The Global Prestressed Concrete (PC) Wire and Strand Market is projected to reach USD 260.8 million in 2027. Countries around the world are investing heavily in the infrastructure sector. This along with growth of offsite construction and rapid urbanization taking place around the world is expected to drive the market’s growth during the forecast period.
Governments around the world are aiming to strengthen their infrastructure and allocating a huge amount of budgets in this sector. This is leading to large scale construction activities. Apart from this rapid urbanization is taking place, which is leading to the development of massive real estate projects, flyovers or bridges, malls, hotels, hospitals. These factors are having a massive positive impact on the market under study. The consumption of products is continuously increasing resulting in huge amount of revenue. As a result, several startups are also entering the market in order to cater to the continuously growing demands from the end-use industries. Changing lifestyle of people, an increase in the average disposable income of people, is also acting as catalysts in the market’s growth.
Although the prospects of the industry are quite bright, there are some factors that are creating concerns for the major manufacturers. A slowdown in global trade has been noticed across many sectors in recent times, and the situation has become worse after the outbreak of the COVID-19 pandemic. Thus major players in the market are not making expected profits, and this may be quite discouraging for them. Apart from this, the demand for steel is also decreasing, and this is affecting the market’s growth since steel is the most important raw material used in manufacturing the products. These factors are predicted to restrain the market’s growth during the forecast period.
Key players in the market include ArcelorMittal, Bekaert, FAPRICELA, Henan Hengxing Science & Technology Co. Ltd, Shagang Group, Insteel, Kiswire Limited, Sumiden Wire, Usha Martin and The Siam Industrial Wire Company Limited, among others.
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Further key findings from the report suggest
- The galvanized products segment is expected to steadily increase its market share during the forecast period since it finds its usage in construction of tall buildings. The consumption from real estate sector would primarily drive the segment’s growth.
- Medium Carbon Content products have low market share but is expected to witness slight growth due to its usage in architectural building components.
- Bridges & Flyovers application segment is expected to be the fastest growing segment due to rapid urbanization across the world. PC strands are extensively used in various components of flyovers.
- USA would act as the primary consumer of the market products in the North American region due to increasing investments in infrastructure sector as well as rapid urbanization.
- In May 2020, ArcelorMittal has received a loan of EUR 75 million for two projects Steelanol and Torero which are meant for aimed at reducing CO2 emissions by 350,000 tonnes per year.
- In March 2019, Bekaert expressed its intentions of restructuring its activities in Belgium. Recently the company has developed Dramix steel fiber concrete reinforcement solutions and would showcase its strengths in the TurkeyBuild2020.
- FAPRICELA has recently launched products like PC STRAND COMPACTED 7 WIRES, PC STRAND 3 WIRES, PC STRAND 2 WIRES, HDPE COATED SMOOTH STRAND amongst others.
- There have been a number of M&A in the industry like Insteel Wire Products company acquiring certain assets of Ortiz Engineered Products Inc in 2017, Shagang Group acquiring 24.01% stakes of Global Switch Holdings Ltd in 2019 and Insteel Wire Products Company acquiring all assets of Strand-Tech Manufacturing Inc in 2020.
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Prestressed Concrete (PC) Wire and Strand market.
For the purpose of this report, Reports and Data have segmented into the global Prestressed Concrete (PC) Wire and Strand Market market on the basis of Surface Coatings, Carbon Content, Application and region:
Surface Coatings Outlook (Revenue, USD Billion; 2020-2027)
Carbon Content Outlook (Revenue, USD Billion; 2020-2027)
- High Carbon Content
- Medium Carbon Content
- Low Carbon Content
Application Outlook (Revenue, USD Billion; 2020-2027)
- Bridges & Flyovers
- Railroad Industry
- Construction Equipment
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The report on the Prestressed Concrete (PC) Wire and Strand market provides critical insights into the growth in revenue along with CAGR throughout the forecast period. It also provides insights into lucrative opportunities to enable the businesses to capitalize on the emerging trends of the market. Advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis are used in the report to offer clear understanding about competitive landscape and market growth. it also offers strategic recommendations to the new and emerging players to overcome the entry-level barriers of the market during the forecast period.
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