Seismic Reinforcement Materials Market growth
Seismic reinforcement materials market is poised to witness momentous growth over the ensuing years, primarily owing to the demand for seismic proof structures in earthquake-prone areas across the world. The product demand from a slew of end-users including residential, commercial, industrial, and infrastructural sectors will also support market growth. For the uninitiated, seismic reinforcement or seismic retrofitting is the process of making a structure more resistant to the severe consequences of an earthquake.
U.S. Seismic Reinforcement Materials Market By End-use Sector, 2014 – 2025 (USD Billion)
Increasing preference for earthquake resistant buildings will be a major driving force augmenting the product demand. Strong earthquakes are extremely dangerous and result in millions of casualties each year. Most earthquake deaths are results of structural failures. Seismic retrofitting of existing structures in earthquake-prone regions to make them more resistant to ground motion and soil failure will bolster global seismic reinforcement materials market in the coming years.
Earthquake is a natural phenomenon, but the amount of damage it causes can be a huge threat to a country’s economy. Especially for the industrial sector, natural disasters like earthquakes can destroy tangible assets like buildings and equipment along with human capital, bringing down production capacity. The vulnerability of industrial buildings due to their high exposure, needs to be protected through proper seismic retrofitting modifications. Owing to these factors commercial seismic reinforcement materials segment is likely to exhibit growth in the succeeding years.
The imposition of building codes is an effective way to ensure that people like engineers, contractors, and builders are inclined towards the construction of earthquake resistant structures. For instance, FEMA’s National Earthquake Hazards Reduction Program (NEHRP) recommends a set of seismic provisions for new and existing structures to reduce the fatalities and property losses caused by earthquakes. Such trends will further boost material demand, thereby augmenting seismic reinforcement materials market.
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The infrastructure development sector garnered immense proceeds in the past and is projected to retain its status in the industry over 2019-2025. This development can be attributed to the extensive use of seismic reinforcement materials in infrastructure projects such as bridges, flyovers, tunnels, etc. Increasing investment in infrastructural development projects will drive product demand. As per credible estimates, Asian Infrastructure Investment Bank (AIIB) has made plans to finance infrastructure projects worth $10 to $12 billion. Such investments could fuel the seismic reinforcement materials industry from the infrastructure development sector.
The bridges and flyover segment is slated to garner considerable growth over the coming years. Seismic retrofitting in bridges and flyovers helps reduce the intensity of the disaster, in addition to aiding rescue and relief operations. Rising urban congestion in emerging economies has accelerated the pace of development of bridges and flyovers, thereby elevating segmental growth for seismic reinforcement materials market.
North America seismic reinforcement materials market is anticipated to accrue appreciable gains in the global market in the coming years. In countries like the U.S, thousands of shocks of varying intensity occur every year and most of the coastal states are prone to earthquakes. Government grants like the Brace + Bolt program which provides homeowners grants up to $3,000 for seismic retrofits, will also boost product demand. The country houses one of the world’s largest construction industry, and increasing trend of building more earthquake resistant structures would upscale seismic reinforcement materials market share in the future.
An upturn in infrastructural activities in the Asia Pacific market will also drive the demand for seismic retrofitting. Rapid urbanization across countries like India, China, and other Asia Pacific nations will proliferate the need for major bridges, flyovers, airports, and other giant structures. The increasing deployment of advanced materials and construction equipment including seismic retrofitting materials in order to deal with regional geological vulnerabilities will boost market size in the Asia Pacific.
Seismic retrofitting of vulnerable structures is more than necessary; such modifications not only prevent property damage but protect the lives and assets of building occupants. Adherence to seismic retrofitting measures by various commercial and residential buildings, paired with favorable government regulations will continue to support product demand over the ensuing years.
According to a research report by Global Market Insights, Inc., the seismic reinforcement materials market is anticipated to be worth more than $40 billion by 2025.
Author Name : Krithika Krishnan