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Seismic Reinforcement Materials Market to accrue lucrative gains over the forecast timeframe

Author : Rahul Varpe | Published Date : 2019-06-14 

Global Market Insights add New Seismic Reinforcement Materials Market report provides in-depth information about market overview, top vendors, Key market highlights, product types, market drivers, challenges, trends, industry landscape, size and forecast, five forces analysis, Key leading countries/Region.

Increasing seismic activities across the globe resulting in loss of life and assets is the prime reason influencing the growth of seismic reinforcement materials market. The products are majorly used in buildings to strengthen the structures in order to minimize damage possibilities during or after earthquakes.

Increasing awareness and implementation of various building codes across the globe will compel the engineers and contractors to use seismic reinforcement materials, thus catapulting the overall product demand. Increasing urbanization and rising demand for renovation projects in developed economies are also contributing for product market growth.

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According to United States Geological Survey (USGS) in year 2015 around 1,565 earthquakes ranging from 5 to more than 8 on Richter magnitude scale had caused the death of around 9,600 people worldwide. The number of earthquakes is increasing with each passing year as in 2018 more than 1,800 earthquakes were recorded. This will upscale the seismic reinforcement materials market over forecast timeframe.

On the basis of material, the seismic reinforcement materials market is segmented into composites, steel, concrete and wood. The composites segment comprises of carbon fiber reinforced polymers, glass fiber reinforced polymers and other (aramid or hybrid) composites. Steel segment will be worth about 19 billion, exhibiting decent growth rate over the forecast time period due to its extensive usage as a reinforcement material in form of rebars, beams, columns, etc.

Seismic Reinforcement Materials Market by Application

  • Roofing
  • Walls & support columns
  • Foundation & flooring
  • Bridges & flyovers
  • Others

Seismic Reinforcement Materials Market by End-use Sector

  • Residential
  • Commercial
  • Industrial
  • Infrastructural

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On the basis of end-use the seismic reinforcement materials market categorized into residential, industrial, commercial and infrastructure. The residential sector holds around 30% of the overall market, with initiatives taken by governments to implement building codes for new residential buildings the sector is expected to show promising growth rate over forecast timeframe.

Asia Pacific region will dominate the market with more than 60% of the global share in 2025. A long list of earthquake prone countries in the region such as China, India, Indonesia, Thailand, Philippines, etc. will further strengthen the regional demand. Increasing population and urbanization trend will further give an up thrust to seismic reinforcement materials market in region.

Some of prominent players in seismic reinforcement materials market share are Hyundai Steel Company, Simpson Strong-Tie Company Inc., Toray Industries, Inc., ArcelorMittal, LafargeHolcim Ltd., West Fraser Timber Co. Ltd., Tata Steel Limited, BASF SE, Aegion Corporation, Weyerhaeuser Company, UltraTech Cement Limited, etc.

Read more news - https://www.prnewswire.com/news-releases/seismic-reinforcement-materials-market-to-hit-us40-billion-by-2025-global-market-insights-inc-300860354.html

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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