Concrete Fiber Market is to Cross $4.21 Billion Revenue by 2030

Concrete Fiber Market Overview

“The Concrete Fiber Market is expected to grow at 8.4% CAGR from 2023-2030 & to reach above USD 4.21 Billion by 2030 from USD 2.45 Billion in 2023.”

Concrete fiber, also referred to as fiber-reinforced concrete (FRC), is a composite material that combines cement, aggregates, and discrete fibers to improve its structural integrity and performance. These fibers are uniformly dispersed throughout the concrete mixture and are typically made of materials like steel, glass, synthetic polymers, or natural fibers.

The concrete gains several advantages from the fiber addition. First of all, they increase the material's tensile strength, which lowers the risk of cracking and increases overall durability. The fibers also aid in energy distribution and dissipation, enhancing impact resistance and halting the spread of cracks. Since structural integrity is so important in applications like construction, infrastructure, and earthquake-resistant structures, concrete fiber is especially well suited for those.

The advantages of various fiber types vary. Glass fibers offer excellent resistance to chemical corrosion, while steel fibers increase the strength and ductility of the concrete. Polypropylene or nylon synthetic fibers increase the concrete's resistance to freeze-thaw cycles and lessen shrinkage cracks.

Concrete fiber is an all-around adaptable and dependable material that combines the advantages of conventional concrete with improved strength, durability, and resistance to different types of stresses, making it a preferred option for demanding construction projects.

A wide range of end users will be able to use it due to the growing demand for non-corrosive materials, mounting compounds, manufacturing, and mechanical properties. One of the unusual circumstances that will hasten the development of the concrete fiber market in the anticipated years is the pervasiveness of recyclable and environmentally friendly goods.

The growth of residential building and construction activities has been accelerated by the growing population, and this will further accelerate the growth rate of the market for concrete fiber. Furthermore, quick industrialization has sped up the development of industries using concrete fiber to increase the tensile strength of industrial structures in both developed and developing economies.

The concrete fiber market is constrained by factors such as higher initial costs, a lack of awareness and acceptance, and compatibility problems.  Due to the added expense of adding fibers to the mixture, concrete fiber can be more expensive than traditional concrete.

Demand Outlook

Contractors and engineers might not be aware of or understand the advantages and proper application of concrete fiber, which would result in limited adoption. It can be difficult to determine how well different fiber types work with particular concrete mixes and additives; this necessitates careful consideration and testing to guarantee the best results.

The market players will have lucrative opportunities due to the rising investment in research and development for the production of advanced high strength fiber during the forecast period of 2023 to 2030. The adoption of a new production method that lowers product costs as well as the surge in revenue generated by the concrete fiber market as a result of government initiatives and funding for the establishment of the industry will further the market's future expansion.

>>> Download Sample Report Now: https://marketreportservice.com/request-sample/concrete-fiber-market-54623

Market Dynamics 

Growth Drivers

A high demand among consumers, which is boosting the market expansion

The rising demand for non-corrosive materials and mounting compounds, as well as manufacturing mechanical properties, and other materials can be extended to a variety of users. The widespread use of environmentally friendly and recyclable products is just one of the unique conditions that will speed up the growth of the market for concrete fibers in the coming years.

The growing population has led to the rise of residential building and construction that will in turn boost the growth rate of the market for fiber reinforced concrete. In addition, the rapid development of industry has led to the development of industries across emerging and developed economies where concrete fibers are used to increase the tensile strength for industrial buildings.

Additionally, the increasing investments in research and development for production of high-strength, advanced fiber opens up lucrative opportunities for the market players over the period from 2022 until 2029. Furthermore, adopting a brand new manufacturing process that reduces the cost of products as well as the rise in the market for concrete fiber due to government initiatives and funds for the establishment of the industry will increase the growth rate of the market for concrete fiber.

Challenges

The absence of resistance to rust and high costs are holding back the development

Steel reinforced concrete is more prone to corrosion as well as the mass of concrete reinforced with fibers is more than non-fiber reinforced concrete. This is hindering market's growth.

Concrete fibers can cost an additional $7 or $8 per cubic yard, which is to add one and a half pounds of polypropylene fibers which makes it more expensive. Additionally, since concrete fibers weigh about 10 percent more heavy than concrete that is not made of fibers fluctuations in raw material prices as well as the waste management for synthetic fibers, and the threat that corrosion can occur in fibers made of steel and some concrete fibers susceptible to shrinkage and creep are among the reasons that are limiting the growth of the market. This will be a hindrance to the growth of the market for concrete fibers rate.

Covid-19 Impact

The recent coronavirus outbreak had an adverse impact on the market for concrete fiber because of how widely it was present and how it affected market dynamics, market segmentation, the value supply chain, and even public health. The industry was economically destroyed and the market revenue conditions for concrete fiber were hindered. A decrease in demand for concrete fibers led to overcapacity. While maintaining market strength and sustainability, the industry has reduced its construction rate. Lockdown regulations had an effect on this sector and stopped production. The largest end-use industry for the production of glass fiber, which had an effect on the glass industry, is building and construction. The low profit margins have been hindered globally by the production of vehicles.

Concrete Fiber Market Segment Analysis

The concrete fiber market is segmented based on fiber type, application and region. Based on types market is segmented into steel fiber, synthetic fiber, glass fiber, natural fiber, and others; by application market is segmented infrastructure, building and construction, mining and tunnel, industrial, others. Infrastructure is further sub-segmented into highways, bridges, railways, and others. Building and construction is further sub-segmented into residential and non-residential.

Steel fibers accounted for nearly half of the global market for concrete fibers in 2022 and are anticipated to maintain their dominance over the course of the forecast period. But from 2023-2030, the synthetic fiber market is anticipated to grow at the highest CAGR of 8.4%. 

In order to strengthen the concrete during the mixing and placement processes, steel concrete fibers are used in the form of mesh or wire. They are constructed of carbon steel, one of the most widely used steel alloys. When compared to other reinforcing materials like rebar, rods, wires, etc., the product has a high tensile strength and a low elongation, making it suitable for use in reinforced concrete structures.

The infrastructure sector, which generated the most revenue in 2021, is expected to expand at a CAGR of 8.46% over the course of the forecast period. The growth of the market may be fueled by the expansion of highway construction in nations like China, India, and others, where concrete fiber is used to strengthen highways and prevent cracks.

• For instance, highway construction in India increased at a CAGR of 17,000% from 2016 to 2021, according to a report released by the India Brands Equity Foundation in 2022. A number of domestic and foreign investments in the sector have been attracted by the growing urgency to develop infrastructure. This is anticipated to accelerate the market for concrete fiber for infrastructure applications.

Competitive Landscape of the Concrete Fiber Market

The concrete fiber market key players include BASF SE, Sika AG, Propex Operating Company LLC, Bekaert, ABC Polymer Industries LLC, Owens Corning, Fibercon International Inc., GCP Applied Technologies Inc., Nycon, Synthetic Resources Inc.

Recent Developments in the Concrete Fiber Market

22 May 2023: BASF’s Coatings division has launched a crowdsourcing digital tool to streamline and enhance color formula search for customers of its two paint brands, NORBIN and Shancai.

22 March 2023: BASF introduced a new Ultramid Deep Gloss grade, optimized for highly glossy automotive interior parts, and applied for the first time to the garnish of Toyota‘s new Prius.

20 Jan, 2022: Prayagraj's MNNIT to develop lightweight, non-corrosive wagons for railways

August 2021, Owens Corning announced the launch of PINK Next Gen Fiberglas insulation. The advanced fiber technology of PINK Next Gen Fiberglas creates a tightly woven network of soft, fine fibers to form a super-resilient blanket of insulating micro-pockets. Leveraging several new technology innovations, the new product is safe for installers and residents. It is faster to install than competitive insulation products and spray foam insulation.

In 2021, The acquisition of Chryso Group by Saint Gobain strengthens its position in the construction chemicals market. Chryso Group joins the sustainable construction businesses within the high-performance solutions segment.

In November 2021, Sika AG signed a definitive agreement to acquire MBCC Group (formerly BASF Construction Chemicals) from an affiliate Lone Star Funds, for a consideration of US$ 6 Billion.

In December 2021, Saint-Gobain signed a definitive agreement with GCP Applied Technologies Inc. to acquire a transaction valued at approximately $2.3 billion (approximately €2.0 billion). The acquisition of Chryso Group followed by GCP Applied Technologies clearly directs the Saint Gobain strategies to strong fold its presence in the construction chemical business.

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.

In November 2018, Sika Group acquired the global concrete fibers business from Propex Holding, LLC, which includes a U.S.-based plant manufacturing synthetic fibers for usage in concrete reinforcement; and sales operations in Sika's three geographical regions. The acquired business is an ideal addition to Sika's concrete systems for high value-added solutions required in the construction of high-rise buildings and demanding infrastructure projects.

Founded in 2017, ‘View’ is a USA-based provider of AI and app-based smart window glasses for buildings. It offers windows that are built using a proprietary electrochromic coating that reduces glare and heat and improves the energy efficiency of buildings. It also provides an AI-powered app that enables monitoring and controlling of the windows from remote places. Its app is available for Android devices. It received funding of USD 3.46 billion from GIC, soft vision fund, black rock, and 15 others.

Founded in 2012, bioMASON is a USA-based startup that provides biological cement-based masonry building material using microorganisms. It employs bacteria to grow durable cement in ambient temperatures between loose grains of aggregate, producing building materials without emitting greenhouse gases, and without the depletion of non-renewable resources. Its products include proprietary manufacturing processes and materials used by users for incorporation in existing facilities or on-site manufacturing. They claim that their products can be used in any existing building infrastructure and are comparable to other contemporary products. It was able to accumulate funding of USD 67 million from Celesta capital, Hartree partners, and 8 other investors.

Regional Insights

The construction industry in developed nations like Canada and the United States is expected to continue to grow, along with the urban population, over the course of the forecast period, favoring the North American market. The construction sector will account for more than 4% of the U.S. economy in 2020, one of the largest in the world.

Additionally, it is anticipated that rising urbanization, supported by immigration to urban areas, will increase demand for construction activities, which in turn is anticipated to spur market expansion. According to data from the World Bank, 82.36% of all people in North America reside in urban areas. In similar terms, the market in the Europe region is anticipated to grow significantly over the forecast period as a result of the region's expanding infrastructure.

On the strength of increasing government initiatives to provide housing facilities for the expanding population in several countries, including Japan, Singapore, China, India, and Hong Kong, the market in the Asia Pacific region is projected to experience the highest CAGR over the forecast period. Along with general economic development, the construction of roads in these nations is expected to accelerate market expansion.

Segments Covered in the Concrete Fiber Market

Concrete Fiber Market Fiber Type

• Steel Fiber
• Synthetic Fiber
• Glass Fiber
• Natural Fiber
• Others

Concrete Fiber Market By Application

• Infrastructure
• Highways
• Bridges
• Railways
• Others
• Building And Construction
• Residential
• Non-Residential
• Mining And Tunnel
• Industrial
• Others

Concrete Fiber Market By Region

• North America
• Asia Pacific
• Europe
• South America
• Middle East And Africa

Frequently asked questions with answers

What is the total market value of global concrete fiber market?

The Concrete Fiber Market is expected to grow at 8.4% CAGR from 2023-2030 & to reach above USD 4.21 Billion by 2030 from USD 2.45 Billion in 2023.

Who are the key players in the concrete fiber market?

The concrete fiber market key players BASF SE, Sika AG, Propex Operating Company LLC, Bekaert, ABC Polymer Industries LLC, Owens Corning, Fibercon International Inc., GCP Applied Technologies Inc., Nycon, Synthetic Resources Inc.

Which is the largest regional market for concrete fiber market?

North America is the largest regional market for concrete fiber market.

What are the segments of concrete fiber market?

The concrete fiber market is segmented into fiber type, application and region.

What are the growth factors of concrete fiber market?

Enhanced quality and safety provided by concrete fiber, and growing urbanization worldwide are the key factors driving market growth.