NEWARK, Del, July 10, 2024 (GLOBE NEWSWIRE) -- In 2024, the concrete fiber market size is projected to be worth USD 2,177 million. From 2024 to 2034, the market is expected to grow at a compound annual growth rate (CAGR) of 9.7%. The market value is anticipated to reach USD 5,518 million by 2034.
Increasing public investment in infrastructure construction coupled with a growing focus on environmentally safe products in construction is expected to help the industry grow. The rising demand for off-site construction is also expected to drive the demand for the concrete reinforcing fiber industry. The rising population coupled with rapid urbanization and industrialization in emerging economies is driven by the increase in construction spending is likely to boost the global construction industry. This, in turn, is projected to drive the demand for reinforced concrete in various construction applications, thereby driving growth.
The top driving force of the industry is the growth of the construction sector. The construction industry is expanding rapidly, particularly in emerging economies like China, India, and Brazil. The increasing demand for residential and commercial buildings, roads, bridges, and other infrastructure projects is fueling the demand for concrete fiber. The use of concrete fiber in construction is becoming increasingly popular due to its numerous benefits.
With the growing awareness of environmental issues, there is a rising demand for eco-friendly construction materials. Concrete fiber is considered sustainable and eco-friendly as it reduces the amount of cement and other materials needed in construction. The use of concrete fiber also reduces the carbon footprint of construction projects, making it an attractive option for builders and architects.
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The implementation of infrastructure projects, such as bridges, highways, airports, and ports, is increasing worldwide. These projects require durable and strong construction materials, and concrete fiber is an ideal option due to its high tensile strength and durability. The use of concrete fiber in infrastructure projects also helps reduce maintenance costs and extends the life of the structures.
“The benefits of concrete fiber, such as increased strength, durability, and reduced cracking, are becoming more widely recognized in the construction industry. As a result, more builders and architects are incorporating concrete fiber into their projects. The growing awareness of the benefits of concrete fiber is driving the demand for this material in the construction industry.” Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
What are the key Drivers for the Concrete fibers market?
High demand across end users bolstering the market growth
The growing demand for non-corrosive substances, mounting compounds, manufacturing, and mechanical properties will broaden the applicability to a wide range of end-users. The pervasiveness of environmentally friendly and recyclable commodities is one of the unusual circumstances that will accelerate the emergence of the concrete fiber market in the forecast years.
The rising population has surged the growth of residential building and construction activities, which will further fuel the growth rate of the fiber-reinforced concrete market. Furthermore, rapid industrialization has accelerated the establishment of industries in both developed and developing economies in which concrete fiber is used to enhance the tensile strength of industrial structures.
Furthermore, the rising investment in research and development for the production of advanced high-strength fiber extends profitable opportunities to the market players in the forecast period of 2024 to 2034. Additionally, adopting a new production process that decreases the costs of the products coupled with the surge in concrete fiber market revenue as a result of government initiatives and funding for establishing the industry will further boost the future growth of the concrete fiber market.
Key Takeaways from the Concrete Fiber Market
- The concrete fiber market is estimated to register a CAGR of 9.70%, with its valuation reaching USD 5,518 million by 2034.
- The synthetic fiber segment is anticipated to dominate the market, holding a market share of 36.2% in 2024.
- The market in the United States is estimated to rise at a CAGR of 5.5% during the forecast period.
- The market in Germany is estimated to progress at a CAGR of 4.6% through 2034.
- The United Kingdom’s market is predicted to advance at a 3.8% CAGR between 2024 and 2034.
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Competitive Landscape
The concrete fiber market is fiercely competitive, with numerous players striving to increase their market share. To keep up with the latest developments, key players are introducing product lines that can compete with the newest materials. Additionally, stakeholders are making significant investments in branding and forming partnerships with construction companies, resulting in increased sales and profit margins.
Recent Development
In 2021, through a partnership with CiDRA Concrete Systems Inc., KA AG expanded its operations in Canada and the USA. This collaboration will enable constructors to access the latest information on a myriad of building materials. With this new venture, IKA AG and CiDRA Concrete Systems Inc. will collaborate to deliver top-notch products and services to customers across North America.
Leading Players in the Concrete Fiber Market
- BASF SE
- Sika AG
- Owens Corning
- GCP Applied Technologies Inc.
- The Euclid Chemical Company
- CEMEX S.A.B. de C.V.
- Fibercon International Inc.
- Bekaert SA
- ABC Polymer Industries LLC
- Nycon Corporation
Asia Pacific to be the highest-grossing market for concrete fibers sales
Asia Pacific is emerging as a prominent global sector, with India leading in sales. This is backed by the flourishing construction sector across countries such as Japan, China, and South Korea. In addition, the vast growth in mining activities, increasing infrastructure development projects, and supportive policy framework will positively affect the industry landscape across the Asia Pacific.
The growing population in the Asia Pacific region is anticipated to induce a rise in infrastructure activities to support the rising urbanization in the region. The increase in industrial activities in the region is anticipated to drive the market for the industrial infrastructure and rising jobs. due to this is expected to boost the residential construction segment in the region.
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Key Segmentation of the Concrete Fiber Market
By Product Type:
Depending on the product type, the industry is categorized into steel fiber, synthetic fiber, glass fiber, natural fibers, and basalt fibers. The synthetic fiber category is further divided into polypropylene, nylon, polyester, and other synthetic fibers.
By Application:
Concrete fiber is applied for making pavement, shotcrete, precast, slabs on grade, composite metal decks, and other applications
By End Use:
Key end-use industries of concrete fiber include residential, industrial & commercial infrastructure, roads & bridges, and others.
By Region:
A regional examination is conducted of the industry in North America, Latin America, Europe, South Asia, East Asia, Oceania, as well as Middle East and Africa.
Authored By
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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