Concrete Fiber Market Expected to Reach $4.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Concrete Fiber Market," The concrete fiber market was valued at $2.2 billion in 2021, and is estimated to reach $4.8 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

Concrete fiber or fiber-reinforced concrete is a mixture of cement, mortar, and uniformly/discrete/discontinuous fiber material. These fiber materials can reduce concrete cracking.

The growth of the global concrete fiber market is driven by the rise in the use of concrete fiber in building & construction and infrastructure application. The increasing construction activities in both developed and developing economies where concrete fiber is used to increase the concrete integrity of infrastructures may augment the growth of the concrete fiber market. Moreover, the increasing highway construction in countries such as China, India, and others, where concrete fiber is used to prevent cracks and enhance the load-bearing capacity of highways is expected to fuel the market growth.

In addition, the increasing impetus to develop infrastructure has attracted several domestic and international investments in the sector. In addition, the rise in the use of concrete fiber in mining and tunnel applications is projected to augment the demand for the global concrete fiber market.

However, the uniform distribution of fibers throughout concrete may lead to balling of fibers during reinforcement. Another major concern is the weight of steel fiber-reinforced concrete. All these factors are expected to hamper the market growth. On the contrary, the rapid industrialization in countries such as the U.S., China, India, and others, has surged the demand for concrete fiber used to enhance the tensile strength and load-bearing capacity of industrial structures.

In addition, factors such as increasing foreign direct investment (FDI) inflow and attractive government policies, have increased the set-up of industries where concrete fibers are widely used to redistribute loads in different industrial foundations. This is expected to offer remunerative opportunities for the concrete fiber market in the future.

The concrete fiber market is segmented on the basis of fiber type, application, and region. By fiber type, the market is segregated into steel fiber, synthetic fiber, glass fiber, natural fiber, and others. The steel fiber segment dominated the global market in terms of revenue in 2021, with 47.4% of the total share. There is a constant rise in the construction sector owing to competitive surroundings, construction speed, and efficiency. Thus, the use of concrete reinforced with a steel fiber for such projects is the key market trend. Steel fiber reinforced concrete is best suited for controlling cracks that occur at an early stage of construction and crack control during the enhanced load-bearing situation. Industrial floor slabs are subjected to different load conditions from rack legs and other vehicular traffic.

Thus, the use of steel fiber reinforced concrete for construction industrial floor helps to control concrete crack formation. All these factors are driving the demand in the global market. By application, the market is divided into infrastructure, building & construction, mining & tunnel, industrial, and others. The infrastructure segment dominated the global market in terms of revenue in 2021, with 38.4% of the total share. The increasing construction activities in both developed and developing economies where concrete fiber is used to increase the concrete integrity of infrastructures is expected to augment the growth of the concrete fiber market.

Region-wise, the concrete fiber market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific concrete fiber market accounted for a major share in the global market owing to the rising building & construction sector which in turn has enhanced the performance of the concrete fiber market in the Asia-Pacific region.

Countries such as China, India and Australia are witnessing a rapid increase in transportation sectors which in turn has surged the construction of highways, link roads, bridges, high-speed railway tracks, inland waterways structures, and others, where concrete fiber is used to provide structural integrity and reduce cracking due to plastic shrinkage.

Key players operating in the global concrete fiber market include Sika AG, Cemex S.A.B. de C.V., Ozinga Bros., Inc., HeidelbergCement, TUF-BAR, BarChip Pty Ltd, BASF SE, Bekaert, Kamenny Vek, Nycon, Euclid Chemical Company, Forta Concrete Fiber, ABC Polymer Industries, ArcelorMittal, GCP Applied Technologies Inc., Owens Corning, RPM International Inc.

Covid-19 Impact On Concrete Fiber Market:

According to an article published by Channel News Asia (CNA), the construction Industry Joint Committee (CIJC) has said that the shortage of manpower may lead to delay in construction projects attributed to workplace safety, and other factors. Moreover, several concrete fiber manufacturers have either shut down or shrank their operations, which in turn has resulted in supply chain disruptions. Also, different raw materials for producing concrete fiber are purchased or hired from other enterprises. The decreased purchasing potential of suppliers has also negatively impacted the market amid the COVID-19 scenario.

Furthermore, the COVID-19 pandemic has led to disruptions in transportation, contractual implications problems, labor shortages, and other factors that together have led the construction sector to witness a downfall. For instance, according to a report published by the Australian Performance of Construction Index (PCI) Survey, construction activity has dropped by 16.3 points to 21.6 points from March 2020 to August 2020.

However, emerging geographic scenarios enhanced the domestic supply chain, and strong public investments are projected to drive the growth of the concrete fiber market. For instance, according to an interim report for the 2021 Australian infrastructure plan, the Australian Construction Industry Forum (ACIF) expects the construction industry to return to pre-COVID-19 levels by 2022-23, driven by strong public investments. This is predicted to boost the growth of the concrete fiber market post-COVID-19 period.

Key findings of the study

• By fiber type, the steel fiber segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 8.3% from 2022 to 2031.
• By application, the infrastructure is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 8.2% from 2022 to 2031.
• By region, Asia-Pacific garnered the highest share of 39.3% in 2021, in terms of revenue, growing at a CAGR of 9.1%.