What is the future of Seismic Reinforcement Material Market? Know Covid
Impact on Size, Share & Forecasts

Mar 11,2021/IndustryNewsGlobal/ The unexpected shifts in the global
markets because of the sudden outbreak of the COVID-19 virus have brought many
major and minor tremors to industries of all sizes including the Seismic
Reinforcement Material Market.

It was estimated prior to this unanticipated
outbreak that the Seismic Reinforcement Material Market was expected to grow at
a CAGR of 4.4% during the forecast period. However, the gradual slowing down of
industries will undoubtedly impose limits on the previously estimated growth
rate.

Seismic reinforcement materials
market is bolstered by seismic retrofitting measures as used by various
residential and commercial buildings. Favorable government regulations and
building norms will support the overall market demand over the forecast period.
Sociological and economical inhibitions associated with seismic reinforcement
techniques may hinder the market growth in coming years.

This report studies the market
covering a period of 12 years of trend and forecast. The report provides
detailed insights into the market dynamics to enable informed business decision
making and growth strategy formulation based on the opportunities present in
the market.

Based on the product type, the
market is segmented as rebar & rod, column & beam, sheet &
laminate, and others. Rebar & rod held the largest share of the
market in 2020, and are expected to remain dominant during the
forecast period. They are widely used to increase the tensile strength of
concrete and masonry structures and are essential in framing structures to
withstand earthquake loading.

Based on the installation type,
the seismic reinforcement material market is segmented as retrofit and new
structure. New structures to continue to dominate the seismic
reinforcement material market. However, retrofit which accounts for a
smaller share is expected to register higher growth during the forecast period
due to the enforcement of seismic codes by local government authorities in
earthquake prone areas.

Based on the end-use industry
type, the seismic reinforcement material market is segmented as residential,
commercial, industrial, and infrastructural. The residential segment
accounted for the largest share and is expected to drive the demand
for seismic reinforcement material over the forecast period due to the adoption
of these materials in structural applications such as walls, frames, joints,
beam, column, roof, and others.

In terms of regions, North
America is estimated to register healthy growth during the forecast
period due to the enforcement of stringent regulations with increased awareness
on building’s strength falling under earthquake belt or seismic zone. Rising
infrastructural activities in Asia-Pacific to provide significant opportunities
in the coming years.

Key Players:

Some of the major seismic
reinforcement material manufacturers are-

• ArcelorMittal


• Canfor Corporation


• HBIS Group Co., Ltd.


• Hyundai Steel Company


• Jiangsu Shagang Group Co., Ltd.


• LafargeHolcim Ltd.


• Tata Steel Limited


• Toray Industries Inc.


• UltraTech Cement Limited


• Weyerhaeuser Company


• Others.