Increasing demand from infrastructure and real estate sector, the growing popularity of offsite construction, and rapid urbanization are driving the demand for the prestressed concrete (PC) wire and strand market
New York, Jan. 18, 2021 (GLOBE NEWSWIRE) — The global prestressed concrete (PC) wire and strand market is estimated to reach USD 260.8 million by 2027. Prestressed concrete is a particular type of concrete that is substantially compressed during production to improve its resistance against tensile forces and augment its performance in service. This compression results from the tensioning of strong tendons present in the concrete. These tendons comprise single-wire and multi-wire strands and threaded bars that are composed of high-tensile steel, aramid fiber, or carbon fiber. Prestressed concrete finds extensive application in the construction of residential and commercial buildings and various civil structures. Superior features like reinforced performance, longer lifespan, and decreased structural thicknesses of the concrete make it the most suitable construction material for high-rise buildings, foundation systems, bridges and dams, silos and tanks, industrial pavements, residential slabs, and nuclear containment structures.
The global prestressed concrete (PC) wire and strand market is projected to grow at a substantial pace over the forecast timeframe, supported by a slew of growth-inducing factors. Primary factors responsible for the global market growth include the rapidly expanding buildings & construction industry, rising government investments in public infrastructure development, and growing focus on urbanization, especially in evolving economies across the globe. A significant rise in the number of real estate projects, large-scale construction activities taking place worldwide, fast-paced industrialization, and rapid development of flyovers, bridges, hospitals, hotels, shopping malls, and other public structures are vital factors bolstering global market growth. Moreover, rising demand for offsite construction is another parameter contributing to the growth of this market. The adoption of prefab construction – which refers to the molding of a structure through the curing process under a temperature-controlled environment – has risen significantly over recent years. This, in turn, has further boosted global market development.
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Key findings of the report:
- The galvanized surface coating sub-segment is expected to emerge as the leading market segment in the coming years, owing to the product’s growing applications in the building & construction industry and increasing government funding for the real estate sector.
- Based on carbon content, the medium carbon content sub-segment dominates the global prestressed concrete (PC) wire and strand market in terms of market share. Surging use of prestressed concrete with medium carbon content in the manufacture of various construction and building components is the primary factor behind this segment’s growth.
- In terms of application, the bridges & flyovers sub-segment is the leading market segment due to rapid urbanization and increasing public infrastructural development activities.
- The Asia Pacific prestressed concrete (PC) wire and strand market is considered the global market leader in terms of regional contribution to market revenue. India, Japan, China, Singapore, and Malaysia are among the key growth areas for this regional market. Furthermore, increasing foreign investment in the civil infrastructure sector, rising construction activities, and the escalating demand for high-performance construction materials have further boosted the Asia Pacific market growth.
- Leading competitors in the global prestressed concrete (PC) wire and strand market include ArcelorMittal, FAPRICELA, Henan Hengxing Science & Technology Co. Ltd, Usha Martin, Bekaert, Shagang Group, Kiswire Limited, Insteel, Sumiden Wire, and The Siam Industrial Wire Company Limited.
- In May 2020, the globally leading steel manufacturer, ArcelorMittal, received up to EUR 75 million for two major projects, namely, Steelanol and Torero, aimed at cutting down CO2 emissions by around 350,000 tons per year.
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For the purpose of this report, the global prestressed concrete (PC) wire and strand market is segmented on the basis of surface coating type, carbon content, application, and region:
Surface Coating Type Outlook (Revenue, USD Billion; 2020-2027)
Carbon Content Outlook (Revenue, USD Billion; 2020-2027)
Application Outlook (Revenue, USD Billion; 2020-2027)
- Bridges & Flyovers
- Construction Equipment
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Regional Outlook (Revenue, USD Billion; 2020-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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