The global seismic reinforcement materials market size was evaluated at $10 Billion in 2022 and is slated to hit $16 Billion by the end of 2030 with a CAGR of nearly 5.2% between 2023 and 2030.
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➤ Increasing demand for materials that are resistant to earthquakes to stimulate global market trends
The seismic reinforcement materials market is experiencing significant development worldwide due to the increasing demand for seismic-proof constructions in earthquake-prone regions. The demand for seismic reinforcement materials has been influenced by the requirement for engineers and constructors to use seismic reinforcement materials in buildings in various regions, as a result of the implementation of building codes. The global seismic reinforcement materials market trends are being bolstered by the increase in infrastructure rehabilitation activity across the transportation, energy, and water management sectors, which is a direct result of the increase in urbanization.
➤ There is a lack of awareness regarding the advantages of employing earthquake-resistant materials to impede the expansion of the global industry.
A lack of awareness among the general public regarding the necessity of earthquake-resistant residential and commercial structures may impede the global seismic reinforcement materials industry’s growth.
➤ The global market can explore new development opportunities by taking advantage of favorable government laws regarding product application.
The global seismic reinforcement materials market will have access to new growth opportunities as a result of the increase in the number of earthquakes observed worldwide, which has led to the implementation of legislation that promotes the use of products in construction activities. The market will be able to explore new growth dimensions in the future decade by launching infrastructural development ventures in developing regions. Furthermore, the robust construction sector in the BRICS region will contribute to the expansion of the seismic reinforcement materials industry in the years ahead.
➤ The global industry’s expansion is expected to be significantly impeded by a rise in raw material costs and a surge in alternative products.
The global seismic reinforcement materials industry will face the most significant challenge in the growth path in the future years due to an increase in substitute products and raw material costs.
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The Global Seismic Reinforcement Materials Market is segmented based on product, application and region
Global Seismic Reinforcement Materials Market: Product Segment Analysis
● Rebar & Rod
● Sheet & Laminate
● Column & Beam
● Others
Global Seismic Reinforcement Materials Market: Application Segment Analysis
● Roofing
● Wall & Support Column
● Flooring & Foundation
● Bridge & Flyover
● Others
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The global Seismic Reinforcement Materials market profiles key players such as:
● BASF SE
● Toray Industries Inc.
● Aegion Corporation
● Hyundai Steel Company
● Sika AG
● Arcelor Mittal
● Structural Technologies LLC
● West Fraser Timber Company Limited
● Simpson Strong-Tie Company Inc.
● Weyerhaeuser Company
● The Holcim Group
● Tata Steel Limited
● UltraTech Cement Limited
???? Recent Developments
• In the latter half of 2021, researchers at IIT Roorkee in India discovered that thermocol can be utilized as a critical component in the construction of earthquake-resistant buildings that incorporate thermal insulation. The prevalence and demand for seismic reinforcement material in India and around the world will be bolstered by these discoveries.
• Seismic-resistant fiber-reinforced concrete was discovered by researchers at the University of British Columbia in the third quarter of 2017. This concrete can be employed to enhance the seismic resistance of buildings. Apparently, the masonry walls of the structures will be coated with cementitious concrete to ensure that they can withstand earthquakes of a magnitude greater than 9.0. The action will increase the demand for seismic retrofitting materials worldwide, thereby increasing the penetration of the product in the construction sector.
➤ By 2030, North America is expected to make substantial contributions to the global market share of seismic reinforcement materials.
The global seismic reinforcement materials market share in 2022 was 65% dominated by North America. It is expected to dominate the global market during the forecast period. The regional market expansion can be attributed to the increasing awareness of the advantages that can be achieved through the use of seismic reinforcement materials in buildings. Additionally, governments in both developed and emerging nations are investing in the production of seismic reinforcement materials and research and development activities. This initiative will serve as an incentive for the market to expand in the region.
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