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2024

North America and GCC Prestressed Concrete (PC) Wire and Strand Market

North America and GCC Prestressed Concrete (PC) Wire and Strand Market Size, Share, Competitive Landscape and Trend Analysis Report by Strand Diameter, Application and End User Industry : Global Opportunity Analysis and Industry Forecast, 2022-2032.

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Author's: Tanuj Barai | Sonia Mutreja
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The North America and GCC Prestressed Concrete (PC) Wire and Strand market was valued at $1,048.4 million in 2022, and is projected to reach $1,826.7 million by 2032, registering a CAGR of 5.7% from 2023 to 2032.

Prestressed Concrete (PC) Wire and Strand play a crucial role in reinforcing concrete structures, augmenting their strength and durability. These components are strategically pre-tensioned or post-tensioned within concrete elements to counteract the tensile stresses induced by loads, thereby bolstering the structural capacity and extending the lifespan of the construction.  Prestressed concrete wire, manufactured from high-strength steel, is widely employed across diverse construction applications. Available in various diameters, it caters to specific project requirements. In addition, prestressed concrete strand, consisting of multiple wires twisted together, offers superior tensile strength, making it a preferred choice for larger-scale construction projects.

North America and GCC Prestressed Concrete (PC) Wire and Strand Market

Key Takeaways of North America and GCC Prestressed concrete (PC) Wire and Strand Market Report

  • By strand diameter, North America And GCC Prestressed Concrete (PC) Wire And Strand Market is divided into 9.3 MM, 12.7 MM, and 15.7 MM. In 2022, the 9.3 MM strand segment dominated the prestressed concrete (PC) wire and strand market, in terms of revenue, and it is expected to grow with a higher CAGR during the forecast period.
  • By application, the North America and GCC prestressed concrete (PC) wire and strand market is divided into pre-tensioning, bonded post-tensioning, and unbonded post-tensioning. In 2022, the pre-tensioning segment dominated the prestressed concrete (PC) wire and strand market, in terms of revenue, and the bonded post-tensioning segment is expected to witness growth at a higher CAGR during the forecast period.
  • By end user industry, the North America and GCC prestressed concrete (PC) wire and strand market is divided into building construction and infrastructure. The infrastructure segment accounted for a higher market share in 2022.
  • By region, GCC dominated the North America and GCC prestressed concrete (PC) wire and strand market, in terms of revenue, and it is expected to grow with a higher CAGR during the forecast period. Rapid development in countries such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE, along with population growth and urbanization are expected to play an instrumental role in the prestressed concrete (PC) wire and strand market growth.

Segment Overview

The North America and GCC Prestressed concrete (PC) Wire and Strand Market is segmented into strand diameter, application, end-user industry and region.

By Strand Diameter

On the basis of strand diameter, the North America and GCC Prestressed concrete (PC) Wire and Strand Market industry is divided into 9.3 MM, 12.7 MM, and 15.7 MM. In 2022, 9.3 MM segment dominated the market in terms of revenue.

North America and GCC Prestressed Concrete (PC) Wire and Strand Market
By Strand Diameter
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The 9.3 MM segment is projected to grow at a significant CAGR during the forecast period.

By Application

On the basis of application, the North America and GCC Prestressed concrete (PC) Wire and Strand Market industry is divided into pre-tensioning, bonded post-tensioning, and unbonded post-tensioning. In 2022, pre-tensioning segment dominated the market in terms of revenue. The demand for pre-tensioning is high, mainly owing to rise in off-site construction, where concrete structures such as beams, girders, slabs, electric poles, and others are constructed in factories. However, bonded post-tensioning PC wire and strand are easy to maintain and offer effective transfer of compression to the concrete structure.

North America and GCC Prestressed Concrete (PC) Wire and Strand Market
By Application
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The Pre-Tensioning segment is expected to hold a majority share of the market throughout the study period

By End-User Industry

On the basis of end-user industry, the North America and GCC Prestressed concrete (PC) Wire and Strand Market industry is divided into building construction and infrastructure. In 2022, pre-tensioning segment dominated the market in terms of revenue. This is attributed to infrastructural development such as the construction of bridges, airports, elevated roads, and ports.

North America and GCC Prestressed Concrete (PC) Wire and Strand Market
By End-user Industry
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The Infrastructure segment is expected to hold a majority share of the market throughout the study period

Competitive Analysis

Competitive analysis and profiles of the major players in the North America and GCC prestressed concrete (PC) wire and strand market are provided in the report. Major companies profiled in the report include Al Ittefaq Steel Products Co., Al Rashed, ASLAK, Bekaert, Central Wire Industries, Canada Wire and Metal Inc., Nucor Haris Rebar, Insteel, Kiswire Ltd., Madison Steel, Inc., National Strand, Southern Steel Berhad, Sumitomo Electric Industries, Ltd., TATA Steel, and Tree Island Steel. The key strategies adopted by the major players of the North America and GCC Prestressed concrete (PC) Wire and Strand Market is expansion, investment, agreement, and contract.

Market Dynamics

Rapid growth of the infrastructure industry in developing economies

Prestressed concrete beams, slabs, girders, and others have high strength and durability when compared to concrete elements constructed using conventionally used reinforcement techniques; thereby, making them perfect choice for heavy infrastructure projects. Utilization of prestressed concrete facilitates rapid completion of projects, reduces maintenance costs, and increases the overall lifespan of infrastructure. Canada and the GCC region have several major infrastructure projects underway. In Canada, the British Columbia Major Infrastructure Projects Brochure highlights prospective projects valued at CAD50 million and above from the early planning stage. 

The Metrolinx Transit Program is a multi-billion-dollar endeavor, with over $USD 11.63 billion (CAD 16.0 billion) committed to date, and is the largest public investment in Canadian history to date. The Government of Canada has also established a national infrastructure bank to help attract private sector investors and institutional investment in infrastructure projects in Canada that will generate revenue and are in the public interest. Infrastructure Canada Projects is a dataset containing a list of infrastructure projects across Canada that have been approved by Infrastructure Canada. The Government of Canada's Infrastructure Canada website provides information on housing and infrastructure projects, including the Investing in Canada Infrastructure Program (ICIF), a federal cost-share funding support program for projects that will collectively advance national economic, social, and environmental outcome. The Department of National Defence of Canada has several infrastructure projects underway, including the New LAV III Facility at CFB Petawawa, Ontario, and the HMCS Hunter Naval Reserve project in Windsor, Ontario.

In the GCC region, the UAE has several major infrastructure projects underway, including the Dubai Water Canal, which is a 3.2 km long waterway that extends from the Creek in Deira to the Arabian Gulf, and the Abu Dhabi Midfield Terminal, a new terminal at Abu Dhabi International Airport that will increase the airport's capacity to 45 million passengers per year. Saudi Arabia has several major infrastructure projects underway, including the Riyadh Metro, a new metro system in Riyadh, and the Jeddah Tower, which will be the tallest building in the world when completed. 

Qatar has several major infrastructure projects underway, including the Doha Metro, a new metro system in Doha, and the Hamad International Airport expansion, which will increase the airport's capacity to 53 million passengers per year. Bahrain has several major infrastructure projects underway, including the Bahrain International Airport expansion, which will increase the airport's capacity to 14 million passengers per year, and the Bahrain Metro, a new metro system in Manama. Kuwait has several major infrastructure projects underway, including the Kuwait Metro, a new metro system in Kuwait City, and the Kuwait International Airport expansion, which will increase the airport's capacity to 25 million passengers per year. Oman has several major infrastructure projects underway, including the Muscat International Airport expansion, which will increase the airport's capacity to 12 million passengers per year, and the Batinah Expressway, a new expressway in northern Oman. Thus, rise in infrastructural development, and the favorable advantages of prestressed concrete are driving the demand for prestressed concrete (PC) wire and strand.

Increase in urbanization

The high urbanization rate in the GCC region and North America is driving the demand for prestressed concrete wire and strand, which is used in the construction of infrastructure projects such as bridges, buildings, and highways. The market for prestressed concrete wire and strand is expected to grow significantly in the coming years, driven by the increasing demand for infrastructure development in urban areas.

In the GCC region, the demand for prestressed concrete wire and strand is driven by the construction of large-scale infrastructure projects, including airports, ports, highways, and buildings. The region is experiencing rapid urbanization, with the population in urban areas projected to increase from 60% in 2010 to 75% in 2030. The construction of new cities, such as the King Abdullah Economic City in Saudi Arabia and the New Doha International Airport in Qatar, is driving the demand for prestressed concrete wire and strand. In North America, the market for prestressed concrete wire and strand is also substantial, with the industry growth supported by increasing investment in the infrastructure sector. The region is characterized by the growing popularity of prefab or offsite construction in the construction industry, which is expected to drive the market for prestressed concrete wire and strand. The market in North America is likely to observe robust demand over the forecast period, driven by the growth in foreign investment in the infrastructure sector and the increasing demand for infrastructure development in countries like the U.S. and Canada.

High initial cost of prestressed concrete

Prestressed concrete is relatively more expensive than other reinforced concrete components. Its construction process requires additional steps and requires expert workers for pre-tensioning and post-tensioning operations. In addition, its designing, quality control, and testing process also requires specialized and expert engineering knowledge. Such expert workers and engineers require money; thereby, increasing the cost of prestressed concrete. Moreover, the need for specialized equipment and tools such as jacks, anchorages, and stressing equipment, to apply and control the pre-compression forces also adds to the overall cost of the prestressed concrete.

Recent Developments in North America and GCC Prestressed concrete (PC) Wire and Strand Market Industry

  • In December 2022, Sumitomo Electric Industries, Ltd. signed a contract with Shin-Meishin Project company to supply 1,000 tons of high-strength prestressing steel strands for the construction of Mukogawa Bridge, Aigawa Bridge and Youbaizan Viaduct Bridge in Japan. This strategy helps to increase the overall strands production of company for infrastructure developments.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the North America and GCC Prestressed concrete (PC) Wire and Strand Market analysis from 2022 to 2032 to identify the prevailing North America and GCC Prestressed concrete (PC) Wire and Strand Market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the North America and GCC Prestressed concrete (PC) Wire and Strand Market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the regional market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional analysis of North America and GCC Prestressed concrete (PC) Wire and Strand Market trends, key players, market segments, application areas, and market growth strategies.

North America and GCC Prestressed Concrete (PC) Wire and Strand Market Report Highlights

Aspects Details
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By Strand Diameter
  • 9.3mm
  • 12.7mm
  • 15.7mm
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By Application
  • Pre-tensioning
  • Bonded Post-tensioning
  • Unbonded Post-tensioning
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By End-User Industry
  • Building Construction
  • Infrastructure
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Key Market Players

Insteel, ASLAK, National Strand, Madison Steel, Inc., Bekaert, Al Ittefaq Steel Products Co., Central Wire Industries, Nucor Haris Rebar, Canada Wire and Metal Inc., Sumitomo Electric Industries, Ltd., Kiswire Ltd., TATA Steel, Tree Island Steel, Southern Steel Berhad, Al Rashed

Analyst Review

According to insights from top-level CXOs, the prestressed concrete (PC) wire and strand market in North America and the Gulf Cooperation Council (GCC) regions have experienced marginal growth in recent years. This growth can be attributed to several factors, including the proliferation of building projects, a surge in infrastructure development initiatives, and the numerous advantages offered by prestressed concrete over alternative construction techniques.

The increased demand for buildings and infrastructure projects has driven the need for robust and durable construction materials like PC wire and strand. These components play a crucial role in reinforcing concrete structures, enhancing their strength and longevity. In addition, the superior properties of prestressed concrete, such as its ability to withstand higher loads and resist cracking, make it an attractive choice for a wide range of construction applications.

Furthermore, the strategic utilization of prestressed concrete contributes to cost savings and faster construction timelines, further driving its adoption in the market. As a result, top-level executives have observed a gradual but steady growth trajectory in the North America and GCC regions, indicating positive prospects for the prestressed concrete wire and strand market during the forecast period.

Author Name(s) : Tanuj Barai | Sonia Mutreja
Frequently Asked Questions?

The North America and GCC Prestressed Concrete (PC) Wire And Strand market was valued at $1,048.4 million in 2022, and is projected to reach $1,826.7 million by 2032, registering a CAGR of 5.7% from 2023 to 2032.

The forecast period in the North America and GCC Prestressed Concrete (PC) Wire and Strand Market report is 2023 to 2032.

The base year calculated in the North America and GCC Prestressed Concrete (PC) Wire and Strand Market report is 2022.

The top companies analyzed for North America and GCC Prestressed Concrete (PC) Wire and Strand Market report are Al Ittefaq Steel Products Co., Al Rashed, ASLAK, Bekaert, Central Wire Industries, Canada Wire and Metal Inc., Nucor Haris Rebar, Insteel, Kiswire Ltd., Madison Steel, Inc., National Strand, Southern Steel Berhad, Sumitomo Electric Industries, Ltd., TATA Steel, and Tree Island Steel.

The pre-tensioning segment is the most influential segment in the North America and GCC Prestressed Concrete (PC) Wire and Strand Market.

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North America and GCC Prestressed Concrete (PC) Wire and Strand Market

Global Opportunity Analysis and Industry Forecast, 2022-2032.