The U.S. PC wire and strand market size is anticipated to reach USD 313.6 million by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.6% during the forecast period. The positive outlook of the construction industry U.S. is estimated to be the primary factor driving the growth.
Galvanized coated prestressed concrete (PC) wire and strand led the U.S market. These products provide long-term protection against corrosion caused due to concrete carbonation, salts, and pollutants. Moreover, they are high in demand due to their low life cycle cost, as it helps significantly to reduce the overall cost of project.
Epoxy coated prestressed concrete wire and strand are also expected to observe significant growth in the forthcoming years. Use of the product is largely catered by the construction of high-rise buildings. The limitation of land coupled with advancement in civil engineering is expected to drive the construction of high-rise buildings in U.S., which in turn is projected to fuel demand for epoxy coated PC wires and strands over the forecast period.
Post-tensioned PC wire and strand is used in buildings for floor with long life spans and moderate floor loads such as in residential buildings and in parking garages. While pre-tensioned PC wire and strand is used in balconies floor slabs, lintels, balconies, foundation piles, and beams. Increasing demand for housing infrastructure and rising commercial activities are expected to drive the product demand.
Construction boom in West United States such as Nevada is expected to foster the market growth. For instance, the massive projects in the pipeline in Nevada such as the Las Vegas stadium and casinos such as Resorts World Las Vegas on the Las Vegas Strip are expected to boost the product demand. Moreover, the Nevada Department of Correction has identified 225 projects in 2018, most of them consisting of maintenance and restoration projects and costing an estimated USD 486.6 million.
Acquisition is a key strategy adopted by the regional players to expand their regional market share. For instance, Insteel acquired the PC strand business from American Spring Wire Corporation in 2014. Another instance includes Keystone Consolidated Industries, Inc. acquiring Strand-Tech Martin, Inc. in 2016. These acquisitions allowed consolidation of the domestic producers and extended their market share in the country.
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U.S. PC Wire And Strand Market Report Highlights
• In terms of volume, utilization in buildings is anticipated to expand at the fastest CAGR of 3.6% during the forecast period, on account of increasing demand for commercial buildings in the country
• Galvanized prestressed concrete wire and strand held the leading market share of 33.4% in terms of revenue in 2018, owing to its wide application scope in buildings, bridges, stadiums, hangars, aqueducts, silos, and waste treatment structures
• In terms of revenue, West U.S. is anticipated to register the fastest CAGR of 5.5% over the forecast period owing to rapid economic growth and construction boom in the region
• Midwest U.S. led the U.S. market with a revenue share of 22.3% in 2018. The restoration projects associated with structurally deficient bridges is predicted to drive the regional growth
• Insteel is the largest domestic player in the U.S. PC wire & strand market. In August 2014, Insteel acquired the prestressed concrete wire and strand business from American Spring Wire Corporation (ASW) for USD 360 million, to further extend its market share
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U.S. PC Wire And Strand Market Segmentation
Grand View Research has segmented the U.S. PC wire & strand market report on the basis of surface coatings, application, and region:
Prestressed Concrete Wire and Strand Surface Coatings Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Uncoated • Galvanized • Epoxy coated • Others
Prestressed Concrete Wire and Strand Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Buildings • Bridges • Others
Prestressed Concrete Wire and Strand Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• U.S. • West U.S. • Midwest U.S. • Southwest U.S. • Southeast U.S. • Northeast U.S.
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EMEA Prestressed Concrete (PC) Wire and Strand Market Size, Share & Trends Analysis Report By Carbon Content (Medium, High), By Surface Coatings (Uncoated, Galvanized, Epoxy), By Application, And Segment Forecasts, 2019 – 2025
About Grand View Research
Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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