(MENAFN- GlobeNewsWire - Nasdaq) The United States infrastructure Network relies on prestressed concrete technology for maintenance, repair, and growth in construction projects like bridges, highways, and buildings. government infrastructure spending in the country further contribute to the rising demand for prestressed concrete products.
NEWARK, Del, June 24, 2024 (GLOBE NEWSWIRE) -- According to Future market Insights (FMI), the global prestressed concrete wire and strand market is anticipated to reach USD 5.8 billion in 2024 and USD 9.9 billion by 2034. The market is projected to rise at a CAGR of 5.4% by 2034.
Prefabrication has surged in popularity, boosting global industry growth. The growing use of prestressed concrete in various construction applications, including crane beams, cement poles, multi-factory frameworks, and railway sleepers, is set to fuel sales.
An increasing number of real estate projects and large-scale construction activities worldwide are projected to surge demand for prestressed concrete wire and strands. Construction of public infrastructure like flyovers, bridges, hospitals, hotels, and retail malls has facilitated global market development alongside the increasing demand for offsite construction.
The booming manufacturing sector is projected to fuel the growth rate of the prestressed concrete wire and strand market. Urbanization and industrialization, especially in evolving economies, are further projected to surge demand. Government investments in public infrastructure development and foreign investment in the civil infrastructure sector are set to fuel the growth of the market.
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Key Takeaways from the Prestressed Concrete Wire and Strand Market Report:
The prestressed concrete wire and strand market is anticipated to reach a value of USD 9.9 billion by 2034. The market is projected to surge at a CAGR of 5.4% by 2034. China's prestressed concrete wire and strand market is set to rise at a CAGR of 6.2% by 2034. The United States is projected to reach a valuation of USD 1.8 billion in 2034. Based on application, the bridge segment held a market share of 57% in 2023.
"Technological advancements in the prestressed concrete wire and strand market are set to disrupt traditional ones, create new opportunities, and alter consumer behavior. Government regulations significantly influence the market, affecting production, trade, safety standards, and environmental policies, necessitating companies to adapt and remain competitive." – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape
Leading companies invest in research and development to innovate products and leverage mergers and acquisitions for competitive advantage. Key manufacturers are focusing on developing eco-friendly products using recycled materials and adopting green manufacturing practices to meet the global demand for environmentally responsible solutions. Geographical growth is another strategy, with firms developing manufacturing plants and distribution networks in emerging markets to reduce costs and meet regional demand.
Leading Players:
Davis Wire Industries Ltd., Miki Steel Works Pvt. Ltd, Tata Steel Limited, Kataria Group, Insteel Industries, Inc.
are the leading companies in the industry. The industry is fragmented, with leading companies merging to reduce production costs and improve efficiency.
Industry Update-
In 2024, First Eagle Investment Management LLC increased its stake in Insteel Industries, Inc. by 41.9% in the 4th quarter, owning 248,927 shares after purchasing an additional 73,540 shares.
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global prestressed concrete wire and strand market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the prestressed concrete wire and strand market based on surface coatings (uncoated PC strand, galvanized PC strand, epoxy coated PC strand, others), application (bridges, buildings, others), and region.
Key Segments of Market Report
By Surface Coatings:
Uncoated PC Strands Galvanized PC Strands Epoxy-Coated PC Strands Others.
By Application:
By Region:
North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia Middle East and Africa
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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