Infrastructural Safety to Ramp up Demand for Bridge Bearings
Bridge bearings are components of bridges which act as a resting surface between the bridge deck and the bridge pier or beam. The ability to safeguard transportation infrastructure from thermal stresses and seismic effects along with the economical price are some of the fuelling factors driving the demand for bridge bearings.
The market is foreseen to grow at a CAGR of 4.8% in terms of value. The global bridge bearings market is projected to expand ~1.5 times to cross US$ 930 Mn mark by the end of the forecast duration (2018-2028).
Increasing Construction Activities to Create Latent Opportunities
In the past few years construction sector has witnessed significant growth, especially in Asian countries. Furthermore, the global infrastructure spending also appears to be increasing at a heathy rate.
Bridge bearings are essential components in construction of transportation substructures, especially highways. Well-grounded transport infrastructure is the foundation of growth in every economy as it saves time, augments productivity, and joins different regions.
Hence, the necessity for refining the prevailing transport infrastructure to provide improved approachability is further bolstering the growth prospects for global bridge bearings market across the forecast duration.
Elastomeric Bridge Bearings Set to Experience Robust Growth
Low costs associated with the installation of elastomeric bridge bearings along with the exceptional elasticity and improved reliability against seismic forces are the prime factors responsible for the considerable growth of elastomeric bridge bearings segment.
Among elastomeric bearings, plain or laminated neoprene elastomeric bridge bearings are in demand as neoprene rubber has high temperature resistance.
The Elastomeric Bridge bearing segment is foreseen to account for ~37% of the overall incremental opportunity. The segment is projected to expand ~1.7 times by the end of the forecast period. On the other hand, pot bearing and sliding plate bearing are estimated to collectively account for nearly 38% value share by the end of 2028.
Steel Bridge Bearing Segment to Witness Spectacular Growth
Better structural strength along with the economical price is one of the factor makes steel bridge bearing the most preferred segment. However, owing to the multiple benefits such as resistivity towards the corrosion, flexibility and longer lifespan, the rubber based bridge bearings are gaining traction.
Rubber and combined material segment will capture over 44% of the overall market by the 2028 end. On the other hand, steel segment is foreseen to be prolific, by creating a value opportunity of around US$ 498 Mn by the end of the forecast period.
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China to Lead with Three-fifth Share, with Heightened Investments in Infrastructure
Fact.MR’s research report propounds that Regional governments in emerging countries are targeting to attain sustained transformation to address infrastructural shortfalls.
In addition with this agenda, respective governments are laying emphasis on strengthening transport infrastructure. This is expected to enhance the demand for bridge bearings across the globe.
Currently, China alone contributes around three fifth market share in the global bridge bearings market. Markets in SEA & Pacific and Western Europe is showing robust growth scenarios which in turn are expected to auger well for the growth of global bridge bearings market.
Product Innovation, Key Market Tenet
The dynamic nature of construction industry and global infrastructural development are forcing the Industry leaders to cater to the growing demand. In order to do so, the prominent players are focusing on contracts along with the product launches.
For instance, In July 2017, Trelleborg’s engineered products operation secured a contract to supply elastomeric bearings for Statoil’s Johan Sverdrup oil field. Some of the other prominent players operating in the global bridge bearing market are Granor Rubber & Engineering Pty.
Freyssinet Limited, Epic Polymer Systems Corp., KantaFlex (India) Private Limited, Canam Group Inc., Gumba GmbH & Co. KG, and Ekspan Limited among others. Product enhancement by effective integration of latest design, technology and workflow is mutually foreseen to leverage the reliability of bridge bearings over the forecast period.
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Key Segments of the Bridge Bearings Market
Fact.MR’s study on the bridge bearings market offers information classified into three important segments: design, material and region. This market report proposes comprehensive data and information about the important market changing aspects and evolution structures related with these categories.
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