Reinforcement Material Market Is Estimated To Witness High Growth Owing To Rising Demand From Construction Industry

The Reinforcement Material Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Reinforcement materials are used to increase the strength and stability of materials and structures. They are commonly used in concrete, polymers, ceramics and other materials to increase their load bearing capacity and durability.

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Major Players Are:

✤ Teijin Limited
✤ Toray Industries Inc.
✤ Cytec Industries Inc.
✤ Honeywell International Inc.
✤ Bast Fiber LLC
✤ AgroFiber SAS
✤ NFC Fibers GmBh
✤ E. I. du Pont de Nemours and Company
✤ 3B-The Fiberglass Company
✤ Owens Corning
✤ BASF SE
✤ Jushi Group Co., Ltd.,
✤ Mitsubishi Rayon Co. Ltd.
✤ Hyosung Corporation
✤ NJR Steel Holdings (PTY) Ltd.

Market Dynamics:

The global reinforcement material market is expected to witness significant growth over the forecast period owing to rising demand from the construction industry worldwide. The construction industry has been growing rapidly, especially in developing regions of Asia Pacific and Latin America. Reinforcement materials such as rebars, welded fabrics, fibers etc find widespread application in building structures, bridges, roads and other construction works to increase their strength. Additionally, rapid industrialization has augmented the demand for infrastructure and transportation, which is further propelling the need for reinforcement materials. Advances in material science have also led to development and adoption of novel materials such as fiber reinforced polymers (FRP) and glasses as reinforcement, which offer higher tensile strength as compared to conventional steel rebars.

Growth of Construction Industry

The construction industry across the globe has seen tremendous growth over the past few years which has significantly boosted the demand for reinforcement materials. Reinforcement materials such as rebars, welded wires, prestressing strands etc find widespread application in construction of buildings, bridges, roads and other infrastructure projects. According to statistics, the global construction industry is expected to grow at an average rate of 3-4% annually until 2025 driven by rapid urbanization, growing population and rising investment in infrastructure development in emerging economies. This steady rise in construction activities directly translates to higher consumption of reinforcement materials for strengthening concrete structures. The reinforcement material market is thus firmly supported by the secular growth trends in the construction industry worldwide.

Stringent Building Regulations Regarding Earthquake Resistance

Many regions across the world are located in high seismic zones and are frequently impacted by earthquakes. To ensure public safety, government regulatory bodies in these areas have made amendments to building codes making earthquake resistance mandatory for new construction projects. Following the guidelines set by International Building Code (IBC) and Eurocode 8, reinforcement materials play a critical role in improving the ductility and load bearing capacity of concrete structures to withstand seismic activities. The reinforcement cages, mesh or bars help distribute earthquake forces efficiently through the structure. With an increasing focus on upgrading infrastructure to comply with latest anti-seismic norms, the reinforcement material industry benefits from stronger demand. The implementation of revised construction regulations presents a lucrative opportunity for reinforcement suppliers.

Volatility in Raw Material Prices

The primary raw materials used in manufacturing reinforcement materials include billets, direct reduced iron etc. The reinforcement industry is highly dependent on prices of these raw materials which historically have displayed significant volatility influenced by macroeconomic and geopolitical factors. Over the past few years, Chinese government interventions in domestic steel markets as well as global trade conflicts have disrupted international steel price trends. Any sharp rises in input costs compress profit margins for reinforcement producers and construction companies, who may be forced to partially pass on increased costs to clients. High raw material price volatility introduces an element of uncertainty over input expenses and profitability projections for reinforcement material players. Effective raw material price risk management thus remains a key concern.

Popularity of Prefabricated Construction

The construction sector is under increasing pressure to adopt more productive techniques to complete projects faster and at lower costs. Prefabricated or modular construction has gained widespread acceptance as an efficient alternative to traditional on-site methods. Prefab involves mass production of building components or modules in a controlled factory environment and their subsequent assembly at project sites. This shifts the labor intensive processes from field to factories with greater quality control. The use of prefabricated elements substantially reduces construction timelines. The reinforcement material industry stands to benefit as prefab construction boosts overall materials productivity per project through optimized manufacturing processes. Promotion of prefabrication techniques presents a notable opportunity to stimulate reinforced concrete product demand.

Segmentation

On the basis of material, the global market is segmented into:

Carbon fiber
Glass fiber
Natural fiber
Aramid fiber
Steel rebar

On the basis of end use industry, the global market is segmented into:

Automotive
Aerospace
Consumer goods
Construction
Transportation

Regional Analysis for Reinforcement Material Market:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Why Choose This Report:

→» A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
→» Data on market value for each section and sub-segment
→» Indicates the region and market segment that is likely to expand the fastest and dominate the market.
→» The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
→» The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.

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FAQ's

What are the key factors hampering growth of the Reinforcement Material Market?
What are the major factors driving the Market growth?
Which is the leading component segment in the Market?
Which are the major players operating in the Market?
Which region will lead the Market?

Table of Content (TOC):

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Global Reinforcement Material Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Reinforcement Material Industry Impact

Chapter 2 Global Reinforcement Material Competition by Types, Applications, and Top Regions and Countries
2.1 Global Reinforcement Material (Volume and Value) by Type
2.3 Global Reinforcement Material (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Global Reinforcement Material Sales, Consumption, Export, Import by Regions (2018-2023)
Chapter 5 North America Reinforcement Material Market Analysis
Chapter 6 East Asia Reinforcement Material Market Analysis
Chapter 7 Europe Reinforcement Material Market Analysis
Chapter 8 South Asia Reinforcement Material Market Analysis
Chapter 9 Southeast Asia Reinforcement Material Market Analysis
Chapter 10 Middle East Reinforcement Material Market Analysis
Chapter 11 Africa Reinforcement Material Market Analysis
Chapter 12 Oceania Reinforcement Material Market Analysis
Chapter 13 South America Reinforcement Material Market Analysis
Chapter 14 Company Profiles and Key Figures in Reinforcement Material Business
Chapter 15 Global Reinforcement Material Market Forecast (2023-2030)
Chapter 16 Conclusions
Research Methodology
Continued....

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