The Asia Pacific Prestressed Concrete (PC) Wire and Strand Market would witness market growth of 5.3% CAGR during the forecast period (2023-2030).
In developing nations such as China, India, and others, the rate of infrastructure development, including bridges, tunnels, and vertical parking lots, has increased due to rapid urbanization, population growth, and economic expansion. The growing urban population necessitates a variety of infrastructures for convenient and rapid movement throughout the nation. In addition to this, the economic development of a nation also requires the construction of an unrestricted and rapid mode of transportation for products. Thus, developing economies are investing substantially in constructing highways, bridges, and other infrastructure.
The Indian Railways, for example, is constructing thousands of miles of dedicated freight corridor railway lines to facilitate the transport of goods across the country by connecting India's main cities. Wire and strands made of prestressed concrete (PC) are also utilized in residential, commercial, and industrial structures, such as rooms, parking lots, warehouses, and other large-ceilinged areas. For instance, in October 2021, the Governments of Dubai and India agreed to construct medical schools, industrial parks, multifunctional towers, logistics centers, and a highly specialized hospital in the Indian state of Jammu and Kashmir.
The construction of numerous high-rise residential and commercial buildings characterizes China's urban centers. The continued growth of the construction services sector in China, along with its urbanization and infrastructure development initiatives, is expected to contribute to the sustained demand for PC wire and strands in the region. These materials are crucial for creating durable and efficient structures that can meet the evolving needs of China's expanding urban population. According to the International Trade Administration, the greatest construction industry in the world is China. New urbanization and transportation infrastructure are prioritized in China's 14th Five-Year Plan. The 14th Five-Year Plan period (2021–2025) will see an estimated total investment in new infrastructure of almost 27 trillion yuan ($ 4.2 trillion). Therefore, the region will present lucrative growth prospects in the coming years.
The China market dominated the Asia Pacific Prestressed Concrete (PC) Wire and Strand Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,112.8 million by 2030. The Japan market is showcasing a CAGR of 4.5% during (2023 - 2030). Additionally, The India market would display a CAGR of 5.8% during (2023 - 2030).
Based on Type, the market is segmented into 7 Wire Strand, 3 Wire Strand and Others. Based on End User Industry, the market is segmented into Infrastructure and Building Construction. Based on Application, the market is segmented into Pre-tensioning, Bonded Post-tensioning and Unbonded Post-tensioning. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Prestressed Concrete (PC) Wire and Strand Market is Predict to reach $7.7 Billion by 2030, at a CAGR of 5.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ArcelorMittal S.A., Sumitomo Electric Industries, Ltd., TATA Steel Limited (TATA Group and Tata Sons Pvt. Ltd.), N.V. Bekaert S.A., Kiswire LTD., Miki Steel Works Pvt. Ltd. (Miki Group Of Companies), Insteel Industries, Inc., TMG Global Pte Ltd., Kataria Group, and Usha Martin Limited.
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