The increasing demand for prestressed steel in the structure and development industry is a notable factor influencing the growth of the global market. The need for prestressed steel wire and strands in the construction industry is fueled by its common qualities, which include high strength, bendability, excellent protection against erosion, flexibility, toughness, and low unwinding. The need for prestressed steel strands is expected to be supported by the increased demand for epoxy-covered prestressing steel strands in a variety of end-use industries, such as the railroad industry, in the years to come. Similarly, it is anticipated that increased use of prestressed steel strands for energy applications, such as wind turbines, nuclear reactor safeguards, and condensed petroleum gas (LNG) tanks, will drive market growth throughout the study period. Additionally, it is anticipated that the growing need for energy-productive constructions would create significant openings for companies in the worldwide prestressed steel wire and strands market.
The steel industry has been significantly impacted by the COVID-19 pandemic. Due to the pandemic scenario, many countries had to go into lockdown in order to contain the rising number of cases. As a result, the demand and supply chains have been disrupted, which has had an effect on the global market. Numerous businesses, manufacturing facilities, and infrastructure projects had to be suspended as a result of the pandemic crisis.
The COVID-19 pandemic and shifting raw material costs have hindered the growth of the global market. On the good side, things are starting to settle down again, which is encouraging for future market expansion. Additionally, the full-scale restart of the prestressed steel wire and strands business would be facilitated by the global recycling industry's revival and the development of vaccines against the novel coronavirus.
Prestressed Steel Wire and Strands Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Baekert, CELIK HALAT ve Tel Sanayii A.S, DNA PC Strand, DWK Drahtwerke Koln GmbH, FAPRICELA – Industria de Trefilaria, Henan Hengxing Science & Technology Co. Ltd., Hjulsbro Steel AB, Hubei Fuxing New Material Technology Co. Ltd., Insteel Industries Inc., KISWIRE Ltd., Maklada , NEDRI Spanstaal BV.
Global Prestressed Steel Wire and Strands Market Segmentation:
By Product: Based on the Product, Global Prestressed Steel Wire and Strands Market is segmented as; Strand, Wire.
By Coating Type: Based on the Coating Type, Global Prestressed Steel Wire and Strands Market is segmented as; Epoxy Coated, Galvanized, HDPE Coated, Uncoated, Others.
By Application: Based on the Application, Global Prestressed Steel Wire and Strands Market is segmented as; Bridges & Flyovers, Construction Equipment, Energy, Railroad Industry, Others.
By Region: The market with the largest share is in Asia Pacific. The second-best performer in the market is from Europe. In the Asia Pacific, China produces the most prestressed steel wires and strands, followed by Japan, India, and Korea. Given its increasing urbanization and industrialization rates, as well as its expanding GDP, China is the region's most prosperous market for prestressed steel wire and strands. In European nations like the UK and Germany, the prestressed steel wire and strands business is doing incredibly well. One of the main factors contributing to the region's dominant position in the global market will be the enormous demand for prestressing steel in the automobile industry.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.