Wilmington, Delaware, United States, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global concrete fiber market is projected to flourish at a CAGR of 6.2% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 2079.1 million is anticipated for the market in 2031. As of 2023, the demand for concrete fiber is expected to close at US$ 1,364.5 million.
The global concrete fiber market is estimated to grow significantly during the forecast period, owing to the favorable properties of concrete fiber, specifically for industries such as building & construction and transportation.
Adoption of new production processes that lower product costs and government initiatives and funding are also estimated to boost the concrete fiber market in the near future.
An increase in global urbanization and a rise in the adoption of concrete fiber in the building and construction sector are also expected to drive the concrete fiber market during the forecast period.
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Concrete fibers are used to construct exteriors and interiors of commercial, residential, and industrial buildings. They are widely deployed in highways, roads, bridges, and pavements. Concrete fibers prevent cracking caused by plastic and drying shrinkage.
The increasing demand for new infrastructure, residential buildings, commercial spaces, and industrial developments worldwide drives the need for stronger, more durable construction materials like concrete reinforced with fibers.
Governments across the globe are investing in infrastructure projects like roads, bridges, airports, and dams, which require durable and long-lasting construction materials. Concrete fibers offer enhanced strength and longevity, making them desirable for such projects.
Industries such as transportation, energy, and manufacturing require specialized concrete formulations for applications needing high strength, reduced shrinkage, or improved durability. Concrete fibers help meet these demands.
With growing environmental consciousness, there's a push for sustainable construction materials. Some concrete fibers, particularly those made from recycled materials or natural sources, align with sustainability goals, increasing adoption.
Concrete Fiber Market- Competitive Landscape
The global concrete fiber market is highly consolidated, with a small number of large-scale vendors controlling majority of the share. Most of the companies are investing significantly in comprehensive research and development activities, primarily to create environment-friendly products. Diversification of product portfolios and mergers & acquisitions are key strategies adopted by prominent players.
- Sika Group
- BASF SE
- GCP Applied Technologies Inc.
- Bekaert
- Owens Corning
- ABC Polymer Industries, LLC
- Synthetic Resources, Inc.
- Nycon Corporation
- Fibercon International Inc.
- The Euclid Chemical Company
- FORTA Corporation
Key Takeaways from the Market Study
- As of 2022, the concrete fiber market was valued at US$ 1284.9 million
- Based on application, the building and construction segment are expected to hold a prominent share of the global concrete fiber market during the forecast period.
- In terms of product, the steel fibers segment is expected to dominate the global concrete fiber market during the forecast period.
Concrete Fiber Market: Key Trends and Opportunistic Frontiers
- Manufacturers are using injection molding machines to develop robust concrete fiber products as per specific requirements from clients of different end-use industries.
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Concrete Fiber Market – Regional Analysis
- Ongoing infrastructure development activities in countries in Asia Pacific are primarily driving the building and construction sector in the region. In turn, this is boosting the demand for concrete fibers. Construction activities are rising significantly in India, China, and Southeast Asian countries. Governments of these countries are providing incentives to promote infrastructure development. Thus, the concrete fiber market in Asia Pacific is likely to grow at a rapid pace during the forecast period.
- North America accounted for significant share of the global concrete fiber market in 2021. The United States is one of the key markets for concrete fiber in North America. The concrete fiber market in the United States has been growing due to the increase in usage of synthetic fibers and steel fiber concrete in various end-use industries in the country.
Key Developments in the Concrete Fiber Market
- BASF SE offers a range of concrete fiber products and has been active in developing innovative solutions to enhance the performance and sustainability of concrete structures. Their products cater to various industries and construction applications.
- Sika AG is known for its construction chemicals and materials, including concrete fibers. They focus on providing solutions for high-performance and durable concrete structures, emphasizing the importance of reinforced concrete.
- Fibercon International specializes in developing and manufacturing synthetic concrete fibers. They offer a wide range of fibers designed to improve concrete's toughness, impact resistance, and durability.
Concrete Fiber Market – Key Segments
Type
- Synthetic Fibers
- Micro
- Macro
- 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)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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