New Developments in the Steel Strand Industry for Prestressed Concrete
Recently, there have been many noteworthy developments in the field of steel strands for prestressed concrete. With the continuous advancement of infrastructure construction worldwide, especially in developing economies, the market demand for steel strands for prestressed concrete is constantly increasing. According to a report by Allied Market Research, the global prestressed concrete (PC) steel wire and strand market generated a value of $5.2 billion in 2022 and is expected to soar to $9.1 billion by 2032, with a compound annual growth rate (CAGR) of 5.6% from 2023 to 2032.In terms of driving factors for market growth, the acceleration of urbanization, sustained population growth, and the inherent advantages of prestressed concrete have all become important forces driving the market forward. For example, in end-user industries such as construction and infrastructure, steel strands for prestressed concrete are widely used. In the field of infrastructure, its use in projects such as bridges, airports, elevated roads, and ports has enabled the sector to account for over four fifths of the global prestressed concrete (PC) steel wire and steel strand market revenue in 2022, and is expected to maintain its leading position in the future. In the field of construction, due to the large-scale transfer of population from rural areas to cities, the demand for new residential and commercial buildings has surged. This field is expected to show a maximum CAGR of 5.9% between 2023 and 2032.From the perspective of product type segmentation, 7-wire steel strands will account for over half of the global prestressed concrete (PC) steel wire and steel strand market revenue in 2022, and are expected to maintain their leading position throughout the forecast period. 7-wire PC steel strand has high strength and good flexibility, and is commonly used in heavy-duty applications such as bridges, railway sleepers, and high-rise buildings. At the same time, the 3-wire steel strand market is expected to show a maximum CAGR of 6.0% between 2023 and 2032, thanks to its widespread application in off-site construction projects.In terms of application, pre tensioning will occupy more than half of the global market share of prestressed concrete (PC) steel wires and steel strands in 2022. Due to its relative simplicity and low cost, it has become a widely used method for constructing prestressed concrete components. However, the segmented market for post bonding tensioning is expected to show the highest CAGR of 5.9% between 2023 and 2032, mainly due to the relatively easy maintenance and repair of post bonding tensioned concrete components. Engineers are able to tension steel strands after analyzing the actual load of concrete components.It is worth noting that the industry also faces some challenges. The fluctuation of raw material prices has to some extent limited the growth of the market. However, advances in the manufacturing technology of prestressed concrete (PC) steel wires and steel strands have also brought new opportunities for the coming years.In the international market, countries also have different dynamics. On February 5, 2025, the Malaysian government revised the dumping duty on prestressed concrete steel strands imported from China, with a tariff rate of 21.72%. For Yinlong Prestressed Materials Co., Ltd. and Dalu Steel Strand Co., Ltd. from Tianjin, the tax rates are 9.07% and 3.12% respectively. The Royal Malaysian Customs will implement this revised anti-dumping duty from February 5, 2025 to December 24, 2026. On January 14, 2025, the Vietnamese Ministry of Industry and Trade made a final positive anti-dumping ruling on prestressed steel strands originating from Malaysia, Thailand, and China, and decided to impose anti-dumping duties of 10.48% -28% on Chinese companies involved in the case. The measures will take effect 15 days after the announcement and are valid for five years.