Concrete Reinforcing Fiber Market– Statistics And Analysis & Forecast To 2030

Posted by Mrudula Karmarkar on September 21st, 2022

The global concrete reinforcing fiber market size is expected to reach USD 3.96 billion by 2030, registering a CAGR of 6.8% during the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for lightweight non-corrosive materials in the construction industry is expected to boost product demand in the forecast period. The advantages offered by the reinforcing fibers in concrete include widening of joint spacing and reduction in slab thickness. In addition, they also in reducing the spalling at joint edges and the overall formation & maintenance cost. The aforementioned benefits offered by the product are expected to augment its demand in heavy-load operating structures such as runways, aircraft, and warehouses.

The rising utilization of high-performance concrete is anticipated to have a positive impact on market growth. The industry is witnessing a growing substitution of steel fibers for plastic in a bid to decrease the overall structure weight, thereby driving product sales. Players in the industry are actively involved in the research & development of the production of fibers for reinforcement purposes and lay high emphasis on the manufacturing of advanced reinforcing fiber products with varying sizes and properties. However, fluctuating raw material prices are supposed to be a significant concern for the manufacturers over the forecast period.

Increasing public investment in infrastructure construction coupled with a growing focus on environmentally safe products in construction is expected to help the industry growth. The rising demand for off-site construction is also expected to drive the demand for the concrete reinforcing fiber industry. The rising population coupled with rapid urbanization and industrialization in emerging economies is driven by the increase in construction spending is likely to boost the global construction industry. This, in turn, is projected to drive the demand for reinforced concrete in various construction applications, thereby driving growth.

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The market is expected to be driven by an increase in commercial construction activities to account for the improving economic health. The rise in the growth of commercial sectors like food and consumer goods has called for an increase in office and storage space, which has contributed significantly to the construction industry and the need for durable and aesthetic floorings in the form of paving slabs. Product manufacturers have a highly integrated supply chain with the majority of the players engaging in the production and manufacture of raw materials used in the production of paving slabs. Most of the players in the market also have an extensive direct distribution network which helps in a smooth flow of products and helps them to create a larger product portfolio with multiple customization options, which is a key factor in purchase decisions.

Concrete Reinforcing Fiber Market Report Highlight

• Steel accounted for 49.86% of the volume share in 2021 owing to the increasing demand for the product in the replacement of traditional steel-reinforced concrete in crack prone structures such as canals, dams, and water storage tanks
• Basalt fiber is expected to expand at a CAGR of 10.33% in the forecast period, on account of its properties including high damping and radio transparency, which aids its adoption in the construction activities
• The consumption of the product in infrastructure construction is expected to expand at a CAGR of 7.1% in terms of revenue, from 2017 to 2030 due to increasing government spending on urban planning and management.
• The industry in the Asia Pacific accounted for 34.6% of the global revenue in 2021 owing to the heavy investments by most governments in railway, highway, & road infrastructure expansion and residential construction
• Major players in the industry focus on integration to engage in the production of raw materials including synthetic materials and fibers obtain a competitive edge in the market.

The presence of multiple players with higher quality products and competitive prices with very less product differentiation has led to lower switching costs for the buyer and hence increased the bargaining power of buyers. At the same time, the rising popularity of the product due to its combined properties of strength, maintenance, and beauty has kept the threat of substitutes to the minimum.

The market for concrete reinforcing fiber is characterized by the presence of established players with a strong financial base, due to the capital-intensive nature of the production process. The companies operate through the manufacturing facilities at multiple locations with the distribution being carried out at several sales locations across the area of operation.

Price differentiation forms an integral part of the business strategy for the companies operating in the market. In addition, the price of the concrete varies in accordance with the price of the raw materials used for manufacturing reinforcing fiber. The cost of the products manufactured in the market is heavily influenced by the quantity purchased by the consumers. Some prominent players in the global concrete reinforcing fiber market include:

• BASF SE
• Bekaert
• CEMEX S.A.B. de C.V.
• Sika AG
• ABC Polymer Industries, LLC
• Nycon Corporation
• Ultratech Concrete
• Owens Corning
• FORTA Corporation
• The Euclid Chemical Company