Mar 11,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Seismic Reinforcement Material Market.
It was estimated prior to this unanticipated outbreak that the Seismic Reinforcement Material Market was expected to grow at a CAGR of 4.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Seismic reinforcement materials market is bolstered by seismic retrofitting measures as used by various residential and commercial buildings. Favorable government regulations and building norms will support the overall market demand over the forecast period. Sociological and economical inhibitions associated with seismic reinforcement techniques may hinder the market growth in coming years.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as rebar & rod, column & beam, sheet & laminate, and others. Rebar & rod held the largest share of the market in 2020, and are expected to remain dominant during the forecast period. They are widely used to increase the tensile strength of concrete and masonry structures and are essential in framing structures to withstand earthquake loading.
Based on the installation type, the seismic reinforcement material market is segmented as retrofit and new structure. New structures to continue to dominate the seismic reinforcement material market. However, retrofit which accounts for a smaller share is expected to register higher growth during the forecast period due to the enforcement of seismic codes by local government authorities in earthquake prone areas.
Based on the end-use industry type, the seismic reinforcement material market is segmented as residential, commercial, industrial, and infrastructural. The residential segment accounted for the largest share and is expected to drive the demand for seismic reinforcement material over the forecast period due to the adoption of these materials in structural applications such as walls, frames, joints, beam, column, roof, and others.
In terms of regions, North America is estimated to register healthy growth during the forecast period due to the enforcement of stringent regulations with increased awareness on building’s strength falling under earthquake belt or seismic zone. Rising infrastructural activities in Asia-Pacific to provide significant opportunities in the coming years.
Some of the major seismic reinforcement material manufacturers are-