The global concrete reinforcing fiber market size was valued at USD 2.36 billion in 2023. The market is expected to expand from USD 2.49 billion in 2024 to USD 4.62 billion by 2032, exhibiting a CAGR of 8.0% over the study period.
Concrete reinforcing fibers, which are obtained from materials including synthetic, natural fibers, steel, and glass, are used in the concrete mix before setting. The increasing demand for sustainable solutions is augmenting market growth. Concerns regarding the environment are anticipated to be the prime reason for the future sales of concrete reinforcing fibers, motivating manufacturers to increase their production capacity to serve the anticipated demand for sustainable fiber-reinforced concrete solutions in the coming years.
Every aspect of the global economy was intensely influenced by the COVID-19 pandemic, and building & construction and manufacturing industries were also affected. Brazil, China, Canada, India, and Germany imposed lockdowns, which caused restrictions on the movement of materials. Consequently, the supply chain of manufacturers was severely impacted.
Fortune Business Insights™ provides this information in its research report, titled “Concrete Reinforcing Fiber Market”.
Segmentation:
Ability of Polymer Fibers to Enhance Impact Resistance to Spur Segment Expansion
By fiber type, the market is categorized into steel, glass, polymers, and others. The polymers segment secured the largest share in 2023, driven by the ability of polymer fibers in the effective control of shrinkage cracking, to decrease permeability, and enhance impact resistance. This factor makes them suitable for a diverse array of applications, such as infrastructure, commercial, and residential projects.
Building & Construction Segment Dominated Propelled by Surging Number of Commercial Developments
With respect to end-use industry, the market is divided into mining & tunnel, building & construction, transportation infrastructure, industrial flooring, and others. The building & construction segment occupied the largest concrete reinforcing fiber market share in 2023 owing to the growing number of commercial, mixed-use, and residential developments. This factor creates the need for the deployment of high-performance concrete solutions.
Regionally, the market is classified into the Middle East & Africa, North America, Asia Pacific, Europe, and Latin America.
Report Coverage:
The competitive strategies undertaken by leading companies to gain a competitive edge have been mentioned in the report. Besides this, it provides vital insights into major factors impacting the market growth. The report also gives an in-depth analysis of the major industry developments, key segments, and the impact of the COVID-19 pandemic.
Drivers and Restraints:
Booming Building & Construction Industry, Mainly in Emerging Economies to Accelerate Market Growth
Projects, such as the enlargement and construction of airport shopping centers and transportation services, including sports stadiums, auditoriums, parks, and subways, are being funded by governments in emerging economies. For instance, the Indian Government has given permission for 100% Foreign Direct Investments in construction projects, including bridges, hospitals, resorts, townships, educational institutions, and commercial and residential buildings.
Despite such opportunities, the variations in the prices of raw materials may impede concrete reinforcing fiber market growth.
Regional Insights:
Asia Pacific Secures a Leading Position Impelled by Huge Infrastructure Development
Asia Pacific accounts for the largest market share and is expected to become the fastest-growing region in the future. This can be attributed to huge infrastructure development, urbanization, and industrialization. Moreover, Japan, India, and China, are dominating with respect to the demand for advanced construction materials.
Europe concrete reinforcing fiber market is slated to observe significant growth during the study period, which can be credited to tightening regulations coupled with high standards for construction quality, which boost the uptake of reinforcing fibers. In addition, considerable upgrades are needed for the region’s aging infrastructure, which includes public transport systems, bridges, and roads, which is driving regional growth.
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Competitive Landscape:
Top Players Leverage Product Innovations to Boost Their Position
The market is witnessing fierce competition between companies and regional and international players with regulatory know-how, suppliers, and massive distribution networks. They also enter acquisition deals, partnerships, and contracts with other prominent companies to enhance their position in existing markets. Many concrete reinforcing fiber manufacturers are also emphasizing product innovations to strengthen their position.
Key Industry Development:
October 2021: Jogani Reinforcement announced the launch of polyfiber 3S new generation concrete and construction fiber for crack-free and durable infrastructure in India. The exceptional grade new generation polyfibre 3S released by Jogani Reinforcement has brought a revolution in the infrastructure and construction industry, specifically in India.
List of Key Players Mentioned in the Report:
BASF SE (Germany)
Bekaert (Belgium)
NYCON Corp. (U.S.)
Arkema Group (France)
Owens Corning (U.S.)
FORTA Corp. (U.S.)
Euclid Chemical Company (U.S.)
Kasturi Metal Composites Ltd (India)
Fibercon International Inc. (U.S.)