Seismic Reinforcement Materials Market Size

Seismic Reinforcement Materials Market Size

Seismic Reinforcement Materials Market Size was estimated over USD 30 billion in 2018 and the industry will grow by a CAGR more than 4% up to 2025.
 

Increasing need of seismic proof buildings in earthquake prone regions is one of the major driver for seismic reinforcement materials market. The specialty reinforcement materials are employed on building structures in order to minimize the possibility of earthquake damages. Adoption of building codes in different regions is going to compel the contractor & engineers for the usage of seismic reinforcement materials during construction. Such trends will upscale the market demand within the forecast period. The building structural codes specify the guidelines regarding design, construction and maintenance of structures in order to safeguard the health and welfare of residents. International Building Code (IBC), International Residential Code (IRC) and International Existing Building Code (IEBC) are some regulatory bodies responsible for the provision of seismic codes and their enforcement by local government bodies, which aid in mitigation of seismic hazards. Due to urbanization, the demand for infrastructure rehabilitation projects in transportation, water management and energy sector is increasing. This in turn will boost the seismic reinforcement materials market demand during the forecast time span.
 

According to United States Geological Survey, the total number of worldwide earthquakes was 1,566 in 2017 and increased to 1,808 in the year 2018. This increase was due to slower movement of Earth’s rotation, which triggered seismic activities in heavily populated tropical regions. In future, there is a high possibility of rise in number of earthquakes owing to slowing down of Earth’s rotation. The above mentioned trends will augment the market growth during the forecast time span.
 

Lack of awareness associated with seismic techniques is going to hinder the market growth. Due to uncertainty of earthquakes, people are unwilling to implement seismic measures for their less or negligible economic returns.