Wilmington, Delaware, United States, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Various types of fiber-reinforced concrete are used to reduce the corrosion of concrete structures, and consequently improve durability. Increase in utilization of concrete fiber in the construction of commercial, residential, and industrial buildings is accelerating concrete fiber market development. The global concrete fiber market was valued at US$ 1,209.9 Mn in 2021 and is projected to grow at a CAGR of 6.2% from 2022 to 2031.
Characteristics of steel reinforced concrete include remarkable cracking resistance to concrete and good extensibility and tensile strength. Consequently, demand for steel reinforced concrete has increased among builders and architects of infrastructure that needs high load-bearing capacity. Rise in utilization of concrete fiber as reinforcement material in the mining sector is likely to propel the concrete fiber industry. Furthermore, surge in demand for synthetic concrete fiber is likely to create new revenue streams in the next few years.
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Key Findings of Study
- Rise in Demand in Building & Construction and Transportation Industries: Rise in application of glass fiber in the construction industry is likely to augment the global market. It is gaining traction especially for making precast products such as wall claddings and spun pipes. Companies are striving to increase revenue by offering concrete fiber products that can be used in mining and industrial flooring applications. These applications are expected to create significant opportunities in the concrete fiber market.
- Usage of Steel-reinforced Concrete to Gain Traction in Structural Applications: Steel fibers have gained popularity in reinforcement applications, primarily due to high load carrying capacity. The steel fibers segment accounted for more than 45% market share in 2021. As per TMR's concrete fiber market outlook, adoption of carbon fiber products in various end-use applications is expected to create attractive opportunities for market players. Carbon fiber products are significantly used in the building & construction industry for both new and old constructions.
Key Drivers
- Increase in capital spending in the infrastructure sector in developing and developed regions is a key driver of the global concrete fiber industry. For instance, governments in emerging economies have increased spending on construction of highways in the past few years.
- Reinforcement with fiber has been found to be effective in reducing the rate of corrosion in reinforced concrete structures when these structures are exposed to corrosive environments. Usage of carbon fiber as a reinforcement has increased significantly in highways, roads, bridges, and several other structural applications.
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Regional Growth Dynamics
- North America held more than 32% share of the global market in 2021. Extensive adoption of steel fiber concrete in various applications, especially in the U.S., has spurred growth of the regional market.
- Asia Pacific is a lucrative market for concrete fiber. The region accounted for 29.1% share of the global market in 2021. Strong growth of the building & construction industry has created lucrative avenues for companies in Asia Pacific. Rise in spending on the construction of various infrastructure in the emerging economies is expected to present lucrative opportunities for concrete fiber manufacturers.
Competition Landscape
Relatively small number of large-scale vendors control majority stake in the market. Recent concrete fiber market trends indicate that most companies have increased focus on developing environmental-friendly products. Key players strive to diversify their product portfolios in order to consolidate their positions.
Prominent companies in the concrete fiber market are Fibercon International, Inc., FORTA Corporation, Nycon Corporation, Synthetic Resources, Inc., Owens Corning, Bekaert, BASF SE, and Sika Group.
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Concrete Fiber Market Segmentation
Type
- Synthetic Fibers
- Glass Fibers
- Blended Fibers
- Steel Fibers
- Basalt Fibers
- Animal Origin Fibers
- Cellulose Fibers
Application
- Building & Construction
- Transportation Infrastructure
- Mining
- Industrial Flooring
- Others (including sewage pipes and dams)
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Countries Covered
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia and CIS
- Japan
- China
- India
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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