As we embark on the journey towards 2023, the global bridge expansion joints market is set to undergo a significant transformation. With an anticipated value of US$ 1.1 billion in 2022, this vital sector is poised for impressive growth. What fuels this promising trajectory is the unwavering demand for bridge expansion joints, expected to persist throughout the assessment period.
One of the primary catalysts propelling this expansion is the rapid evolution of technology within the industry. Innovations in materials, groundbreaking designs, and advanced manufacturing techniques are reshaping the landscape. This technological surge is not merely a trend; it’s a driving force that is projected to elevate the market to a substantial worth of US$ 2.1 billion by 2033. This impressive growth translates to a compound annual growth rate (CAGR) of 5.7% from 2023 to 2033, indicating a sustained upward trajectory.
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Global Bridge Expansion Joints Market Dynamics:
Increasing investments for infrastructural development across the globe will act as a catalyst for the overall growth of the bridge expansion joints market during the forecast period. Moreover, increasing construction activities in developing regions, such as SEA & pacific, are estimated to fuel the growth of the bridge expansion joints market over the forecast period.
On the flip side, one of the key challenges faced by the manufacturers of bridge expansion joints is that the upper layer of steel expansion joints corrodes when exposed to salts or de-icing salts. This is anticipated to be the primary factor hampering the growth of the bridge expansion joints market over the forecast period. Moreover, bridge expansion joints require high logistics cost due to their heaviness, which is another factor anticipated to act as a restraining factor for the growth of the bridge expansion joints market in near future.
Global Bridge Expansion Joints Market Forecast:
Market insights suggests that the overall size of the global bridge expansion joints market will expand over the forecast period. Several positive changes are expected to fuel the growth of the global bridge expansion joints market.
By region, China is projected to dominate the global bridge expansion joints market over the forecast period. China, followed by Western Europe, is estimated to remain the most opportunistic region in the bridge expansion joints market. In terms of value, China is projected to create incremental $ opportunity worth US$ 130.9 Mn in the global bridge expansion joints market during the forecast period. Middle East & Africa (MEA), followed by Latin America, are projected to grow at a significant CAGR over the forecast period in the global bridge expansion joints market.
By type, the closed type expansion joints segment is projected to dominate with a value of US$ 371.9 Mn in 2021. However, the open joints segment is projected to account for more than 40% share in the global bridge expansion joints market during the forecast period. In terms of growth, open type bridge expansion joint segment is projected to grow with modest growth rate during the latter half of the forecast period.
By application, the roadway bridges segment is projected to dominate the global bridge expansion joints market. In terms of volume, the demand from roadway bridges segment is projected to be pegged at 12,604 ‘000 meters by the end of 2031. In terms of value, the railway bridges segment is projected to create incremental $ opportunity worth US$ 118.8 Mn in the global bridge expansion joints market over the forecast period. Under the application segment, the roadway bridges sub-segment is expected to grow with remarkable growth rate in the global bridge expansion joints market owing to increasing roadway network in developing regions.
Competitive Landscape
Some of the key players involved in the manufacturing of bridge expansion joints and included in this study are Trelleborg AB, Canam Group Inc., Ekspan Ltd., Freyssinet Limited, Granor Rubber & Engineering Pty. Limited, Gumba GmbH & Co. KG, KantaFlex (India) Private Limited, Mageba SA, Metal Engineering & Treatment Co. Pvt. Ltd., ZaoqiangDacheng Rubber Co., Ltd., RJ Watson, Inc., TensacciaiS.r.l., Maurer SE and Watson Bowman Acme Corp.
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Bridge Expansion Joints Market: Segmentation:
Based on Type:
- Open Joints
- Butt Joint
- Sliding Plate Joint
- Finger Joint
- Closed Joints
- Compression Seal Joint
- Strip Seal Joint
- Modular Elastomeric Joint
Based on Application:
- Roadway Bridges
- Railway Bridges
Based on Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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