Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global concrete reinforcing fiber market size is expected to be driven by an increase in commercial construction activities to account for improving economic health. Increasing public investment in infrastructure construction coupled with a growing focus on environmentally safe products in construction is expected to help the industry grow.
High demand for concrete reinforcing fiber market share is said to increase post-COVID-19. It is mainly used in the construction and building industry, so an increase in demand is expected to grow after the pandemic. Nowadays, concrete reinforcing has plenty of varieties, some of which are blended & steel fibers and micro & macro synthetic fibers.
Fortune Business Insights™ provides this information in its report "Concrete Reinforcing Fiber Market Size, Share, Growth and Forecast Report, 2023-2030.”
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List of Key Players Mentioned in the Concrete Reinforcing Fiber Industry Report:
- Ultratech Concrete
- BASF SE
- CEMEX S.A.B. de C.V.
- SIKA AG
- Owens Corning
- ABC Polymers Industries LLC.
- The Euclid Chemical Company
Report Coverage:
This report covers the synopsis of this market that provides the analysis of the product, impact of COVID-19, segmentation, drivers and restraints, regional insights, new growth, and presence of key players in the market. An in-depth analysis of upcoming opportunities, threats, and driving factors is also mentioned in the report.
Competitive Landscape:
Partnership Among Companies to Secure Their Brand Values in the Market
Players in the market have launched new techniques to boost market growth with their solutions and elevate the competition in the market. Companies have been applying for various programs, such as partnerships and mergers, to support their position in the market.
Key Industry Development:
- August 2021: The MBCC Group, the leading creator and manufacturer of synthetic fibers for reinforced concrete has agreed to purchase the Fabpro polymers.
COVID-19 Impacts:
Shutdown of Manufacturing Facilities to Hinder Market Growth
Due to a decrease in cement and concrete demand, the companies shut down manufacturing. But, post-COVID-19, the order is increasing from the construction industry for cement and concrete to increase production. The shutdown of manufacturing of product got disturbed due to the lower demand for the product. Construction yield has fallen due to the stringent lockdown and pandemic.
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Segmentation:
The market is divided into polymers, steel, glass, and others based on fiber type.
As per the end-user industry, the market is segmented into building and construction, transportation infrastructure, mining and tunnel, industrial flooring, and others.
By Fiber Type
- Polymers
- Steel
- Glass
- Others
By End-use Industry
- Building & Construction
- Transportation Infrastructure
- Mining & Tunnel
- Industrial Flooring
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, Italy, Spain, UK,)
- Asia-Pacific (China, India, Japan, South Korea, Australia)
- Middle East & Africa (Brazil, Saudi Arabia, South Africa)
Drivers and Restraints:
Increasing Demand for Concrete Reinforcing Fiber to Inflate Market Growth
The key driver for the market is increasing demand for cement as it possesses superior properties such as durability, improved load capacity, high resistance towards corrosion, and so on. Fibers in concrete help to reduce the total energy consumption of a construction project growing demand for various steel fibers in multiple applications. The housing market is directly linked to the health of the economy. The need for concrete reinforcing fiber is increasing because of the challenging environmental issues.
In the end-user industry, the concrete reinforcing industry is used in various industries such as mining and transport, industrial flooring, and construction. The product's demand is increasing due to the high adoption level as it helps in earthquake-prone areas and benefits in the reduction of human casualties.
The driving factors include:
- The increasing number of new markets.
- The increase in the demand for eco-friendly fibers.
- The rise in the number of strategic collaborations and product innovations.
The given factors are expected to drive the concrete reinforcing fiber market growth during the forecast period.
The price of crude oil has increased, and because of the fluctuation in the price rates and all the uncertainty has led to one of the restraining factors of the market.
Regional Insights:
Asia Pacific Holds Largest Share to Propel Industry Growth
Asia Pacific holds the largest concrete reinforcing market share due to increased cement demand from the construction industry. India and China also contribute significantly to the market because of the increasing construction activities as the surging government initiatives. Other Southeast Asian countries may also exhibit growth.
In North America, the United States and Canada are major markets for concrete reinforcing fibers. Factors such as infrastructure development, residential construction, and commercial projects can significantly influence the demand for these fibers. Market trends may vary by state or province, depending on local construction activity and building regulations.
In Europe, such as Germany, France, and the United Kingdom, typically have a strong construction industry, which drives demand for concrete reinforcing fibers. Eastern European countries may show growth potential as their infrastructure and construction sectors develop.
In the Middle East and Africa, Gulf countries like the United Arab Emirates and Saudi Arabia have seen extensive construction projects, including skyscrapers and infrastructure development, which drive the demand for concrete reinforcing fibers.
Rest of the World: Other regions, such as Australia and New Zealand, also have active construction chemicals markets, with a focus on sustainable building practices. Local regulations and climate conditions play a significant role in product preferences and demand.
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