Prestressed Concrete Wire and Strand Market Size, Share & Trends Analysis Report By Surface Coatings (Uncoated, Galvanized, Epoxy), By Application (Bridges, Buildings), By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global prestressed concrete wire and strand market was estimated at 3,405.0 kilotons in 2016. The industry growth is supported by increasing investment in the infrastructure sector. The growing economies around the world are likely to be the primary destination of these infrastructural investments.

Rising popularity of prefab or offsite construction in the construction industry is expected to drive the market for the product. The prefab construction involves the molding of the structure under a controlled environment followed by the process of curing. The finished product is transported to construction sites for erection. The PC product is used to achieve post-tension in the prefab structures.

U.S. prestressed concrete wire and strand market by application, 2014 - 2025 (USD Million)

Post-tensioning is a method to achieve tension in the reinforcement rods after the concreting process is completed. Also, the manufacturing process cannot be stopped irrespective of weather conditions. For instance, the construction of Mini Sky City was finished in 19 days by using prefab construction in the Hunan Province of China. This skyscraper consists of 19 atriums, 800 apartments, and office space for 4,000 people.

The market in the U.S. is likely to be driven by the growth in the healthcare sector of the country. Nearly 1,340 projects are under implementation or are under the planning stage. Some of the primary projects in the U.S. involves the construction of Tisch Hospital in New York, Loma Linda University Medical Center in California, Lucile Packard Children's Hospital at Stanford. The product is used in the construction of slabs and columns of the building.

The market vendors are working in an integrated manufacturing environment. Most of the manufacturers are also suppliers as these manufacturers require only steel-based raw materials such as rods, bars, wires, and ropes. The remaining manufacturing technology used by the vendors is mostly proprietary. Thus, the industry is working in a forward integrated environment.

The aging infrastructure of the U.S. is likely to drive the demand for infrastructural investment in the country. The growth in infrastructural investment is likely to drive industry growth over the forecast period.

The United States Environmental Protection Agency has established a guidance manual for the manufacturing of steel and iron-related products. Furthermore, the guidelines state the limits of particulate emission factors for iron and steel mills. All the vendors of the market in the U.S. adhere to these guidelines to manufacture the product.

Surface Coatings Insights

The uncoated PC strand segment is anticipated to be the largest segment of the global prestressed concrete wire and strand market. However, it is predicted that the share of the product is likely to remain the same over the forecast period. The rising popularity of coated products is affecting segment growth. The product share is likely to reach 37.6% by 2025. Despite the stagnant growth, the product is likely to continue from various sources such as buildings, tunnels, roadwork, railway, and others.

The galvanized coated product demand is anticipated to increase from 28.3% in 2016 to 29.0% by 2025. The product's distinctive features such as high resistance towards rusting and carbonation make it highly valuable for the construction sector. Product demand is likely to be driven by the increase in high-rise towers. The product helps to provide stability to the tall -buildings. The under-construction projects such as Jeddah Tower in Saudi Arabia, Wuhan Greenland Centre in China, Merdeka PNB118 in Malaysia are anticipated to drive the demand for the product over the predicted period.

The epoxy-coated product is likely to witness a steady demand over the forecast period. The product provides strong adhesion between the epoxy and steel surface which gives it exceptional fretting resistance. The continuous coating of the epoxy makes the product corrosion resistant. The advancement in construction technology and the growing popularity of high-rise towers are likely to be the key catalyst for the segment growth over the forecast period.

Application Insights

The primary application of the PC product is in the construction of bridges and buildings. The product is also used in the construction of tunnels, roads, railway sleepers, stadiums, and others. However, the segmental structure used in bridge construction is one of the major application of the product. The bridges segment is likely to dominate the market over the forecast period. The segment is expected to account for 48.6% of the global market by 2025.

The developing countries such as India, Malaysia, South Africa, and others are investing in various bridge projects to connect the remote areas of the country to urban areas. As per the Indian officials, the country needs an investment of USD 646 billion over the next five years. Most of this investment is anticipated to be scattered in the power, roads, and urban infrastructure sector. With the growing demand for infrastructure in developing countries, the market is likely to observe a stable demand from the bridge segment over the forecast period.

The building segment was accounted for 31.7% in 2016 of the global market. The rising popularity of high-rise construction is likely to drive industry growth over the forecast period. The growing real estate sector in the developing economies is likely to be the key catalyst for segment growth. Furthermore, increasing urbanization in the developing economies is likely to provide strong demand for the building segment.

The others segment includes stadium, tunnels, roadwork, railway sleepers, and others. The segment is expected to decline to 19.7% in 2025. The low demand from others segment is due to challenges such as infrastructure funding gap, feasibility restraints, and others. The developing economies are the primary source of new infrastructure development. Since these are growing economies, the challenge of financial funding often delays or postpones the project. However, it is anticipated that with the joint corporation of developed countries the funding gap can be overcome.

Regional Insights

The APAC region is likely to dominate the global market. The region is expected to grow from 69.3% in 2016 to 70.8% by 2025. The region’s growth is largely driven by the construction sector of countries such as China, India, Japan, Malaysia, and others. Furthermore, governments of the developing countries are reforming their policies in order to attract foreign investment in their infrastructure sector. With the growth in foreign investment in the infrastructure sector, the market in the region is likely to observe robust demand over the forecast period.

The top locations for the infrastructure investment include Singapore, Canada, Qatar, UAE, Norway, Sweden, Malaysia, the U.S., and the U.K. The growing demand for the infrastructure is likely to drive the product demand over the forecast period.

Global prestressed concrete wire and strand market, by region, 2016 (%)

Prestressed Concrete Wire and Strand Market Share Insight

The industry is largely fragmented in local and international markets. Many major players are increasing their geographical presence by merging with the local players to reduce their production costs and improve efficiency. For example, in 2014, Insteel took over American spring wire corporation, one of the biggest manufacturers of prestressed concrete strands in the United States.

One of the major applications of the product is in the construction industry. With major development taking place in the APAC region, vendors should focus on this region as the market has huge potential. These small vendors provide economical products and infiltrating the industry with their cheap rates. The increased consent for infrastructure development is anticipated to come from countries like India, China, Indonesia.

Key players include ArcelorMittal, Bekaert, Henan Hengxing Science&Technology Co., Ltd, Insteel, KISWIRE LTD., SHAGANG GROUP, Sumiden Wire, The Siam Industrial Wire Company Limited, and Usha Martin.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth and provides an analysis of the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this report, Grand View Research has segmented the global prestressed concrete wire and strand market on the basis surface coatings, application, and region:

• Surface Coatings Outlook (Volume, Kilotons, Revenue, USD Million, 2014 - 2025)

  • Uncoated PC Strand

  • Galvanized PC Strand

  • Epoxy Coated PC Strand

  • Others

• Application Outlook (Volume, Kilotons, Revenue, USD Million, 2014 - 2025)

  • Bridges

  • Buildings

  • Others

• Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • France

    • The U.K.

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • The Middle East and Africa

    • Saudi Arabia

    • UAE