Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 10 Billion | USD 16 Billion | 5.2% | 2022 |
FrequentlyAsked Questions
Seismic reinforcement materials help in providing high resistance to seismic activities by assisting in the refurbishment of current structures. With the humungous need for seismic retrofitting of buildings as a result of seismic activities experienced in rural as well as urban areas, the demand for seismic reinforcement materials is gaining traction.
The global seismic reinforcement materials market is projected to expand over 2023-2030 with the increase in urbanization, there is an increase in infrastructure rehabilitation activity across the transportation, energy, and water management sector.
According to study, the global seismic reinforcement materials market size was $10 billion in 2022 and is projected to reach $16 billion by the end of 2030.
The global seismic reinforcement materials market is anticipated to record a CAGR of nearly 5.2% from 2023 to 2030.
The North American seismic reinforcement materials industry is set to account for a major share of the global industry in the upcoming years subject to growing awareness about the benefits accrued due to the use of seismic reinforcement materials in buildings. Additionally, the governments in emerging as well as developed economies are investing in the production of seismic reinforcement materials as well as research & development activities and this initiative will provide impetus to the growth of the market in the region.
The global seismic reinforcement materials market is led by industry players such as BASF SE, Toray Industries, Inc., Aegion Corporation, Hyundai Steel Company, Sika AG, Arcelor Mittal, Structural Technologies, LLC, West Fraser Timber Company Limited, Simpson Strong-Tie Company Inc., Weyerhaeuser Company, The Holcim Group, Tata Steel Limited, and UltraTech Cement Limited.
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