Prestressed Steel Wire Strands Market Size

Prestressed Steel Wire Strands Market Growth Projections and Opportunities

The global prestressed steel wire and strands market is anticipated to witness robust growth from 2021 to 2030. In 2020, the market had a valuation of USD 3,330.21 million, and it is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.73%, reaching USD 5,177.23 million by 2030. The volume of the market was 2,980.47 kilotons in 2020, with a projected CAGR of 2.23%, reaching 3,677.81 kilotons by the end of 2030. The driving force behind this growth is the increasing demand for prestressed steel in the building and construction sector.

Prestressed steel wire and strands exhibit superior properties, including high strength, bendability, corrosion resistance, ductility, durability, and low relaxation. These qualities make them highly desirable in the construction industry, leading to a surge in demand. The preference for epoxy-coated prestressing steel strands in applications like the railroad industry further contributes to the market's upward trajectory. Additionally, the use of prestressed steel strands in the energy sector for applications such as wind turbines, nuclear reactor shields, and LNG tanks is expected to fuel market growth. The rising demand for energy-efficient buildings also presents lucrative opportunities for players in the global prestressed steel wire and strands market.

Despite these positive trends, the market faces challenges due to fluctuating prices of raw materials, especially high-strength steel, and regulatory constraints. These factors are expected to impede the market's growth during the review period.

The market analysis by MRFR categorizes the global prestressed steel wire and strands market based on product, coating type, application, and region. In terms of product, the market is divided into wire and strand. The strand segment dominated the market in 2020, holding a share of 76.84%, valued at USD 2,558.87 million. It is projected to grow at a CAGR of 4.78%, reaching USD 3,998.72 million by 2030. The volume for this segment was 2,285.72 kilotons in 2020, with an estimated CAGR of 2.28%, reaching 2,835.07 kilotons by 2030.

The coating type segment includes uncoated, galvanized, epoxy coated, HDPE coated, and others. HDPE coated prestressed steel wire and strands accounted for a substantial share of 31.00% by value in 2020, valued at USD 1,032.25 million. This segment is expected to grow at a CAGR of 4.56%, reaching USD 1,578.94 million by 2030. The volume for HDPE coated segment was 923.83 kilotons in 2020, projected to exhibit a CAGR of 2.06%, reaching 1,121.82 kilotons by 2030.

In terms of application, the market is segmented into the railroad industry, construction equipment, bridges & flyovers, energy, and others. The railroad industry segment led the market with a share of 35.72% by value in 2020 due to its diverse applications in the construction sector.

Geographically, Asia-Pacific held the largest market share of 40.65% in 2020, driven by significant growth in the building and construction industry. China is expected to be the key market in the region, fueled by infrastructure development, low energy costs, and the availability of skilled labor. The Asia-Pacific market is anticipated to register the highest CAGR of 5.23%, reaching USD 2,208.09 billion by the end of 2030.

In conclusion, the global prestressed steel wire and strands market is poised for substantial growth, driven by the construction industry's increasing demand for high-performance materials. While challenges such as fluctuating raw material prices and regulatory constraints exist, the market's potential for expansion remains promising, particularly in the dynamic Asia-Pacific region.