The Global Prestressed Concrete (PC) Wire and Strand Market size is expected to reach $7.7 billion by 2030, rising at a market growth of 5.1% CAGR during the forecast period.
The Asia Pacific region has been witnessing extensive infrastructure development, including the construction of highways, bridges, railways, airports, ports, and mass transit systems. Therefore, Asia Pacific generated $2,697.1 million revenue in the market in 2022. Rapid urbanization in China and India has increased demand for commercial and residential buildings. Prestressed concrete is commonly used to construct high-rise buildings and apartment complexes, creating a substantial market for PC wire and strands. Some of the factors impacting the market are increasing recognition of advantages of PC, rapid expansion of infrastructure in developing economies, and fluctuating prices of raw materials.
Prestressed concrete exhibits exceptional strength, allowing construction structures to withstand heavy loads and extreme conditions. This makes it ideal for infrastructure projects like bridges and high-rise buildings. Prestressed concrete structures are highly durable and have longer service lives compared to conventional concrete. They can withstand environmental factors such as freeze-thaw cycles and corrosion, reducing maintenance costs. PC optimizes material usage and allows for creating thinner sections while maintaining structural integrity, reducing the overall amount of concrete and steel required for a project. This leads to cost savings and aligns with sustainability goals. This advantage is notably advantageous in the design of bridges, resulting in cost savings and reduced environmental impact. Moreover, Prestressed concrete is favored in infrastructure projects due to its strength and durability. Developing economies recognize the long-term cost benefits of using prestressed concrete, as it reduces maintenance and repair costs over the lifespan of the infrastructure. Developing economies often need to expand and upgrade their transportation networks to facilitate the movement of goods and people. Bridges, highways, and railways frequently utilize prestressed concrete to achieve longer spans and higher load-bearing capacities. Governments in developing economies often allocate significant budgets to infrastructure development. These investments may be directed toward energy, water supply, sanitation, and telecommunications sectors requiring prestressed concrete. Overall, the rapid growth of the infrastructure industry in developing economies creates a favorable environment for the market.
However, fluctuating raw material prices, especially for steel, create uncertainty in production costs. PC wire and strand product manufacturers rely heavily on steel as the primary raw material. When steel prices are volatile, predicting and controlling production costs becomes challenging, affecting profit margins. These price adjustments can make it difficult for construction companies and contractors to budget for projects accurately, potentially leading to delays in decision-making and project planning. Sharp price fluctuations can disrupt the supply chain. Manufacturers delay purchases of raw materials to get better prices, leading to inventory shortages. Conversely, sudden spikes in demand can strain the availability of raw materials, affecting production schedules. Because of the fluctuating costs of raw materials, market growth will be hampered..
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ArcelorMittal S.A., Sumitomo Electric Industries, Ltd., TATA Steel Limited (TATA Group and Tata Sons Pvt. Ltd.), N.V. Bekaert S.A., Kiswire LTD., Miki Steel Works Pvt. Ltd. (Miki Group Of Companies), Insteel Industries, Inc., TMG Global Pte Ltd., Kataria Group, and Usha Martin Limited.
The Asia Pacific region has been witnessing extensive infrastructure development, including the construction of highways, bridges, railways, airports, ports, and mass transit systems. Therefore, Asia Pacific generated $2,697.1 million revenue in the market in 2022. Rapid urbanization in China and India has increased demand for commercial and residential buildings. Prestressed concrete is commonly used to construct high-rise buildings and apartment complexes, creating a substantial market for PC wire and strands. Some of the factors impacting the market are increasing recognition of advantages of PC, rapid expansion of infrastructure in developing economies, and fluctuating prices of raw materials.
Prestressed concrete exhibits exceptional strength, allowing construction structures to withstand heavy loads and extreme conditions. This makes it ideal for infrastructure projects like bridges and high-rise buildings. Prestressed concrete structures are highly durable and have longer service lives compared to conventional concrete. They can withstand environmental factors such as freeze-thaw cycles and corrosion, reducing maintenance costs. PC optimizes material usage and allows for creating thinner sections while maintaining structural integrity, reducing the overall amount of concrete and steel required for a project. This leads to cost savings and aligns with sustainability goals. This advantage is notably advantageous in the design of bridges, resulting in cost savings and reduced environmental impact. Moreover, Prestressed concrete is favored in infrastructure projects due to its strength and durability. Developing economies recognize the long-term cost benefits of using prestressed concrete, as it reduces maintenance and repair costs over the lifespan of the infrastructure. Developing economies often need to expand and upgrade their transportation networks to facilitate the movement of goods and people. Bridges, highways, and railways frequently utilize prestressed concrete to achieve longer spans and higher load-bearing capacities. Governments in developing economies often allocate significant budgets to infrastructure development. These investments may be directed toward energy, water supply, sanitation, and telecommunications sectors requiring prestressed concrete. Overall, the rapid growth of the infrastructure industry in developing economies creates a favorable environment for the market.
However, fluctuating raw material prices, especially for steel, create uncertainty in production costs. PC wire and strand product manufacturers rely heavily on steel as the primary raw material. When steel prices are volatile, predicting and controlling production costs becomes challenging, affecting profit margins. These price adjustments can make it difficult for construction companies and contractors to budget for projects accurately, potentially leading to delays in decision-making and project planning. Sharp price fluctuations can disrupt the supply chain. Manufacturers delay purchases of raw materials to get better prices, leading to inventory shortages. Conversely, sudden spikes in demand can strain the availability of raw materials, affecting production schedules. Because of the fluctuating costs of raw materials, market growth will be hampered..
End user Industry Outlook
On the basis of end user industry, the market is divided into building construction and infrastructure. In 2022, the building construction segment garnered a significant revenue share in the market. PC wire and strand are commonly used in the construction of high-rise buildings. These structures require materials that can withstand significant vertical and lateral loads. Prestressed concrete creates slender and lightweight structural elements that can support the building's weight while reducing the overall structural mass. The continued growth of the PC wire and strand market in building construction is driven by the need for efficient, sustainable, and durable construction solutions.Application Outlook
Based on application, the market is classified into pre-tensioning, bonded post-tensioning, and unbonded post-tensioning. In 2022, the pre-tensioning segment witnessed the largest revenue share in the market. Pre-tensioning is commonly used to produce precast concrete elements such as beams, girders, columns, and slabs. Steel strands are tensioned and anchored before the concrete is poured around them. Once the concrete cures, it adheres tightly to the pre-tensioned strands, resulting in improved load-bearing capacity and reduced cracking. Pre-tensioning is widely employed in the construction of bridges, including both highway and railway bridges. It allows for the creation long, slender concrete members with high strength-to-weight ratios.Type Outlook
By type, the market is categorized into 3 wire strand, 7 wire strand, and others. The 7 wire strand segment covered held the highest revenue share in the market in 2022. A 7-wire strand offers higher tensile strength compared to a 3-wire strand. This additional strength makes it suitable for a broader range of applications and allows for the construction of larger and more robust structures. As a result, engineers and builders choose 7-wire strands for projects with higher load-bearing requirements, which can boost demand for these products. The greater tensile strength and flexibility of 7-wire strands make them versatile for various construction applications.Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a significant revenue share in the market. North America has a substantial aging infrastructure that requires maintenance, repair, and replacement. This drives demand for prestressed concrete solutions for retrofitting and reconstruction projects, including PC wire and strand.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ArcelorMittal S.A., Sumitomo Electric Industries, Ltd., TATA Steel Limited (TATA Group and Tata Sons Pvt. Ltd.), N.V. Bekaert S.A., Kiswire LTD., Miki Steel Works Pvt. Ltd. (Miki Group Of Companies), Insteel Industries, Inc., TMG Global Pte Ltd., Kataria Group, and Usha Martin Limited.
Scope of the Study
Market Segments Covered in the Report:
By Type- 7 Wire Strand
- 3 Wire Strand
- Others
- Infrastructure
- Building Construction
- Pre-tensioning
- Bonded Post-tensioning
- Unbonded Post-tensioning
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- ArcelorMittal S.A.
- Sumitomo Electric Industries, Ltd.
- TATA Steel Limited (TATA Group and Tata Sons Pvt. Ltd.)
- N.V. Bekaert S.A.
- Kiswire LTD.
- Miki Steel Works Pvt. Ltd. (Miki Group Of Companies)
- Insteel Industries, Inc.
- TMG Global Pte Ltd.
- Kataria Group
- Usha Martin Limited
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- Exhaustive coverage
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Prestressed Concrete (PC) Wire and Strand Market by Type
Chapter 5. Global Prestressed Concrete (PC) Wire and Strand Market by End User Industry
Chapter 6. Global Prestressed Concrete (PC) Wire and Strand Market by Application
Chapter 7. Global Prestressed Concrete (PC) Wire and Strand Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- ArcelorMittal S.A.
- Sumitomo Electric Industries, Ltd.
- TATA Steel Limited (TATA Group and Tata Sons Pvt. Ltd.)
- N.V. Bekaert S.A.
- Kiswire LTD.
- Miki Steel Works Pvt. Ltd. (Miki Group Of Companies)
- Insteel Industries, Inc.
- TMG Global Pte Ltd.
- Kataria Group
- Usha Martin Limited
Methodology
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