Portland, OR, May 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Strand Rods Market by Application (Buildings, Bridges & Roads): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the Strand Rods Market is valued at $5.8 million in 2022 and is estimated to reach $14.7 million by 2032, exhibiting a CAGR of 10.2% from 2023 to 2032.
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Prime determinants of growth
The global strand rods market is driven by factors such as an increase in demand from the construction industry, a rise in seismic activities across the globe, and surge in awareness regarding sustainability in the construction industry. However, less information about usability of the strand rod is hindering the market growth. Moreover, increasing seismic activities across the globe offers remunerative opportunities for the expansion of the strand rod market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5.8 million |
| Market Size in 2032 | $14.7 million |
| CAGR | 10.2% |
| No. of Pages in Report | 250 |
| Segments covered | Application and Region. |
| Drivers | Rise in demand from the construction industry Necessity for the earthquake resistant construction |
| Opportunities | Surge in seismic activities across the globe |
| Restraints | Less information about the strand rods |
The building segment is estimated to maintain its lead position during the forecast period.
Based on application, the buildings segment accounted for the largest share in 2022, contributing to more than 90% of the global Strand Rods market revenue, and is projected to register the highest CAGR of 10.3% during the forecast period. The same segment is estimated to rule the roost in terms of revenue throughout the forecast period. Strand rods are primarily used to provide seismic support for the building. Increasing seismic activities coupled with the growing building and construction industry is driving the demand for strand rods.
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Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around 90% of the global Strand Rods market, and is projected to register the highest CAGR of 10.2% during the forecast period. The same segment is expected to garner the major share from 2023 to 2032. This is attributed to numerous factors such as the flourishing construction industry, consistently developing economic status, and strengthening industrialization linked, which drive the growth of the Asia-Pacific market.
Leading Market Players: -
- KOMATSU MATERE CO., LTD.
- TORAY INDUSTRIES, INC.
- SOLVAY S.A.
- SGL CARBON
- HEXCEL CORPORATION
- FORMOSA PLASTICS CORPORATION
- MITSUBISHI CHEMICAL CORPORATION
- DOWAKSA
- TEIJIN LIMITED
- NIPPON KOKUEN GROUP
The report provides a detailed analysis of these key players in the global Strand Rods market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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