Prestressed Concrete (PC) Wire and Strand Market Size, Share, Competitive Landscape and Trend Analysis

WILMINGTON, DE, UNITED STATES, October 28, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Prestressed Concrete (PC) Wire and Strand Market," The Prestressed Concrete (PC) Wire and Strand Market Size was valued at $5.2 billion in 2022, and is estimated to reach $9.1 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032. Prestressed concrete (PC) wire and strand include a wide range of high-strength steel wires and strands that are made by twisting together two or more than two wires. They are relatively newer materials primarily used for the construction of prestressed concrete. These wires and strands are stretched to introduce compression inside concrete elements such as beams, slabs, railway sleepers, and others to increase their strength and durability, especially for long-span concrete elements.

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By type, prestressed concrete (PC) wire and strand market is divided into 3 wire strand, 7 wire strand, and others. In 2022, the 7 wire strand segment dominated the prestressed concrete (PC) wire and strand market share, in terms of revenue, and the 3 wire strand segment is expected to grow with a higher CAGR during the forecast period.

By application, the prestressed concrete (PC) wire and strand market is divided into pre-tensioning, bonded post-tensioning, and unbonded post-tensioning. In 2022, the pre-tensioning segment dominated the prestressed concrete (PC) wire and strand market, in terms of revenue, and the bonded post-tensioning is expected to dominate the prestressed concrete (PC) wire and strand market forecast by growing with a higher CAGR. Bonded post-tensioning PC wire and strand are easy to maintain and offer effective transfer of compression to the concrete structure. However, the demand for pre-tensioning is expected to increase with the rise in off-site construction, where concrete structures such as beams, girders, slabs, electric poles, and others that are constructed in factories.

By end user, the prestressed concrete (PC) wire and strand market is divided into building construction, and infrastructure. The infrastructure segment accounted for a higher market share in 2022. This is attributed to infrastructural development such as the construction of bridges, airports, elevated roads, and ports.

The prestressed concrete (PC) wire and strand market is primarily driven by urbanization and population growth. In addition, rapid expansion and growth of infrastructure industry in developing economies also boost the growth of the market. However, the fluctuating cost of raw materials used for manufacturing prestressed concrete (PC) wire and strand is a major restraining factor for the market. Contrarily, the adoption of the latest manufacturing techniques and advancements in metallurgy are a few of the prestressed concrete (PC) wire and strand market opportunities.

In 2022, Asia-Pacific dominated the global prestressed concrete (PC) wire and strand market, in terms of revenue, and the LAMEA region is expected to grow with a higher CAGR during the forecast period. Rapid development in countries such as India, China, Vietnam, Indonesia, and others, along with population growth and urbanization are expected to play an instrumental role in the prestressed concrete (PC) wire and strand market growth. For example, in January 2023, the Chinese government began the construction of the Husong High-speed Road project. This road will link Songjiang and Hongqiao International Airport and Hongqiao Railway Station and is expected to be completed by 2027. This road will be having many elevated portions, supported by columns. Furthermore, according to Statista, the number of road bridges in China increased from 658,100 in 2010, to 961,100 in 2021, marking an increase of 46%.

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However, various businesses in the prestressed concrete (PC) wire and strand market are experiencing difficulties in day-to-day operations owing to rise in worldwide inflation, especially in developing countries. The inflation, which is primarily driven by the Ukraine and Russia war has led to increase in cost of various raw materials used in various industries, and has also led to fluctuations in the energy cost. Any peace agreement between Ukraine and Russia is unlikely as of mid-2023; thus, the inflation is expected to worsen in the coming years.

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David Correa
Allied Market Research
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