009 global recession, construction activities slowed in just about every country whether steel was involved or not. While most industries eventually recovered, steel has continued to grow in 2013 and it’s predicted to continue growing throughout 2014 posting a potential 8.59 percent growth from 2012. While these numbers are still an approximation, it looks like the pre-fabricated steel building market is alive and well worldwide.
Steel Buildings Around the Globe
Other facts that were revealed in Research and Markets report include the following:
- The Asia-Pacific region saw the best market value from steel buildings. They outperformed every other region of the world.
- China saw the largest individual country growth in steel buildings, followed by the countries of Japan, then Australia and finally Indonesia.
- Europe grew 25.4 percent of its steel buildings market, with over $31.5 billion in US dollars earned in 2012. The top performing countries in the industry there included Germany, the United Kingdom, France and Russia.
- North American saw a market value of $10.2 billion in US dollars for 2012. The housing crisis, coupled with the recession, crippled the steel building market in the United States.
Metal Building Popularity Growth
The pre-fabricated steel building market is poised to continue growth in 2014. As more consumers turn to steel buildings for everything from homes to garages to shops and everything in between, steel becomes a more valuable commodity. Steel buildings offer a variety of designs, creativity and quick engineering to give consumers the confidence they need in their next project. If you’re thinking of investing in a steel building, contact General Steel to see how they can help you get on your way.