Steel fiber is defined as the short or discrete length of steel wire that are basically mixed in concrete. It is used for providing strength, increasing resistance to cracking and other properties in the concrete. It is mixed with the concrete that is used in tunneling applications. Steel fibers are also mostly used in construction applications. For example, steel fiber concrete (SFC) is used in making slabs, airport pavements, bridges and parking areas. These steel fibers are properly mixed in the reinforced concrete in order to increase the strength, ductility and crack resistance of concrete. The mixture of steel fibers in concrete can increase the malleability, tensile strength and the impact strength of the concrete.
COVID-19 scenario analysis:
- The demand for the steel fiber is expected to decrease in the year 2020 due to lockdown imposed by the government and low demand from construction industries.
- COVID-19 pandemic has shut-down the production of various products in the steel fiber industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the steel fiber market significantly from last few months, as is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The rising demand of steel fibers in the construction industries is driving the market of steel fibers. The rise in infrastructure development also act as a major growth driver for steel fibers market. An increasing demand from the end user industries for steel fibers due to its features like corrosion resistant, crack resistance, durability, high tensile and shear strength is also driving the market of steel fibers. The rising construction activities in the Asia-Pacific region is driving the market of steel fibers. Further, North America region has the highest market share of the steel fibers due to its robust demand from the developed infrastructure sector. However, the availability of substitute synthetic fiber can hamper the growth of the steel fiber market. On the contrary, rising demand for the steel fibers in the developing economies can provide new pathways for the vendors of steel fibers in the market.
The global steel fiber market trends are:
Classification of Steel fibers:
Steel fibers are categorized into three different types i.e. hooked steel fibers, crimped, straight and deformed steel fibers. The hooked steel fibers hold the majority of the market share. It is basically used for providing shear and high tensile strength to the concrete. It is widely used in construction of highways, airport pavements and bridges. Hooked steel fibers are in large demand in the construction industries in comparison to other types. Steel fibers demand is increasing and is replacing the synthetic fiber, glass fiber and other fibers in the market. Steel fibers exhibit properties like durability, tensile strength, shear strength and crack resistance.
High demand from applications:
Now a days there is a high demand for the steel fibers in the construction industries. The steel fibers are segmented on the basis of application into composite and concrete reinforcement. Steel fibers are used in the concrete for providing high tensile strength, crack resistance and shear strength to the concrete. Steel fibers reinforced concrete is used in the tunnel construction as it provides flexural strength and reduces the shrinkage cracking. Steel fibers reinforced concrete is further used in airport pavement, parking areas, workshops and others, as it reduces the thickness of the slab and increases the load bearing capacity of concrete in these applications. SFRC is also used in the construction of bridges and overlays. Further, the ban of copper in the car brake pads in certain countries such as the U.S., has increased the demand of steel fibers in automotive industries.
Key benefits of the report:
- This study presents the analytical depiction of the steel fiber Market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the steel fiber Market share.
- The current market is quantitatively analyzed to highlight the steel fiber market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Market analysis based on competitive intensity and how the competition will take shape in coming years.
Steel Fiber Market Report Highlights
By Industry Vertical
Key Market Players
Arcelor Mittal, R. STAT, Yuthian Zhitai Steel Fiber Manufacturing, Hunan Sunshine Steel Fiber., Zhejiang Boean Metal Products, Bekaert, Fibrometals, Green Steel Group, Spajic Doo, Nippon Seisen