ID: MRFR/CnM/1553-HCR | February 2021 | Region: Global | 135 pages
The Global Concrete Fiber Market was around USD 2.38 billion in 2018 projected to reach USD 4.25 billion in terms of value by 2025, growing with a CAGR of over 8.30% during the forecast period. The fiber is used in concrete to control shrinkage and cracking. It thickens and stabilize the cement paste and helps in lowering the permeability of concrete, increases the tensile strength, and reduces leakage of water. Application of fibers in concrete decreases the total energy consumption in a construction project and efficiently contribute to the sustainability of infrastructure. The concrete fiber application includes highways, residential, warehouse, mining & tunnels, and waterways.
The construction of new roadways across the world is expected to boost the demand for concrete fiber. Road infrastructure investment is one of the key determinants of performance in the transportation sector. Good road infrastructure provides economic and social benefits to both advanced and emerging economies. Infrastructure investment covers spending on new transport construction and improving the existing network, which is expected to drive the demand for concrete fiber at a considerable rate during the forecast period. According to the World Economic Forum, Singapore is ranked at the top in Asia-Pacific and second globally, in terms of road infrastructure country has allotted USD 20 billion in its budget 2018 for infrastructural projects. On Union Budget 2018, the Indian government increased the budgetary allocation for road infrastructure from USD 68.67 billion in 2017-2018 to USD 82.99 billion for the 2018–2019 fiscal reasoning infrastructure as an economic growth driver. In February 2018, the US President Donald Trump proposed USD 200 billion infrastructure plan to improve aging roads, bridges, and tunnels across the country. According to the European Commission, the government of Germany earmarked USD 4.4 billion in investment for roads and bridges. The government of France is also planning to substantially boost funds for the maintenance and modernization of national roads. The Swedish government unveiled an ambitious plan to invest USD 76.24 billion in infrastructure by 2029. Thus, high government investment in a public infrastructure project is estimated to drive the demand for concrete fabrics during the forecast period.
Some of the leading players in the global concrete fiber market are UltraTech Cement Limited (India), Sika AG (Switzerland), Owens Corning (US), U.S. Concrete, Inc. (US), GCP Applied Technologies (US), Forta Corporation (US), Fibercon International Inc. (US), The Euclid Chemical Company (US), CEMEX (Mexico), Bekaert (Belgium), and BASF SE (Belgium).
Global Concrete Fiber Market Share, by End-Use Industry, 2018 (%)
Source: MRFR analysis
The global concrete fiber market has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The concrete fiber market North America is growing at a remarkable pace due to the increasing application of concrete fiber in building & infrastructure. The US is growing over 4.5% CAGR owing to rising government investment in public and private infrastructure and building. In Asia Pacific, development in manufacturing industry is surging the need for factories, offices, and warehouses which is increasing the demand for concrete fibers. Countries such as South Korea, China, Japan, and India is estimated to drive regional growth.
Europe concrete fiber market is estimated to exhibit a significant CAGR growth due to a rising number of residential and commercial construction projects in the region. The building and construction sector has consumption of around 10 million tonnes of plastics every year, which is positively influencing the synthetic concrete fiber market.
New road projects have started in Eastern Saudi Arabia for nine separate roads with a total worth of around USD 400 million. The Saudi Arabian government is also investigating the potential for the new King Hamad Causeway project, a causeway between Bahrain and Saudi Arabia to connect Bahrain to the wider GCC network. The causeway is expected to begin by mid-2021 and is likely to involve an investment of USD 4 billion. Furthermore, Saudi Arabia's Transport Ministry is also considering introducing tolling across the country’s road network. These transportation project across the region are expected to drive the demand for concrete fibers during the forecast period.
The global concrete fiber market has been segmented based on type and end-use industry. The steel fiber segment held the over 22% share of global concrete fiber, and natural fiber is fastest growing market in terms of value and volume. Based on end-use industry transport held over 20% of market share in the region.
Frequently Asked Questions (FAQ) :
The concrete fiber market is predicted to grow at an 8.30% CAGR between 2017-2025.
North America is predicted to have the largest share in the concrete fiber market.
Leading players profiled in the concrete fiber market include BASF SE (Belgium), Bekaert (Belgium), CEMEX (Mexico), The Euclid Chemical Company (US), Fibercon International Inc. (US), Forta Corporation (US), GCP Applied Technologies (US), U.S. Concrete, Inc. (US), Owens Corning (US), Sika AG (Switzerland),and UltraTech Cement Limited (India).
Construction of new roadways is the key factor driving the market growth.
It is widely used in waterways, mining and tunnels, and highways.