U.S. PC Wire And Strand Market To Hit Value $1.58 Billion By 2030 |Grand View Research, Inc.

San Francisco, 26 May 2023: The Report U.S. PC Wire And Strand Market Size, Share & Trends Analysis Report By Surface Coatings (Uncoated, Galvanized, Epoxy, Others), By Application (Bridges, Buildings, Others), By Region, And Segment Forecasts, 2023 - 2030

The U.S. PC wire and strand market size is anticipated to reach USD 1.58 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.5% from 2023 to 2030. The positive outlook of the construction industry U.S. is estimated to be the primary factor driving the growth.

Galvanized coated prestressed concrete (PC) wire and strand led the U.S market. These products provide long-term protection against corrosion caused due to concrete carbonation, salts, and pollutants. Moreover, they are high in demand due to their low life cycle cost, as it helps significantly to reduce the overall cost of project.

Epoxy coated prestressed concrete wire and strand are also expected to observe significant growth in the forthcoming years. Use of the product is largely catered by the construction of high-rise buildings. The limitation of land coupled with advancement in civil engineering is expected to drive the construction of high-rise buildings in U.S., which in turn is projected to fuel demand for epoxy coated PC wires and strands over the forecast period.

Post-tensioned PC wire and strand is used in buildings for floor with long life spans and moderate floor loads such as in residential buildings and in parking garages. While pre-tensioned PC wire and strand is used in balconies floor slabs, lintels, balconies, foundation piles, and beams. Increasing demand for housing infrastructure and rising commercial activities are expected to drive the product demand.

Construction boom in West United States such as Nevada is expected to foster the market growth. For instance, the massive projects in the pipeline in Nevada such as the Las Vegas stadium and casinos such as Resorts World Las Vegas on the Las Vegas Strip are expected to boost the product demand. Moreover, the Nevada Department of Correction has identified 225 projects in 2018, most of them consisting of maintenance and restoration projects and costing an estimated USD 486.6 million.

Acquisition is a key strategy adopted by the regional players to expand their regional market share. For instance, Insteel acquired the PC strand business from American Spring Wire Corporation in 2014. Another instance includes Keystone Consolidated Industries, Inc. acquiring Strand-Tech Martin, Inc. in 2016. These acquisitions allowed consolidation of the domestic producers and extended their market share in the country.

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The growth is largely supported by the rising construction activities and the popularity of prefab or offsite construction in the country. Prefab construction involves the molding of a structure in a controlled environment, followed by the process of curing. The finished product is then transported to the construction site for erection. Prestressed Concrete (PC) wires and strands are used to provide strength to concrete structures as well as to prefab structures.

Construction spending in the U.S. is anticipated to ascend at a significant rate over the forecast period. According to Oxford Economics, the volume of global construction output is predicted to grow by 85% and reach USD 17.5 trillion by 2030 with U.S., China, and India being the major economies boosting the growth. They are expected to account for 57% of the global growth until 2030. Such a positive outlook is projected to provide a suitable platform for the prestressed concrete (PC) wire and strand market growth.

The U.S. PC wire and strand industry is significantly influenced by China. China is a major exporter of the product to U.S. While, the majority of uncoated PC strand shipments for pre-tension application are supplied by domestic producers, coated PC strand shipments for post-tension application in the U.S. are mainly supplied by exporters from China.

The growth of the construction industry is anticipated to propel the demand for prestressed concrete (PC) wire and strand. Further, the positive outlook of upcoming projects in the U.S. construction industry and favorable government policies for infrastructure is expected to provide a lucrative opportunity for the market player. For instance, in August 2021, the U.S. government announced an infrastructure bill of USD 1 trillion. The investment from this bill is likely to support the construction of bridges, roads, water infrastructure, and high-speed internet among others.

Prefab or offsite is a method of construction, which involves the assembling of components of civil structures at a production or manufacturing facility and then transporting the complete assembly to the construction site. Precast structures are cast and hardened before being used for construction purposes. PC wires and strands are major components of prefab construction. These strands are basically used to attain compression or tension in the concrete structures.

Offsite construction is gaining importance in the U.S. construction sector as the method aids in avoiding material wastage and saving time. This type of construction can be done in any weather conditions. For example, flyovers and bridges can be constructed using prefab construction, wherein PC strands and girders are also used. Thus, growing demand for offsite or prefab construction is likely to drive the demand for PC wire and strand products over the coming years.

The major raw material used in the production of PC wire and strand is hot rolled, high carbon steel wire rod. Most of the manufacturers in the U.S. manufacture steel wire rods by recycling scrap. The manufacturers use steel scrap as a basic raw material. The steel scrap is melted at a steel shop, made up of an electric furnace. After the smelting process, a semi-product steel called as billet is obtained.

The billet is then transformed into different varieties of rod coils in a rolling mill. The rod coils are then utilized to manufacture different products such as steel wire rods, meshes, cables, cords, cold-pressed nuts and bolts, and springs. As a result, the prices of steel scrap are significantly correlated with the price of hot-rolled steel wire rods. Steel scrap, especially busheling scrap is strongly associated with high-carbon steel wire rod used to manufacture PC strand.

The uncoated segment of the market is likely to witness stagnant growth over the coming years. China is the largest exporter of steel-related products such as PC wires & strands and steel ropes & cables to the U.S. Any fluctuation in the market in China has an effect on the dynamics of the U.S. steel market and its related products. However, the recent imposition of import tariffs by the U.S. government is likely to reduce the impact of China on the U.S. steel market.