The North America Prestressed Concrete (PC) Wire and Strand Market would witness market growth of 4.6% CAGR during the forecast period (2023-2030).
PC wires and strands are primarily used in the construction industry for various applications, including bridges, highways, buildings, parking structures, and other infrastructure projects. They are especially beneficial in projects that require long spans and high load-bearing capacities. Prestressed concrete offers several advantages, including increased structural stability, reduced cracking, longer service life, and building longer spans with fewer supports. PC wires and strands are critical to achieving these benefits. The market's growth is closely tied to the construction industry. Population growth, urbanization, and infrastructure development in emerging economies generate demand for PC wire and strand products.
Some key players in this market include ArcelorMittal, Insteel Industries, Sumiden Wire, Bekaert, and others. Depending on the specific project requirements, PC wires and strands come in various types and sizes. Common types include low-relaxation and high-relaxation strands, seven-wire strands, and mono strand cables. Some notable trends in the market include the development of high-strength and corrosion-resistant materials, advancements in manufacturing technologies, and increased sustainability efforts in the construction industry. The production and use of PC wire and strand products are subject to industry standards and regulations to ensure safety and quality in construction projects.
Urban centers in Canada are witnessing a surge in high-rise residential and commercial building construction. Prestressed concrete, reinforced with PC wire and strand, is commonly used to construct these tall buildings' structural elements. As urban populations grow, there is a continuous need for infrastructure development and maintenance. PC wire and strands play a vital role in the construction of bridges, viaducts, highways, and public transportation systems in cities across Canada. According to Statistics Canada, in 2021, nearly three-quarters (73.7%) of Canadians resided in one of the country's major urban centers, up from 73.2% in 2016. Known as census metropolitan areas (CMAs), these significant urban areas with populations of 100,000 or more accounted for the majority of Canada's population growth (+5.2%) between 2016 and 2021. The continued urbanization in the region and the demand for modern and sustainable urban infrastructure will likely drive the growth of the regional market.
The US market dominated the North America Prestressed Concrete (PC) Wire and Strand Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $807.2 million by 2030. The Canada market is showcasing a CAGR of 7% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 6.1% during (2023 - 2030).
Based on Type, the market is segmented into 7 Wire Strand, 3 Wire Strand and Others. Based on End User Industry, the market is segmented into Infrastructure and Building Construction. Based on Application, the market is segmented into Pre-tensioning, Bonded Post-tensioning and Unbonded Post-tensioning. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Prestressed Concrete (PC) Wire and Strand Market is Predict to reach $7.7 Billion by 2030, at a CAGR of 5.1%
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.
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