Wide Flange Beam Market by Product (Hot-rolled and Welded), by Application (Commercial and Residential), by Region (North America, Europe, Asia Pacific, Europe, and Middle East & Africa)– Global Share and Forecast to 2030
According to the Market Statsville Group (MSG), the global wide flange beam market size is expected at a CAGR of 4.1% from 2022 to 2030. A steel beam with a wide flange is utilized in the building and structural industries. It has a form that resembles the letter H. The two parallel end components, known as flanges, are connected by a central web. While the flanges of a normal beam are relatively thin, those of a wide beam are significantly wider and maybe the same length as the web's height. Wide flange beams are the most prevalent form of the beam in Canada, while regular I-beams are less common.
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This beam can be utilized in a variety of construction applications. It is the industry standard for erecting columns in residential and commercial structures in the United States. These beams can also be used to build floors and roofs by laying them parallel to the ground. They are also used in bridge building and as structural supports for highway ramps and overpasses. Traditionally, these beams are steel or aluminum, although wood and composite types have become increasingly popular, particularly in residential buildings.
COVID-19 Impact on the Global Wide Flange Beam Market
The spread of the novel coronavirus, i.e., COVID-19, has severely squeezed the global wide flange beam market. Every market is incredibly uncertain in these times, with countries worldwide suffering from the destabilizing effects of this pandemic. No company is immune to these economic challenges caused by the health crisis, and there were understandable concerns about the destruction caused to the worldwide economy.
As the COVID-19 spreads across the globe, various governments have ordered to slow the transmission of the virus by strict mandating lockdown in various economies. Every element has been affected, from every individual to industries, including manufacturing and others. Factories have been forced to remain closed due to lockdown and social distancing measures, disrupted supply chain resulting in a sharp drop in the sales of wide flange beams on a global level.
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The study categorizes the wide flange beam market based on product and application at regional and global levels.
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The global wide flange beam market is segmented into residential and commercial based on application. The residential segment holds the majority of the market share in the wide flange beam market. The main benefit of the broad flange beam is that it allows engineers to distribute weight across a massive area. This implies it can support a wider structure while posing less of a danger of failure. They are also lighter than a square beam of the same size but can sustain a greater load, making them more efficient.
North America accounts for the largest market share
Based on the regional segment, North America is estimated to account for the major share in the wide flange beams market and is also expected to hold a major share over the forecast period. The growing smart city construction and government infrastructure plans are propelling the market's growth in this region. The Canadian government has initiated a project to create and maintain infrastructure throughout the country. The government has set aside about USD 180 billion (CAD) in vital infrastructure over the next decade under the 'Investing in Canada Plan.' The proposal includes funds for long-awaited initiatives such as public transportation, affordable housing, and rural community development. Additionally, the big investment in construction is another key factor for the growth of the wide flange beam market in North America. Followed by Europe and Asia-pacific region.
beam market in North America. Followed by Europe and Asia-pacific region.
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The global wide flange beam market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.
Major players in the global market are:
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