Future Market Insights (FMI) forecasts that the bridge expansion joints sales will accelerate at 1.5x in the next ten years, reaching the market valuation of around US$1500 Mn by the end of 2031.
Implementation of bridge preservation partnership programs between original equipment manufacturers (OEMs) and end-users will drive the market, yielding a year-on-year (YoY) growth rate of 3% in 2021.
China leads the global bridge expansion joints market as a result of growing investments in transportation and infrastructure development. The market in China is anticipated to hold nearly one-fifth of the value share in the global market during the forecast period.
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The estimated value of the bridge expansion joints market in 2021 is US$ 990.8 Mn and the market is expected to expand at a CAGR of 5.5% during the forecast period from 2021 to 2031.
Global Bridge Expansion Joints Market Forecast
Market insights suggest 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 an incremental $ opportunity worth US$ 130.9 Mn in the global bridge expansion joints market during the forecast period. The 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.
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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 a 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 the 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 an 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 a remarkable growth rate in the global bridge expansion joints market owing to increasing roadway networks 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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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 costs 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.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centres in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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