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prestressed-concrete-a-9-1-billion-market-driven-by-infrastructure-and-urbanization-allied
Prestressed Concrete (PC) Wire And Strand Market Research: 2032
WILMINGTON, DELAWARE, UNITED STATES, June 24, 2024 /EINPresswire.com/ — The global prestressed concrete (PC) wire and strand market is expected to reach $9.1 billion by 2032, driven by a surge in infrastructure development and growing cities. A 2023 report by Allied Market Research details this promising market:
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Market Growth (2023-2032): 5.6% CAGR (Compound Annual Growth Rate)
Market Size in 2022: $5.2 billion
Projected Market Size in 2032: $9.1 billion
Key Drivers
Infrastructure Boom: Rapid growth in the infrastructure sector, particularly in developing economies, is a major driver. This includes projects like bridges, airports, and elevated roads, all requiring prestressed concrete for its strength and durability.
Urbanization and Population Rise: As populations concentrate in cities, demand for new buildings and improved infrastructure grows. Prestressed concrete offers a cost-effective and efficient solution for these projects.
Superiority of Prestressed Concrete: Compared to traditional concrete, prestressed concrete offers several advantages:
Increased strength and crack resistance
Ability to create longer spans
Reduced weight for building design flexibility
Challenges and Opportunities
Fluctuating Raw Material Prices: The cost of raw materials used in PC wire and strand can be volatile, impacting market stability.
Technological Advancements: New manufacturing techniques and innovative materials hold promise for improved performance and cost reduction.
Market Impact of COVID-19
The pandemic caused temporary shutdowns in manufacturing and construction, leading to a market decline. However, the market is expected to recover and resume its growth trajectory.
Market Breakdown
The report segments the market based on various factors:
Type: 7-wire strand currently dominates due to its strength and use in heavy-duty applications. However, 3-wire strand is projected to see the fastest growth due to its popularity in offsite construction.
Application: Pre-tensioning is the most common application due to its ease and affordability. However, bonded post-tensioning is expected to see the highest growth rate as it allows for easier repairs and adjustments.
End User Industry: Infrastructure projects currently account for the largest market share, but building construction is anticipated to see the fastest growth due to rising urbanization.
Region: Asia-Pacific leads the market due to its booming construction sector, followed by LAMEA (Latin America, Middle East, and Africa) which is expected to see the fastest growth due to rapid economic and population expansion.
Major Players
The report identifies key players like ArcelorMittal, Bekaert NV, and Tata Steel Limited. These companies are constantly innovating and expanding to maintain their market positions.
The Future of Prestressed Concrete
With its numerous advantages and strong market drivers, the prestressed concrete wire and strand market is poised for significant growth in the coming years. Advancements in technology and a growing focus on sustainable construction are expected to further propel this market forward.
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Sachin Bhandare
Allied Market Research INC
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June 24, 2024
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