New York, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The global concrete fibers market size is projected to expand at ~8.5% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 7 Billion by the end of 2035, up from a revenue of ~USD 2 Billion in the year 2022. The concrete fibers market refers to the industry that produces and supplies various types of fibers used in concrete mixtures to enhance the properties and performance of concrete. These fibers are typically added to concrete during the mixing process and help improve its strength, durability, and other characteristics. The concrete fibers market has experienced growth due to the increasing demand for high-performance and durable concrete in construction projects. Benefits of using concrete fibers include reduced cracking, increased load-bearing capacity, improved impact resistance, and enhanced durability, among others.
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These advantages have led to the adoption of concrete fibers in various construction applications, including bridges, tunnels, pavements, industrial floors, and precast concrete elements. Polymer fibers, often made of materials like polypropylene or polyester, are used to reduce cracking and improve the durability of concrete. They are commonly used in residential and commercial construction. The growing demand for vehicles is believed to fuel the concrete fibers market growth. As the per capita income of people across the globe is rising more and more people are purchasing vehicles which has also led to a growing need for parking lots that require crack resistant concrete as a reinforcing material. After experiencing a decline during the pandemic, global auto sales began to rebound, reaching over 66 million units sold in 2021.
Concrete Fibers Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The synthetic fiber segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Infrastructure Development across the Globe to Boost Market Growth
Infrastructure development projects, such as roads, bridges, airports, and housing, are surging globally. Governments and private sectors are investing heavily in expanding and modernizing infrastructure to meet the needs of growing populations and urbanization. The Global Infrastructure Outlook Report by the G20 projects a staggering USD 94 trillion in infrastructure investment by 2040, emphasizing the significant demand for construction materials like concrete, which includes concrete fibers. Urbanization is an unstoppable trend, with more people moving to cities in search of opportunities. This urban growth necessitates the construction of new buildings, transportation systems, and utilities, all of which rely heavily on concrete. Sustainable construction practices are gaining prominence due to environmental concerns. Concrete fibers are often used to create more sustainable, durable, and resilient structures that reduce environmental impact. Aging infrastructure in many countries requires extensive repair and rehabilitation. This includes reinforcing structures with materials like fiber-reinforced concrete to extend their lifespan and enhance their performance.
Concrete Fibers Market: Regional Overview
The global concrete fibers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Urbanization to Drive the Market Growth in Asia Pacific Region
The concrete fibers market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The Asia Pacific region is experiencing rapid urbanization, with a significant portion of the population migrating to cities. This trend necessitates extensive construction of residential and commercial buildings, transportation networks, and infrastructure, driving the demand for concrete fibers. The United Nations projects that the urban population in the Asia-Pacific region will increase from 47.5% in 2010 to 64.1% by the year 2050, highlighting the sustained urbanization trend in the region. Governments across the Asia Pacific are making substantial investments in infrastructure development, including roads, railways, airports, and ports. These projects rely on robust and durable construction materials like concrete reinforced with fibers. APAC countries are increasingly adopting sustainable building practices to mitigate environmental impact. Fiber-reinforced concrete, which can improve building durability and reduce maintenance, aligns with these sustainability goals. Governments and builders are focusing on constructing disaster-resilient structures, often using concrete fibers to enhance structural integrity.
Infrastructure Renewal and Investment to Propel the Growth in the North America Region
The North America concrete fibers market is estimated to garner the highest CAGR by the end of 2035. North America is experiencing a need for extensive infrastructure renewal and expansion, including roads, bridges, airports, and utilities. As governments and private sectors invest in these projects, the demand for durable and long-lasting concrete materials, including concrete fibers, increases. The American Society of Civil Engineers (ASCE) gave the United States a grade of C- for its infrastructure in 2021, emphasizing the pressing need for investment and renewal. Sustainability is a growing concern in North America, with a focus on reducing the environmental impact of construction. Concrete fibers are utilized to enhance the sustainability and durability of structures, aligning with green building practices. Urbanization is on the rise in North America, leading to the construction of residential and commercial buildings and infrastructure to support urban populations. This trend drives the demand for construction materials, including concrete fibers. Concrete fibers, such as steel fibers, significantly enhance the performance of concrete by improving its tensile strength, durability, and resistance to cracking. These characteristics make them an ideal choice for demanding applications, further boosting demand.
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Concrete Fibers, Segmentation by Type
- Natural Fiber
- Synthetic Fiber
- Steel Fiber
- Glass Fiber
Amongst these segments, the synthetic fiber segment is anticipated to hold the largest share over the forecast period. Synthetic fibers, such as polypropylene and polyester, offer excellent tensile strength and durability when added to concrete mixtures. This enhances the ability of concrete to withstand stresses and impacts, making it suitable for various construction applications. Synthetic fibers help control cracking in concrete by reducing shrinkage cracks that can occur as the material cures. This is particularly important for maintaining the integrity and appearance of concrete surfaces. The American Concrete Institute (ACI) recognizes the effectiveness of synthetic fibers in reducing plastic shrinkage cracking in concrete. Synthetic fibers are often more cost-effective than traditional steel reinforcement. They offer a cost-efficient solution to improve the performance and longevity of concrete structures without the added expense of steel. A study suggests that the use of synthetic fibers can lead to a 30-40% reduction in concrete costs compared to steel reinforcement.
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Concrete Fibers, Segmentation by Application
- Construction
- Transportation
- Infrastructure
- Mining
Amongst these segments, the infrastructure segment is anticipated to hold a significant share over the forecast period. Governments in many countries are increasing their investments in infrastructure development to stimulate economic growth, create jobs, and address aging infrastructure. These investments include the construction of new infrastructure and the rehabilitation of existing assets. In the United States, the American Society of Civil Engineers (ASCE) reports that the country requires USD 4.6 trillion in infrastructure investment by 2025 to address its needs. Sustainable building practices are becoming more prevalent in infrastructure projects. The use of concrete fibers aligns with sustainability goals by enhancing the durability and longevity of infrastructure, reducing the need for frequent repairs and replacements. Concrete fibers, such as steel and synthetic fibers, improve the durability and performance of infrastructure components. They enhance resistance to cracking, increase load-bearing capacity, and reduce maintenance requirements, resulting in longer service life.
Few of the well-known market leaders in the global concrete fibers market that are profiled by Research Nester are Nycon Corporation, Owens Corning, BarChip Pty Ltd., ABC Polymer Industries, KMEW Co., Ltd., Taiheiyo Cement Corporation, Nippon Electric Glass Co., Ltd., Nichia Corporation, Shimzu Corporation Limited, Cemex, and other key market players.
Recent Development in the Market
- Owens Corning partnered with Pultron Composites for the production of industry leader fiber reinforced glass rebars. The agreement ensures that companies are committed to the development of more sustainable product solutions and higher performance concrete reinforcement products.
- ABC Polymer Industries announced the publication of Product Specific Type II Environmental Product Declarations (EPD) for its fiber-reinforced concrete products.
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