In 2022, the global concrete fibers market boasted a substantial valuation of US$ 1.91 billion, and the industry is poised for continued growth with a projected market value of US$ 2 billion in 2023. The market’s trajectory remains highly promising, with an estimated valuation of US$ 4.39 billion by the end of the forecast period, reflecting a remarkable compound annual growth rate (CAGR) of 9.75%. This upward trend is primarily attributed to the escalating demand within the construction and commercial sectors, underscoring the pivotal role concrete fibers play in enhancing the durability and performance of various concrete applications.
Increasing public investment in infrastructure construction coupled with a growing focus on environmentally safe products in construction is expected to help the industry grow. 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 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.
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 a minimum.
Key Takeaways-
- The north American concrete fiber industry is anticipated to reach over US$ 1 billion by 2033.
- Asia pacific is expected to be the fastest and highest-grossing market to create demand for concrete fibers. The market in this region is expected to be valued at US$ 1.8 billion by the end of the forecast period.
- By product type, the steel-concrete fiber market will dominate the segment by amassing over US$ 950 million by 2033.
- The glass fibers segment recorded a valuation of around US$ 100 million in 2022 and is poised to depict more than 7.5% CAGR from 2023 to 2033.
- The concrete fibers industry from the pavement application amassed over US$ 265 million in 2023 and is anticipated to grow at 9% CAGR between 2023 and 2033.
“The market’s expansion may be linked to a paradigm shift toward workflows and process automation across a wide range of businesses and industrial verticals. Enterprises all over the world are eager to embrace effective and smooth business processes that can be executed regardless of location, which is propelling this industry ahead.” comments Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape-
Some of the major company profiles included in the global concrete fibers market report are-
MBCC Group, Sika AG, The Euclid Chemical Company, Bekaert Corporation, ABC Polymer Industries, Owens Corning, CEMEX S.A.B. de C.V., ArcelorMittal, GCP Applied Technologies, Inc, FORTA Corporation, Nycon Corporation, Fibercon International, Inc., SRW Products, Inc, Technobasalt-Invest LLC.
- December 2021: Sika AG is going to extend its operations in both Canada and the United States by forming a partnership with CiDRA Concrete Systems Inc. Thanks to this enterprise, constructors will be able to access up-to-date information regarding various building materials.
- In 2020, The STRUX 90/40 macro synthetic fibers mobile app solution, which can be utilized in a number of concrete applications, had its version 2.0 launched by GCP Applied Technologies Inc.
- In August 2021, the MBCC group agreed to purchase Fabpro Polymers, a leading creator and manufacturer of synthetic fibers for reinforced concrete and other uses in North America.
- In August 2019, Masters builders solutions launched a new Masterfiber website. Masterfiber portfolio is a lightweight and durable concrete reinforcement portfolio for sustainable construction.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global concrete fibers market, presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of product type [steel fiber, synthetic fiber (Polypropylene, Nylon, Polyester, Other synthetic fibers), glass fiber, natural fibers, basalt fibers )] By Application ( Pavement, shotcrete, precast, Slabs on grade, Composite metal decks, Other Applications) By End-user ( Residential, Industrial & Commercial Infrastructure, Roads& bridges, Others) and regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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