Newark, May 15, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global struts construction market is expected to grow from USD 19.49 Billion in 2023 to USD 32.11 Billion by 2033, at a CAGR of 5.12% during the forecast period 2023-2033.
Struts are the structural components with compression acting on and pushing them together. These are generally made of timber and metal. Struts have an application in transmitting the load of the concrete structure at the time of setting. It is required during the in-situ formwork process as the concrete requires a minimum of 3 days to harden and remove the formwork. The humidity and temperature generally affect the hardening process; hence, the total setting time requires around 1 month as the concrete fully gets its hardness.
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Competitive Strategy
To enhance their market position in the global Struts Construction market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In April 2015: Eaton, a power management organization, launched a new structural support system that transformed the infrastructure support application and significantly improved efficiency. They developed the strut system, which decreased the material cost and installation time by 50% for commercial, industrial, and data centre customers. These factors are helping the organization gain market share in the Struts Construction market.
Market Growth & Trends
Some factors driving the strut construction market are rapid urbanization and the development of the infrastructure globally. As the population grows, the cities expand, which creates a demand for new buildings and infrastructure projects. Struts are important for ensuring the structures' stability and safety, making them crucial in the construction sector. The construction of tall buildings is creating more demand for the struts. Struts are used to support the vertical loads and help prevent the deformation of tall structures in any environmental conditions like wind and earthquakes. In urban areas with limited space, tall buildings have become a common trend, eventually driving the struts construction market. Technological advancements are also happening, leading to engineering and material science advancements. Leading manufacturers are completely into developing innovative materials and technologies to enhance struts' durability, strength, and cost-effectiveness. The focus is mainly on lightweight material with high tensile strength as it helps contribute to the total efficiency of the construction projects and decreases the environmental impact. Besides tall buildings, struts are important in constructing bridges as they need a sturdy and reliable support system to bear the constant loads of vehicle and pedestrian traffic. Hence, many modern infrastructure projects like highway expansions and building new bridges are some of the factors driving the market. Solar energy is considered the fastest-growing renewable energy, with around half the 302 GW of renewable capacity installed worldwide till 2021. Solar installation is over 70 GW, more than the next greatest installation in the renewable sector, i.e., the wind sector. Struts are the key components in setting up renewable energy infrastructure, such as solar panel frames and support for wind turbines. These factors will eventually drive the Struts Construction market.
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Key Findings
• In 2023, the Aluminium segment dominated the market with the largest market share of 46.68% and market revenue of USD 9.10 Billion.
The material segment is divided into Aluminum, Stainless Steel and Fiber Glass. In 2023, the Aluminium segment dominated the market with the largest market share of 46.68% and market revenue of USD 9.10 Billion. It is attributed to its light weight and strength, making it popular in construction.
• In 2023, the OEM segment dominated the market with the largest market share of 60.12% and market revenue of USD 11.72 Billion.
The sales channel segment is divided into OEM, Retail and Ecommerce. In 2023, the OEM segment dominated the market with the largest market share of 60.12% and market revenue of USD 11.72 Billion. OEMs have long-term partnerships with all the construction equipment manufacturers, like Struts, and hence, they have a steady supply of the required products.
Regional Segment Analysis of the Struts Construction Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Struts Construction industry, with a market share of 38.89% and a market value of around USD 7.58 Billion in 2023. This market share is attributed to the growing use of Struts in the region's construction sector. Moreover, this region has an established construction sector, which has led to stringent safety and quality standards. Asia Pacific has the fastest-growing CAGR in the forecasting period. This growth rate is attributed to the rapid urbanization and growth of construction activities in the region. The government is more focused on the development of infrastructure. Also, there is a lot of focus on using sustainable methods and materials in the construction sector.
Key players operating in the global Struts Construction market are:
• Eaton Corporation Inc.
• Atlas Supply Co.
• Gregory Industries Inc.
• Carpenter & Paterson, Inc.
• ERICO Products Inc.
• Enduro Pipeline Services Inc.
• Cooper Industries
• Aetna Plastics Corp.
• Hilti Corporation
• Unistrut Corporation
• Guenther Supply, Inc.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Struts Construction market based on below mentioned segments:
Global Struts Construction Market by Material:
• Aluminium
• Stainless Steel
• Fiber Glass
Global Struts Construction Market by Sales Channel:
• OEM
• Retail
• Ecommerce
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About the report:
The global Struts Construction market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
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