SELBYVILLE, Del., June 3, 2019 (Newswire.com) - The Seismic Reinforcement Materials Market demand is set to rise from USD 30 billion in 2018 to around USD 40 billion by 2025, according to a 2019 Global Market Insights Inc. report. Increasing seismic activities across the globe resulting in loss of life and assets is the prime reason influencing the growth of the 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 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 to product market growth.
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According to United States Geological Survey (USGS), in 2015, around 1,565 earthquakes ranging from 5 to more than 8 on the 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 the forecast timeframe.
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 the form of rebars, beams, columns, etc.
Based on product, the seismic reinforcement material market is bifurcated into columns & beams, rebars & rods, sheets & laminates and others. The others segment includes anchors, plates and other reinforcement systems. The column & beam segment will hold sway the market showing an annual growth rate of over four percent from 2019 to 2025 due to its importance in providing structural strength to buildings.
Browse key industry insights spread across 570 pages with 926 market data tables and 30 figures and charts from the report, "Seismic Reinforcement Materials Market Size By Material (Steel, Composites [CFRP, GFRP], Wood, Concrete), By Product (Rebars & Rods, Columns & Beams, Sheets & Laminates), By Installation (Retrofit, New Structures), By Application (Roofing, Wall & Support Columns, Foundation & Flooring, Bridges & Flyovers),By End-Use (Residential, Commercial, Industrial, Infrastructural), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Italy, Romania, Ukraine, Greece, China, India, Japan, Thailand, Indonesia, Malaysia, South Korea, Brazil, Mexico, Peru, Turkey, South Africa, Saudi Arabia, Turkey, Iran), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025," in detail along with the table of contents:
On the installation basis, the retrofit segment shows a decent growth rate of around four percent over the forecast timeframe due to increasing housing demand and infrastructure rehabilitation activities in developed nations.
Seismic reinforcement materials have applications in roofing, walls & columns, bridges & flyovers, foundation & flooring and other areas which include chimneys, silos, etc. Among these, the bridges & flyover segment accounts for almost four billion and shows a fair growth rate from 2018 to 2025, owing to increasing investment in the infrastructure sector of developing economies.
On the basis of end-use, the seismic reinforcement materials market is categorized into residential, industrial, commercial and infrastructure. The residential sector holds around 30 percent of the overall market and with initiatives taken by governments to implement building codes for new residential buildings, the sector is expected to show a promising growth rate over the forecast timeframe.
The Asia Pacific region will dominate the market with more than 60 percent 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. An increasing population and urbanization trend will further give an upthrust to the seismic reinforcement materials market in the region.
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Some of the prominent players in the 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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Source: Global Market Insights Inc.