Steel Tie Rod Market Size, Share, Growth, and Industry Analysis, By Material (Carbon Steel Tie Rods, Stainless Steel Tie Rods), By Application (Building Construction, Infrastructure), and Regional Forecast By 2031

Updated On: 15 April 2024

Steel Tie Rod Market Report Overview

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The global steel tie rod market size was valued at USD 445.6 million in 2022 and is expected to reach USD 633.86 million by 2031, exhibiting a CAGR of 4.0% during the forecast period.

The market growth is driven by the increasing demand for construction activities across the world, coupled with the surge in the manufacturing and mining sectors.

Steel tie rods are high-strength structural components that are used to connect and reinforce building elements, as well as in various applications across different industries. The market is segmented based on product type, including threaded and tension tie rods, and by application, including construction, oil & gas, manufacturing, and mining. Using hydraulic or pneumatic cylinder tie rods, linear motion is produced by translating fluid pressure and flow to velocity and force. Cylinder tie rods are used to mount the cylinder and are made to resist the maximum rated pressure.

When the cylinder tie rods are extended at both ends, one end can be used to mount the cylinder, and the other end can support the cylinder or be fastened to the components of the machine or piece of equipment.

COVID-19 Impact: disruption of supply chain hampered market growth

The COVID-19 pandemic has severely impacted the global economy. The global supply chain was disrupted, leading to delays in project timelines and affecting the demand for steel tie rods. The construction industry, which is the primary application area for steel tie rods, also witnessed a slowdown due to the pandemic's impact. However, the market is expected to recover gradually as economies begin to reopen.

Latest Trends

"Rising demand for custom tie rods to surge market growth"

The global market is witnessing some latest trends, including the increasing demand for custom tie rods, the adoption of advanced manufacturing techniques, and the development of lightweight and high-strength steel tie rods. Moreover, the growing focus on sustainable construction practices and the use of environmentally friendly materials are also driving the demand for steel tie rods.

Steel Tie Rod Market Segmentation

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• By Material

Based on product type, the market is segmented into carbon steel tie rods and stainless steel tie rods.

• By Application 

Based on application, the market is segmented into building construction, infrastructure, among others.

Driving Factors

"Increasing Demand for Construction Activities to bolster product demand"

The increasing demand for construction activities, especially in emerging economies, is expected to drive the market growth during the forecast period. The growing population and urbanization are driving the demand for residential and commercial construction activities, thereby driving the demand for steel tie rods.

"Surge in the Manufacturing and Mining Sectors to offer lucrative opportunities"

The manufacturing and mining sectors are witnessing a surge in demand, which is driving the demand for steel tie rods. Steel tie rods are widely used in these sectors for various applications, including structural reinforcement, machinery support, and equipment installation. The cylinder tie rod design's strong point is that it's simple to disassemble and inspect for repair and maintenance. Additionally, cylinder tie rods are subject to industry standards, but manufacturers frequently make modifications to make cylinder tie rods more lightweight and compact. Most industrial and heavy duty manufacturing applications make use of cylinder tie rods.

Restraining Factors

"Fluctuating Steel Prices may pose challenge for the market"

The fluctuating steel prices are one of the significant factors restraining the market growth. Steel prices are subject to various factors, including supply and demand, trade policies, and production costs, which make the steel tie rod market highly volatile.

"Availability of Substitute Products may distract market growth"

The availability of substitute products, including aluminum and composite tie rods, is another factor limiting the market's growth. These products are lightweight and corrosion-resistant, making them an attractive alternative to steel tie rods.

Steel Tie Rod Market Regional Insights

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"North America to lead the market owing to the rapid adoption of advanced engineering"

North America is the leading region in the global market, with significant growth expected in the coming years, owing to the growing adoption of advanced engineering technologies and the rising need for sustainable building solutions.

Asia Pacific to hold a significant part of the steel tie rod market share owing to the rapid adoption of advanced products in the region. Additionally, the expansion of construction industry to provide growth opportunities to the market.

Key Industry Players

"Key Companies to adopt various growth strategies to constantly grow in the market"

The global market is a highly competitive market, with a large number of players striving to maintain their market position. Market players are focusing on product development, innovative strategies, partnerships, and collaborations to maintain a strong foothold in the market. With the increasing demand for steel tie rods in various industries, players are investing heavily in research and development to improve product quality, durability, and efficiency.

List of market players profiled

• Godo Steel (Japan)
• Anker Schroeder ASDO GmbH (Germany)
• Pfeifer (Austria)
• Juli Sling (China)
• Macalloy (UK)
• Kinlong (China)
• Henan Jiyuan (China)
• Leviat (U.K.)
• Dextra (Thailand)
• Stahlwerk Annahütte (Germany)
• Anyang Longteng (China)
• NIPPON STEEL KOBELCO METAL PRODUCTS CO., LTD (Japan)
• HMR JACOB GMBH (Germany)
• Daver Steels (U.K.)
• Portland Bolt & Manufacturing (U.S.)
• Sta-Lok Terminals Ltd (U.K.)

Report Coverage

This report provides a comprehensive analysis of the global market, considering factors like segmentation, industrial developments, trends, opportunities, growth, size, share, and restraints. The report also profiles key industry players and offers a detailed analysis of their strategies, partnerships, and collaborations. The analysis is subject to alteration if the key players and probable analysis of market dynamics change.