Wilmington, Delaware, United States, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global PC strand market is estimated to flourish at a CAGR of 3.9% from 2023 to 2031. According to Transparency Market Research, sales of PC strand are slated to total US$ 378.6 million by the end of the aforementioned period of assessment. Evolving building codes and regulations worldwide drive demand for PC strands due to stringent requirements for reinforced structures. Compliance with safety standards and structural integrity fuels market growth.
Increasing occurrences of natural disasters prompt a heightened focus on resilient infrastructure. PC strand's capacity to reinforce structures against seismic activities and adverse weather conditions fosters its adoption in disaster-prone regions, bolstering market expansion.
The surge in specialized construction projects requiring unique performance attributes drives PC strand utilization. Demand for specific strength, corrosion resistance, or flexibility characteristics in sectors like aerospace, marine, or defence influences market dynamics. The growing prefabrication and modular construction trend relies on PC strands for pre-stressed elements. Enhanced efficiency and cost savings in off-site manufacturing contribute to this sector's growth.
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PC Strand Market Growth Drivers & Trends
- Rising demand for PC strand in bridges, highways, and railways drives market growth, fueled by global infrastructure development initiatives.
- Rapid urban expansion and commercial construction projects worldwide boost the need for high-strength concrete, elevating PC strand demand.
- Continuous innovations in material compositions and manufacturing processes enhance PC strand strength, durability, and cost-effectiveness, shaping market trends.
- Growing emphasis on eco-friendly and resilient infrastructure propels the adoption of PC strand, supporting green building initiatives and sustainable construction practices.
- Increased government spending on infrastructure projects, especially in emerging economies, stimulates demand for PC strand, fueling market expansion and technological advancements.
PC Strand Market: Competitive Landscape
The PC strand market exhibits a competitive landscape dominated by key players like ArcelorMittal, Insteel, Tata Steel, and Sumiden Wire. These industry leaders maintain market presence through extensive product portfolios, technological advancements, and global distribution networks.
Emerging contenders such as Kiswire, Guizhou Wire Rope, and Usha Martin challenge established players with innovative manufacturing processes and strategic collaborations. Intense competition drives research and development, focusing on high-strength materials and eco-friendly solutions, shaping the PC Strand market's evolution.
Market consolidation, mergers, and acquisitions further amplify competition, emphasizing product quality, cost-efficiency, and sustainability, ensuring a vibrant and dynamic landscape in the construction materials sector. Some prominent manufacturers are as follows:
- Arcelor Mittal
- DWK Drahtwerk Kln GmbH
- FAPRICELA
- Insteel Engineers Pvt. Ltd.
- Kiswire Co. Ltd.
- Miki Steel Works Pvt. Ltd.
- NV Bekaert SA
- Quantum Steel
- Siam Industrial Wire
- Sumiden Wire
- Usha Martin Limited
Key Findings of the Market Report
- Due to its versatility, durability, and suitability for various construction applications, the PC strand unbonded is leading the market.
- Bridges applications are leading the PC strand market due to extensive usage in infrastructure projects worldwide for structural reinforcement.
- Diameters more than 10 mm lead the PC strand market due to higher load-bearing capacities and suitability for heavy-duty construction.
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Global PC Strand Market: Regional Profile
- North America, led by the United States, dominates the market due to robust construction activities, infrastructure refurbishment, and expansive transportation projects. High demand for PC Strand in bridge construction, residential buildings, and commercial structures sustains market growth, with key manufacturers like Insteel and Sumiden Wire leading the region's market share.
- Europe, represented by countries like Germany and the United Kingdom, witnesses a steady demand for PC Strand owing to urbanization and investment in sustainable construction projects. Stringent building regulations and emphasis on eco-friendly construction practices drive the adoption of PC Strand for infrastructure development, with ArcelorMittal and Tata Steel prominent in the market.
- The Asia Pacific, led by China and India, demonstrates exponential growth driven by rapid urbanization, industrialization, and massive infrastructure investments. Booming construction sectors and government-led initiatives fuel the demand for PC Strand in high-rise buildings, highways, and railway projects, with local manufacturers like Guizhou Wire Rope contributing significantly to the region's market expansion.
PC Strand Market: Key Segments
By Type
- PC Strand Bonded
- PC Strand Unbonded
- Epoxy Coated Strand
- Others (Bare Strand, etc.)
By Application
- Railways
- Commercial & Residential Buildings
- Bridges
- Mining
- Concrete Poles
- Others (Stadiums, Liquid Natural Gas Tanks, etc.)
By Diameter
- Up to 7 mm
- 7 to 10 mm
- More than 10 mm
By Distribution Channel
- Direct Sales
- Indirect Sales
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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