Prestressed Steel Wire and Strands Market Worth USD 5,118.4 Million by 2030 at 4.79% CAGR - Report by Market Research Future (MRFR)
Prestressed Steel Wire and Strands Market Insights and Industry Analysis by By Product (Wire, Strand) Coating Type (Uncoated, Galvanized, Epoxy Coated, HDPE Coated, Others) Application (Railroad Industry, Construction Equipment, Bridges & Flyovers, Energy, Others), and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, Oct. 18, 2022 (GLOBE NEWSWIRE) -- *Prestressed Steel Wire and Strands Market Overview*
According to a Comprehensive Research Report by Market Research Future (MRFR), "Prestressed Steel Wire and Strands Market *Information by Product, Coating Type, Application, and Region - Forecast till 2030*”, the market is estimated to grow at a 4.79% CAGR to reach USD 5,118.4 Million by 2030.
*Market Synopsis*
Prestressed steel wires and strands are composed of high-strength steel wires and are stabilized/stress-relieved for prestressed applications.
High tensile strength, steady modulus of elasticity, low relaxation, stress-relieved, stable construction, low stress, reducing distortion as well as construction weight, high abrasion resistance, saving material, significant water resistance, as well as stiffness are some of the major qualities of prestressed steel wire and strands.
These are mainly deployed for the reinforcement of a variety of prestressed structures, like large-span road bridges and railways, silos, major bridges, dams, buildings, foundations, floor slabs, atomic reactor buildings, large concrete vessels, stadiums, pre-cast segments, airport hangers, anchorages, multi-story industrial buildings, and crane beams. These are used in the construction of poles, water towers, and highways in civil construction, as well as energy source sea transportation, water control projects, rock and earth anchoring components, and house buildings for a higher tensile force.
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*Report Scope:*
*Report Attribute* *Details*
Market Size in 2030 USD 5,118.4 Million
CAGR 4.79% (2022–2030)
Base Year 2021
Forecast Period 2022–2030
Historical Data 2020
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Product, Coating Type, Application and Region
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers The increasing demand for prestressing steel in major end-user applications
Use of prestressed steel strands for energy purposes
*Market Competitive Landscape:*
The important companies in the prestressed steel wire and strands industry are
· Baekert (Belgium)
· ÇELİK HALAT ve Tel Sanayii A.Ş (Turkey)
· DNA PC Strand (Turkey)
· DWK Drahtwerke Köln GmbH (Germany)
· FAPRICELA - Indústria de Trefilaria
· S.A. (Portugal)
· Henan Hengxing Science & Technology Co. Ltd. (China)
· Hjulsbro Steel AB (Sweden)
· Hubei Fuxing New Material Technology Co. Ltd (China)
· Insteel Industries Inc. (US)
· KISWIRE Ltd. (South Korea)
· Maklada (Tunisia)
· NEDRI Spanstaal BV (Netherlands)
*Market USP Covered:*
*Market Drivers:*
The worldwide market benefits from the surging industrialization rate. Close to 2,450 projects are underway or are in the planning stage. Some major projects happening in the U.S. include the construction of Loma Linda University Medical Center in California, Tisch Hospital in New York, and Lucile Packard Children's Hospital at Stanford. Prestressed steel wires and strands are being used for the construction of a variety of columns and slabs of these buildings.
The companies are focused on developing a technologically integrated production environment. Most of these companies are also suppliers since they need only steel-based raw materials like bars, rods, ropes, and wires. The remaining production technologies adopted by these companies are largely proprietary. Therefore, the market is functioning in a forward-integrated environment.
The aging buildings and infrastructure across the globe are leading to a rise in infrastructural spending. The rise in infrastructural spending will most likely be favorable for the prestressed steel wire and strands industry in the long term.
*Market Restraints:*
The focus on steel recycling is much higher than on steel production owing to various environmental factors. Recycling steel is more cost-effective and easier compared to its production. It has emerged as a huge challenge for the prestressed steel wire and strand developers in the market.
*Browse In-depth Market Research Report (110 Pages) on **Prestressed Steel Wire and Strands: *https://www.marketresearchfuture.com/reports/prestressed-steel-wire-strands-market-10956
*COVID 19 Analysis*
The steel industry has been considerably affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials coupled with the COVID-19 pandemic have restricted the growth rate of the global market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth. Also, the emergence of vaccines for the novel coronavirus and the reopening of several recycling units worldwide would result in the re-initiation of the prestressed steel wire and strands market at its full-scale capacity.
*Market Segmentation*
By Product
Strand and wire are the top products considered in the report.
By Coating Type
Uncoated, Galvanized, Epoxy Coated, HDPE Coated and others are the key coating types covered in the MRFR study.
The epoxy-coated products will experience significant demand in the coming years, given the robust adhesion between them and the steel surface that gives them impressive fretting resistance. The continuous epoxy coating makes the products corrosion-resistant. The advances in construction technology as well as the surging number of high-rise towers worldwide will ensure steady segmental expansion in the years to come.
By Application
Railroad Industry, Construction Equipment, Bridges & Flyovers, and Energy are the applications of prestressed steel wire and strands.
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*Regional Insights*
The Asia Pacific market is the leader, with the highest share of 40.65% captured in 2020. Europe is the second top achiever in the market with a share of 19.49% in the same year.
China is the biggest producer of prestressed steel wires and strands in the Asia Pacific, with Japan, India, and Korea right behind. China is the most successful market for prestressed steel wire and strands in the region, given the rising urbanization as well as industrialization rate, along with the growth in the GDP of the country.
The prestressed steel wire and strands market is performing exceptionally well in European nations like the UK as well as Germany. The huge demand for prestressing steel in the automotive sector will be one of the leading reasons for the region’s strong position in the worldwide market.
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