On the basis of material, the seismic reinforcement materials market is segmented into composites, steel, concrete and wood. The composites segment comprises of carbon fiber reinforced polymers, glass fiber reinforced polymers and other (aramid or hybrid) composites. Steel segment will be worth about 19 billion, exhibiting decent growth rate over the forecast time period due to its extensive usage as a reinforcement material in form of rebars, beams, columns, etc.
Seismic Reinforcement Materials Market Size will surpass USD 40 billion by 2025; according to a new research report by Global Market Insights, Inc. Increasing seismic activities across the globe resulting in loss of life and assets is the prime reason influencing the growth of seismic reinforcement materials market. The products are majorly used in buildings to strengthen the structures in order to minimize damage possibilities during or after earthquakes. Increasing awareness and implementation of various building codes across the globe will compel the engineers and contractors to use seismic reinforcement materials, thus catapulting the overall product demand. Increasing urbanization and rising demand for renovation projects in developed economies are also contributing for product market growth.
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According to United States Geological Survey (USGS) in year 2015 around 1,565 earthquakes ranging from 5 to more than 8 on Richter magnitude scale had caused the death of around 9,600 people worldwide. The number of earthquakes is increasing with each passing year as in 2018 more than 1,800 earthquakes were recorded. This will upscale the seismic reinforcement materials market over forecast timeframe.
Based on product, the seismic reinforcement material market is bifurcated into columns & beams, rebars & rods, sheets & laminates & others. The others segment includes the anchors, plates and other reinforcement systems. The column & beam segment will hold sway the market showing an annual growth rate of over 4% from 2019 to 2025 due to its importance in providing structural strength to buildings.
On installation basis, retrofit segment shows a decent growth rate of around 4% over forecast timeframe due to increasing housing demand and infrastructure rehabilitation activities in developed nations.
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Seismic reinforcement materials have applications in roofing, walls & columns, bridges & flyovers, foundation & flooring and other areas which include chimneys, silos, etc. Among this the bridges & flyover segment accounts almost 4 billion and shows a fair growth rate from 2018 to 2025 owing to increasing investment in infrastructure sector of developing economies.
On the basis of end-use the seismic reinforcement materials market categorized into residential, industrial, commercial and infrastructure. The residential sector holds around 30% of the overall market, with initiatives taken by governments to implement building codes for new residential buildings the sector is expected to show promising growth rate over forecast timeframe.
Asia Pacific region will dominate the market with more than 60% of the global share in 2025. A long list of earthquake prone countries in the region such as China, India, Indonesia, Thailand, Philippines, etc. will further strengthen the regional demand. Increasing population and urbanization trend will further give an up thrust to seismic reinforcement materials market in region.
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Some of prominent players in seismic reinforcement materials market share are Hyundai Steel Company, Simpson Strong-Tie Company Inc., Toray Industries, Inc., ArcelorMittal, LafargeHolcim Ltd., West Fraser Timber Co. Ltd., Tata Steel Limited, BASF SE, Aegion Corporation, Weyerhaeuser Company, UltraTech Cement Limited, etc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.