Seismic reinforcement materials refer to products that are used to strengthen building structures, to offer protection from natural disasters such as earthquakes.
Seismic reinforcement materials have helped improve the mechanical properties of a structure, which has helped increase product demand and fueled the growth in the overall seismic reinforcement materials market.
Increasing Demand for Seismic Retrofitting Worldwide Fueling the Growth in Overall Seismic Reinforcement Materials Market
Despite their unpredictable nature, there has always been an underlying fear of seismic activities to buildings and other residential structures in both developed and developing economies.
Seismic retrofitting has emerged as a suitable protection for residential structures, and in turn contributed to the growth of the global seismic reinforcement materials market.
The successful deployment of seismic retrofitting in large structures has led to increased deployment among private enterprises, which has helped increase the demand for seismic reinforcement materials.
Increasing adoption of building codes in various countries could help engineers & contractors deploy seismic reinforcement materials in construction activities, thereby fueling the growth in the overall seismic reinforcement materials market.
A few global developing economies such as India are witnessing rapid urbanization and as a result, there is an increased need for infrastructure rehabilitation projects in different industries such as water management, energy sector, and transportation. This could help increase the demand for seismic reinforcement materials, in future.
Parts of the world that have been prone to earthquakes and have been categorized in the seismic zone have witnessed an increase in construction activities, which are earthquake-proof. This has led to an increase in demand for seismic reinforcement materials.
Government initiatives and measures, supporting the construction of earthquake-proof buildings in different parts of the world could also help fuel the demand for seismic reinforcement materials and bolster the overall seismic reinforcement materials market.
Some of the commonly-used seismic reinforcement materials include concrete, steel, wood, and composite materials such as carbon fiber reinforced polymers and glass fiber reinforced polymers.
COVID-19 Pandemic Negatively Impacts Growth in the Seismic Reinforcement Materials Market
The outbreak of the COVID-19 pandemic negatively affected the growth in the seismic reinforcement materials market. With governments imposing strict social distancing regulations in a bid to contain the spread of the virus, building and construction activities were halted, significantly.
This led to a reduction in demand for seismic reinforcement materials and impacted the overall market.
However, with cases under control as well as the availability of vaccines, it is anticipated that construction activities will resume once again, which could lead to increased seismic reinforcement materials demand.
While seismic reinforcement materials have witnessed high demand for the development of new buildings, there are still disadvantages to work upon for the product to maintain the high demand in future.
Lack of Global Awareness about Benefits of Seismic Reinforcement Materials Could Dent Market Growth in Future
The concept of seismic reinforcement materials is still largely known in developed countries. Developing economies are yet to gain complete awareness about the benefits of deploying these materials in construction activities.
This has led to reduced product demand and impacted the growth in the overall seismic reinforcement materials market.
Events such as earthquakes are unpredictable and as a result, the willingness to construct buildings that are protected against these calamities is reduced. This mindset among leading builders and real estate firms could dent the growth in the seismic reinforcement materials market, in future.
The global seismic reinforcement materials market is extremely competitive, with the presence of several leading players.
Growth strategies such as novel product launches could be a key growth strategy for the well-established market players.
Collaboration with smaller players could help leading players expand their market presence and increase their revenue shares.