Global Prestressed Concrete Wire Strand Market Overview
As per MRFR analysis, the Prestressed Concrete Wire Strand Market Size was estimated at 9.59 (USD Billion) in 2022.The Prestressed Concrete Wire Strand Market Industry is expected to grow from 9.95(USD Billion) in 2023 to 13.8 (USD Billion) by 2032. The Prestressed Concrete Wire Strand Market CAGR (growth rate) is expected to be around 3.7% during the forecast period (2024 - 2032).
Key Prestressed Concrete Wire Strand Market Trends Highlighted
The prestressed concrete wire strand market is poised for substantial growth, fueled by rising demand for infrastructure development and construction projects Sustained demand for infrastructural development and construction projects are helping the market for prestressed concrete wire strand to grow significantly. Rapid urbanization and consequent population pressures means there is a need for more bridges and highways buildings and more inhibits the prestressed concrete wire strand. Further, construction improvements and ever-growing popularity of environmentally friendly construction which uses prestressed concrete also help to boost the market.
Some of the major market drivers are the growing focus on long lasting and enduring infrastructure, increasing use of precast concrete systems. There are also significant prospects available in the market for its players in the creating new and working wires strand solutions, entering new geographical regions and providing system building services in conjunction with construction companies.
Currently market trends range from development of high strength and anti-corrosion wire strands to fiber strands integrated with sensing technologies and digitalization of processes within the manufacturing industry. These are the trends that will revolutionize how the prestressed concrete wire strand market will be, as it will be possible to make better and more efficient wire strands that suit the demands of the construction field.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Prestressed Concrete Wire Strand Market Drivers
Growing Demand for Infrastructure Development
The growing demand for infrastructure development, particularly in developing countries, is driving the growth of the Global Prestressed Concrete Wire Strand Market Industry. As countries invest in new roads, bridges, and other infrastructure projects, the need for prestressed concrete wire strand is increasing. Prestressed concrete wire strand is used to reinforce concrete structures, making them stronger and more durable. This makes it an essential material for infrastructure development, and the growing demand for infrastructure is expected to continue to drive the growth of the Global Prestressed Concrete Wire Strand Market Industry in the coming years.
Increasing Adoption of Prestressed Concrete in Construction
Another reason why the Global Prestressed Concrete Wire Strand Market Industry is expanding is the increasing use of prestressed concrete in construction. Prestressed concrete is a type of concrete that has been reinforced with high-strength steel wire or strands. This makes the concrete stronger and more durable than traditional concrete, and it is also more resistant to cracking. As a result, prestressed concrete is being used in an increasing number of construction projects, including bridges, buildings, and other structures.
This is expected to continue driving the growth of the Global Prestressed Concrete Wire Strand Market Industry in the years to come.
Government Regulations and Standards
Government regulations and standards are also playing a role in the growth of the Global Prestressed Concrete Wire Strand Market Industry. In many countries, there are strict regulations governing the use of prestressed concrete in construction. These regulations are designed to ensure that prestressed concrete structures are safe and durable. As a result, manufacturers of prestressed concrete wire strand must comply with these regulations, which can increase the cost of production.
However, these regulations also help to ensure the quality of prestressed concrete wire strand, which can lead to increased demand for the product.
Prestressed Concrete Wire Strand Market Segment Insights
Prestressed Concrete Wire Strand Market Strand Type Insights
The Global Prestressed Concrete Wire Strand Market is segmented by strand type into uncoated, zinc coated, and epoxy coated. Uncoated strands are the most common type, accounting for over 50% of the market share in 2023. They are made of high-carbon steel and are not coated with any protective layer. Zinc coated strands are made of high-carbon steel that is coated with a layer of zinc to protect against corrosion. They are more expensive than uncoated strands, but they offer better corrosion resistance. Epoxy coated strands are made of high-carbon steel that is coated with a layer of epoxy to protect against corrosion and wear.
They are the most expensive type of strand, but they offer the best corrosion resistance and durability. The market for uncoated strands is expected to grow at a CAGR of 3.5% from 2024 to 2032. The growth of this segment is being driven by the increasing demand for prestressed concrete in infrastructure applications, such as bridges, highways, and buildings. The market for zinc coated strands is expected to grow at a CAGR of 4.0% from 2024 to 2032. The growth of this segment is being driven by the increasing demand for corrosion-resistant strands in marine and coastal applications.
The market for epoxy coated strands is expected to grow at a CAGR of 4.5% from 2024 to 2032. The growth of this segment is being driven by the increasing demand for high-performance strands in demanding applications, such as long-span bridges and high-rise buildings.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Prestressed Concrete Wire Strand Market Grade Insights
The Global Prestressed Concrete Wire Strand Market is segmented by Grade into ASTM A416, ASTM A421, and ASTM A881. ASTM A416 is the most widely used grade, accounting for over 50% of the global market in 2023. It is a low-relaxation strand with a tensile strength of 1860 MPa and is commonly used in bridges, buildings, and other structures. ASTM A421 is a higher-strength strand with a tensile strength of 1960 MPa and is used in applications where higher strength is required, such as in long-span bridges and offshore structures. ASTM A881 is a low-relaxation strand with a tensile strength of 1860 MPa and is used in applications where relaxation is a concern, such as in prestressed concrete tanks and pipes.
Prestressed Concrete Wire Strand Market Application Insights
The Global Prestressed Concrete Wire Strand Market segmentation by application includes Buildings, Bridges, and Infrastructure. Among these, the buildings segment held the largest market share in 2023 and is projected to continue dominating the market during the forecast period. The growth of the buildings segment can be attributed to the increasing construction of residential and commercial buildings, particularly in developing regions. The Bridges segment is also expected to witness significant growth due to the rising demand for new bridges and the need for repairing and upgrading existing bridges.
The Infrastructure segment is projected to grow steadily, driven by investments in infrastructure development projects, such as roads, railways, and airports. The Global Prestressed Concrete Wire Strand Market revenue for the buildings segment is expected to reach USD 5.63 billion by 2024, while the Bridges segment is projected to reach USD 3.27 billion by the same year. The infrastructure segment is expected to generate revenue of USD 2.91 billion by 2024.
Prestressed Concrete Wire Strand Market Diameter Insights
The Global Prestressed Concrete Wire Strand Market is segmented by diameter, with segments including '2.5mm to 4.0mm', '4.5mm to 5.0mm', and '5.5mm and above'. In 2023, the '2.5mm to 4.0mm' segment held the largest market share, accounting for nearly half of the global revenue. The '4.5mm to 5.0mm' segment is expected to exhibit the highest growth rate during the forecast period, owing to increasing demand for high-strength wire strands in large-scale construction projects. The '5.5mm and above' segment is expected to account for a significant share of the market by 2024, driven by growing infrastructure development in emerging economies.
The Global Prestressed Concrete Wire Strand Market is expected to witness steady growth in the coming years, with increasing urbanization and infrastructure spending driving demand for high-strength wire strands.
Prestressed Concrete Wire Strand Market End Use Insights
The End Use segment of the Global Prestressed Concrete Wire Strand Market holds vast opportunities for industry growth. In 2023, the Construction sub-segment accounted for the largest market share, valued at around USD 4.5 billion, with a projected increase to USD 6.2 billion by 2032. The Industrial sub-segment is anticipated to witness significant growth, reaching a market size of USD 3.1 billion by 2032. The Transportation sub-segment is also expected to contribute substantially, with an estimated market value of USD 2.4 billion by the end of the forecast period.
These sub-segments are driven by increasing infrastructure development, urbanization, and the growing demand for durable and sustainable building materials.
Prestressed Concrete Wire Strand Market Regional Insights
The Global Prestressed Concrete Wire Strand Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of the Prestressed Concrete Wire Strand Market in North America can be attributed to the increasing construction activities in the region. The market in Europe is expected to witness a steady growth rate during the forecast period, owing to the growing demand for Prestressed Concrete Wire Strand in the construction industry.
The APAC region is expected to be the fastest growing market for Prestressed Concrete Wire Strand, due to the increasing demand for infrastructure development in the region. The market in South America is expected to grow at a moderate rate during the forecast period, owing to the growing construction activities in the region. The MEA region is expected to witness a steady growth rate during the forecast period, owing to the increasing demand for Prestressed Concrete Wire Strand in the construction industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Prestressed Concrete Wire Strand Market Key Players and Competitive Insights
Participants in Prestressed Concrete Wire Strand Market are working on their competitiveness through the investments in R that drive innovation and expansion. By 2024, the highest share of Prestressed Concrete Wire Strand Market corporations will focus on releasing new products that meet the demand of construction sector. This will result in manufacturing conglomerates working on regular mergers and acquisitions to get access to new technologies and markets.
Furthermore, global participants in the Prestressed Concrete Wire Strand Market are expected to focus on the sustainable and environmentally friendly development of their operation to meet the increased demand for green and eco-friendly processes. Competitive pressure among major players in the field is likely to spread to the entire Prestressed Concrete Wire Strand Market and drive development for sustainable solutions.
ArcelorMittal is one of the largest steelmakers in the world and, as such, a major contender in the Prestressed Concrete Wire Strand Market. The largest company in the sector worldwide, ArcelorMittal benefits from direct access to raw materials and superior manufacturing facilities. Aware of the customers’ demands, the company produced a variety of topics of prestressed concrete wire strands. Such include steel wires, strands, high and low-relaxation grades, and corrosion-resistant grades. The broad product portfolio paired with technical skills and expertise spread across ArcelorMittal’s key R centers established the company as the key partner in any construction site around the world. The company’s products are distributed across the globe through a vast distribution network and are available to any customer regardless of their origin.
Key Companies in the Prestressed Concrete Wire Strand Market Include:
- Beijing Chengyu Machinery
- ISW/International Steel Wire
- WireCo WorldGroup
- Nisshin Steel
- Shinko Wire
- Daiwa Wire
- Prestress Services
- Sumitomo Electric Industries
- Bridon Bekaert
- Siam Iron and Steel
- Jiangsu Hengtong
- Shandong Jinyuan
- Haijia
- Zhenjiang Hosa Wire Rope
Prestressed Concrete Wire Strand Market Industry Developments
The global prestressed concrete wire strand market is estimated at USD 9.95 billion in 2023 and is projected to reach USD 13.8 billion by 2032, growing at a CAGR of 3.7% from 2024 to 2032. Increasing construction activities in the residential and commercial sectors, coupled with the growing demand for infrastructure development in emerging economies, are key factors driving market growth.
Recent news developments include the launch of new products by leading manufacturers, such as Sumitomo Metal Industries' introduction of a new high-strength wire strand for use in bridges and other structures. Additionally, governments in various countries are implementing regulations to promote the use of prestressed concrete structures, further boosting market growth. For instance, in the United States, the Federal Highway Administration has mandated the use of prestressed concrete in certain bridge construction projects.
Prestressed Concrete Wire Strand Market Segmentation Insights
Prestressed Concrete Wire Strand Market Strand Type Outlook
- Uncoated
- Zinc Coated
- Epoxy Coated
Prestressed Concrete Wire Strand Market Grade Outlook
- ASTM A416
- ASTM A421
- ASTM A881
Prestressed Concrete Wire Strand Market Application Outlook
- Buildings
- Bridges
- Infrastructure
Prestressed Concrete Wire Strand Market Diameter Outlook
- 5mm to 4.0mm
- 5mm to 5.0mm
- 5mm and above
Prestressed Concrete Wire Strand Market End Use Outlook
- Construction
- Industrial
- Transportation
Prestressed Concrete Wire Strand Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
9.59(USD Billion) |
| Market Size 2023 |
9.95(USD Billion) |
| Market Size 2032 |
13.8(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.7% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Beijing Chengyu Machinery, ISW/International Steel Wire, WireCo WorldGroup, Nisshin Steel, Shinko Wire, Daiwa Wire, Prestress Services, Sumitomo Electric Industries, Bridon Bekaert, Siam Iron and Steel, Jiangsu Hengtong, Shandong Jinyuan, Haijia, Zhenjiang Hosa Wire Rope |
| Segments Covered |
Strand Type, Grade, Application, Diameter, End Use, Regional |
| Key Market Opportunities |
1.      Increased infrastructure investment 2.      Growing adoption in construction 3.      Rising urbanization 4.      Bridge repairs and wind energy applications |
| Key Market Dynamics |
Increased infrastructure spending Growing construction industry Surge in demand for lightweight materials Technological advancements Rising urbanization |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Prestressed Concrete Wire Strand Market is expected to be valued at 9.95 billion USD in 2023, with a projected CAGR of 3.7% from 2024 to 2032.
The Asia-Pacific region is expected to hold the largest market share in the global Prestressed Concrete Wire Strand Market due to the increasing construction activities in the region.
The key growth drivers of the Global Prestressed Concrete Wire Strand Market include the rising demand for infrastructure development, increasing urbanization, and the growing construction industry.
Prestressed Concrete Wire Strand is primarily used in the construction of bridges, buildings, and other infrastructure projects.
Some of the key competitors in the Global Prestressed Concrete Wire Strand Market include ArcelorMittal, Bekaert, and Kobe Steel.
The Global Prestressed Concrete Wire Strand Market is expected to grow at a CAGR of 3.7% from 2024 to 2032.
The Global Prestressed Concrete Wire Strand Market faces challenges such as the volatility of raw material prices and the intense competition in the market.
Opportunities for growth in the Global Prestressed Concrete Wire Strand Market include the increasing demand for infrastructure development in emerging economies and the growing adoption of sustainable construction practices.
Key trends in the Global Prestressed Concrete Wire Strand Market include the increasing use of high-strength steel and the development of new technologies for wire strand production.
The Global Prestressed Concrete Wire Strand Market is expected to grow from 9.95 billion USD in 2023 to 13.8 billion USD by 2032.
