Bridge Cable Sockets Market – Key Insights
- Intensifying construction and infrastructure development projects during the 2013-2017 were key factors which contributed significantly to the proliferation of bridge cable sockets market during the period aiding the market in registering growth at the rate of more than 4.5%.
- Increasing popularity of cable-stayed bridges and suspension bridges in addition to burgeoning demand for bridge cable sockets in rehabilitation and repair of old bridges are key vital factors expected to uphold bridge cable sockets market growth with the market registering sales of almost US$ 41 million in 2018 and poised to witness a Y-o-Y growth of more than 5% in 2019.
- Asia Pacific is expected to hold the bulk of the bridge cable sockets market share with the emergence of new economies in Vietnam, Malaysia, Indonesia, Philippines, Thailand, and Singapore coupled with the exponential growth of population in the region. The region accounted for more than 70% of the bridge cable sockets market share in 2018.
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Challenges do Stakeholders in the Bridge Cable Sockets Market Need to Address?
- In addition to novel and innovative designs of bridge cable sockets, bridge construction companies are seeking options which are affordable and cost-effective. The trend is estimated to dent bridge cable sockets market growth with companies struggling to modify the bridge socket designs while keeping the costs to a minimum.
- Growing uncertainties in global economic trade are estimated to impact the prices of steel and wrought iron which are the key materials used in the production of bridge cable sockets. Additionally, with environmental concerns gaining prominence around the world, steel and wrought iron producers are modifying production processes to comply with stringent government regulations which, in turn, is likely to create a surge in steel and wrought iron prices and hamper the bridge cable sockets market proliferation.
Sustainability-Driven Efforts of Governments to Emerge as Key Growth Determinant
Potential decrease in steel and wrought iron production is estimated to dampen manufacturing of bridge cable sockets, which are primarily manufactured using the two materials. Imposition of stringent government regulations on carbon dioxide emissions and emergence of social movements for environmental betterment are key factors impeding steel and iron production, with these industries accounting for over one-third of carbon dioxide emissions.
A gradual shift towards sustainable practices can potentially create a surge in the prices of the materials, which, in turn, could have an adverse impact on the bridge cable sockets market. However, the development of materials such as carbon fiber and alumina-polymer composites offers a lucrative alternative to steel and iron owing to their high tensile strength, lightweight, durability, and relatively environmentally-friendly nature. Additionally, intensifying research for cost-effective production of these materials is expected to benefit bridge cable sockets manufacturers in the foreseeable future.
Key players operating in the bridge cable sockets market WireCo World Group, Esco Corporation, Auzac Co. Ltd., CBSI, PWB Anchor, Ben-Mor, Muncy Industries, and Lexco Cable.
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