Top 3 trends triggering Seismic Reinforcement Materials Market expansion

As per a report published by Global Market Insights, the seismic reinforcement materials market could exceed a USD 40 billion valuation by 2025. Rising concerns and strict mandates for using seismic reinforcement material may contribute towards business growth. Additionally, increasing urbanization and rising need for innovations in construction across developing regions will positively influence product suppliers and manufacturers.

Seismic reinforcing materials are majorly used in strengthening buildings and other structures like flyovers, bridges, masonry, etc. It helps in minimizing the impact of damages during or after natural calamities like earthquakes. Rapid rise in seismic events globally due to climate change could accelerate the adoption of seismic reinforcing materials. Frequent occurrence of such events have resulted in heavy loss of property, assets, and most importantly lives of people. These are some of the major factors directly influencing the demand for the seismic reinforcement materials market.

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Here are some of the factors that may accelerate market expansion:

Mounting occurrence of earthquakes

Changing environmental conditions and resulted in rise in instances of earthquakes. The USGS recorded over 1,550 earthquakes across the globe with a Richter scale magnitude of more than 5 in 2015, with an estimated number of deaths of more than 9,600. While in 2018, over 14,500 earthquakes were recorded globally, of which around 12,700 were marked below 5 on the Richter scale. Rising number of earthquakes may drive the need for seismic reinforcement materials in many construction activities, directly augmenting its industry for the estimated timespan.

Rapid urbanization across North America

North America is expected to one of the key markets for seismic reinforcement materials. The region witnesses numerous instances of earthquake each year which consequently results in huge economic turmoil. According to Federal Emergency Management Agency (FEMA), earthquake losses per year, as known as AEL (Annualized Earthquake Losses), was calculated to be around $6.1 billion per year in the U.S.

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Strict norms and regulations mandated by the government to adhere to building codes could drive the utilization in seismic reinforcement materials in the construction sector. Escalating construction of new residential homes may have a favorable impact on the regional industry. Initiatives like the National Earthquake Hazards Reduction Program (NEHRP) can help improve building seismic performance, upgrade seismic code provisions, evaluate new seismic force resisting systems, and review seismic design requirements for new construction techniques and material standards.

Presence of key players

Some of the major players operating in the seismic reinforcement materials market are Toray Industries, Simpson Strong-Tie Inc., Hyundai Steel Co., Aegion Corp., West Fraser Timber Co., UltraTech Cement, Lafarge Holcim Ltd., ArcelorMittal, BASF, Tata Steel, and Weyerhaeuser.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

This release was published on openPR.