Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Fiber Reinforced Concrete (FRC) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Global Fiber Reinforced Concrete (FRC) Market size is estimated at USD 2.64 billion in 2023, and is expected to reach USD 3.48 billion by 2028, growing at a CAGR of 5.72% during the forecast period (2023-2028).
The COVID-19 outbreak negatively impacted the market in 2020. With the COVID-19 pandemic's beginning, construction work stopped worldwide, especially in major construction hubs like China and India. However, the market was projected to grow steadily in the forecast period due to global construction sector growth.
Key Highlights
- Over the short term, the growing construction activities in Asia-Pacific and the rising demand for transport infrastructure projects are expected to drive the market's growth.
- On the flip side, the availability of ready-to-use concrete and high production cost will likely hinder the growth of the fiber-reinforced concrete (FRC) market.
- Introducing new alkaline-resistant synthetic fibers will likely provide opportunities for the studied market during the forecast period.
- During the forecast period, the Asia-Pacific region is expected to dominate the global market due to the exponentially increasing construction activities in the region.
Fiber Reinforced Concrete (FRC) Market Trends
Infrastructure Segment to Expand at a Lucrative Rate
- Fiber-reinforced concrete is required in the infrastructure segment for making roads and bridges. They enhance the toughness and post-crack load-carrying capacity of the roads. Moreover, this concrete is also required to construct railways infrastructure, ports, and airports.
- According to World Bank, private investment in infrastructure projects in low- and middle-income countries totaled USD 76.2 billion in 2021, almost 49% more than the previous year.
- Repair, growth, and infrastructure modernization have become critical in the United States, with its infrastructure fueling the country's construction business for decades. The Department of Transportation's FY 2023 Budget proposal of USD 105 billion will advance safety and modernize the nation's infrastructure in the area. The Department's overall budget for FY 2023 will be USD 142 billion, including the additional USD 37 billion in guaranteed advance appropriations given by the Bipartisan Infrastructure Legislation (BIL).
- According to the US Census Bureau, the energy and power category accounted for around one-third of the entire value (~USD 114 billion) in the infrastructure segment, followed by highway and street (~USD 100 billion) and transportation (~USD 56 billion) during the year 2021.
- With the business's global growth, several high-value infrastructure projects have been launched or are scheduled to begin in the upcoming months. For instance, according to the Gateway Development Commission, the Hudson Tunnel Project, connecting New Jersey and New York beneath the Hudson River, will cost more than USD 2 billion.
Asia-Pacific Region to Dominate the Market in the forecast period
- The consumption levels of fiber-reinforced concrete in Asia-Pacific countries, such as China, India, and Indonesia, are expected to rise robustly, owing to the increasing demand from the transportation, building, and construction industries.
- Asia-Pacific is the fastest-growing region for road and highway construction projects. China has increased its road construction and maintenance spending. Further, the country has many ongoing and upcoming road and highway construction projects.
A selection of companies mentioned in this report includes
- Armstrong World Industries, Inc.
- Bekaert
- CEMEX SAB de CV
- GCP Applied Technologies Inc.
- MBCC Group
- KrampeHarex GmbH & Co. KG
- Nycon
- Sika AG
- The Euclid Chemical Company
For more information about this report visit https://www.researchandmarkets.com/r/q0uc30
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