Global strand rods industry is driven by increase in demand from construction sector & surging awareness regarding sustainability in construction industry

WIN SIVERS DRIVE, OR, UNITED STATES, November 26, 2024 /EINPresswire.com/ -- According to a research report by Allied Market Research, Global Strand Rods Market size was valued $5.8 million in 2022 and is estimated to reach $14.7 million by 2032, exhibiting a CAGR of 10.2% from 2023 to 2032. The global strand rods industry is driven by factors such as an increase in demand from the construction industry, a rise in seismic activities across the globe, and surge in awareness regarding sustainability in the construction industry. However, less information about usability of the strand rod is hindering the market growth. Moreover, increasing seismic activities across the globe offers remunerative opportunities for the expansion of the strand rod market.  

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Based on application, the buildings segment accounted for the largest share in 2022, contributing to more than 90% of the global Strand Rods market revenue, and is projected to register the highest CAGR of 10.3% during the forecast period.

The same segment is estimated to rule the roost in terms of revenue throughout the forecast period. Strand rods are primarily used to provide seismic support for the building. Increasing seismic activities coupled with the growing building and construction industry is driving the demand for strand rods.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around 90% of the global Strand Rods market, and is projected to register the highest CAGR of 10.2% during the forecast period.

The same segment is expected to garner the major share from 2023 to 2032. This is attributed to numerous factors such as the flourishing construction industry, consistently developing economic status, and strengthening industrialization linked, which drive the growth of the Asia-Pacific market.

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The report provides a detailed analysis of these key players in the global Strand Rods market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Report Highlighters:

1. The report depicts detailed insights into the strand rods market trends and new growth opportunities.
2. The report provides a complete analysis of the market status across key regions and more than 15 countries across the globe in terms of value ($ Million)
3. The report identifies the strand rod market's emerging applications and regions.

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Segments Overview:

By Application
Buildings
Bridges and Roads

By Region
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Spain, Turkey, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, Indonesia, Philippines, Rest of Asia-Pacific)
LAMEA (Brazil, Argentina, Saudi Arabia, Rest of LAMEA)

Leading Market Players: -

KOMATSU MATERE CO., LTD.
TORAY INDUSTRIES, INC.
SOLVAY S.A.
SGL CARBON
HEXCEL CORPORATION
FORMOSA PLASTICS CORPORATION
MITSUBISHI CHEMICAL CORPORATION
DOWAKSA
TEIJIN LIMITED
NIPPON KOKUEN GROUP

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