- Usage of carbon fiber products is likely to increase due to rise in demand for non-corrosive materials across several industries
- Flexibility of glass-reinforced concrete to be molded into almost any shape, size, or profile has increased its appeal among engineers and architects, which is anticipated to propel market growth
WILMINGTON, Del., Jan. 5, 2023 /PRNewswire/ -- The global concrete fiber market was worth US$ 1,209.9 Mn in 2021 and is projected to reach US$ 2,079.1 Mn by 2031. The market is anticipated to expand at a CAGR of 6.2% during the forecast period, from 2022 to 2031. Beneficial features of concrete fiber, particularly for industries such as transportation and building & construction, are expected to drive market demand during the forecast period.
Implementation of innovative production techniques that reduce product prices and government financing and initiatives are anticipated to drive market development. Rapid urbanization and industrialization throughout the world and higher usage of concrete fiber in the building & construction industry are anticipated to drive industry growth.
Building and construction businesses in Asia Pacific are largely driven by continuing infrastructural development activities in several countries. Consequently, usage of concrete fibers is expected to rise in the region. Construction activity is rising exponentially in China, India, and countries in Southeast Asia. Governments of these nations offer incentives to encourage the construction and development of infrastructure. Hence, the concrete fiber market in Asia Pacific is anticipated to expand rapidly during the forecast period.
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Key Findings of Market Report
- Based on product, the steel fibers segment held 45% share of the global concrete fiber market in 2021. The segment is anticipated to expand at a CAGR of 5.8% during the forecast period. This is attributed to superior flexural and tensile strength, ductility, great durability, and stress and fatigue resistance of steel fibers. These qualities allow steel fibers to give concrete more durability and post-crack load bearing capability.
Global Concrete Fiber Market: Growth Opportunities
- Concrete is a widely utilized material. Globally, more than two billion tons of concrete is produced each year. It has a number of benefits over wood, including greater compressive strength, reduced cost, and better fire and weather resistance. Easy access to raw materials is also one of the benefits. However, ductility and tensile strength are absent in concrete. Hence, manufacturers are producing more carbon fiber materials to overcome the drawbacks of traditional concrete products. Market forecast estimates that demand for carbon fiber goods is likely to increase as non-corrosive materials become more important. This, in turn, is expected to fuel industry growth in the near future.
- Development of cutting-edge products for dam construction and sewage pipelines is likely to propel the concrete fiber business
- Producers are manufacturing products for tubing and automobile drive shafts in order to capitalize on lucrative opportunities in the market
- Customized concrete fiber products are now possible owing to ground-breaking improvements in 3D printing. Manufacturers have introduced injection molding devices to create durable goods made of concrete fiber that meet requirements of consumers in several end-use industries.
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Global Concrete Fiber Market: Regional Landscape
- North America held more than 32% share of the global market in 2021. The U.S. is a major contributor to the growth of the concrete fiber market in the region. Rise in usage of steel fiber concrete and synthetic fiber in numerous end-use sectors has led to the country's large market share.
- Europe and Asia Pacific are key markets for concrete fiber in terms of volume. These two regions held 25% and 29.1% share of the global industry in 2021, respectively. Growth of the transportation sector in Europe and considerable expansion of building & construction industry in Asia Pacific are expected to drive the market in the respective regions.
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Global Concrete Fiber Market: Key Players
- Nycon Corporation
- The Euclid Chemical Company
- GCP Applied Technologies Inc.
- ABC Polymer Industries, LLC
- Fibercon International Inc.
- Synthetic Resources, Inc.
Global Concrete Fiber Market: Segmentation
Type
- Synthetic Fibers
- Glass Fibers
- Blended Fibers
- Steel Fibers
- Basalt Fibers
- Animal Origin Fibers
- Cellulose Fibers
Application
- Building & Construction
- Transportation Infrastructure
- Mining
- Industrial Flooring
- Others
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