Steel Fiber Market is projected to be worth USD 5.99 Billion by 2030, registering a CAGR of 4.25% during the forecast period (2021 - 2030)
Steel Fiber Market Overview
Steel Fiber Market is projected to be worth USD 5.99 Billion by 2030, registering a CAGR of 4.25% during the forecast period (2021 - 2030). The steel fiber market is segmented based on application into concrete reinforcement, refractories, and composite reinforcement. Another segment includes vaults, filters, and material plastics. The market for steel fiber is high in concrete reinforcement applications. The capability to provide high tensile strength to reinforced concrete has led to the growing demand for steel fiber in concrete reinforcement applications. The main segment will dominate the steel fiber market during the forecast period.
Hooked steel fiber is used in concrete reinforcement, which is further used in hydraulic structures, airports, highway paving, industrial floor, refractory concrete, bridge decks, structures that can resist explosions, and linings. This type of steel fiber is really affordable and readily available due to its demand and hooked steel fiber substantially enhances initial crack strength and also provides post-crack strength. They also form stronger joints, which results in low maintenance. The cut wire or the cold drawn manufacturing processes are some methods that are used widely for manufacturing steel fiber at the global level.
Steel Fiber Market Share, by End-Use, 2017 (%)
Source: MRFR analysis
Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five regions studied for the global steel fiber market. Asia-Pacific is estimated to dominate the global steel fiber market. This regional market is projected to grow at the highest CAGR on account of the rapidly growing construction sector. In addition, the technological advancements in the industrial sector on part of the government initiative and rapid growth of the transportation and electrical industry are expected to be the key factors driving the regional market growth in the coming years.
North America is the second largest market, in terms of value, wherein the increasing demand for steel fiber in the continuously growing reconstruction activities and mining industry in this region is expected to drive the regional market growth during the review period.
Lastly, the market in the Middle East and Africa are projected to witness a healthy growth during the forecast period on account of healthy growth of the construction sector.
The Steel Fiber market has been segmented on the basis of type, application, end-use, and region.
Based on type, the global steel fiber market has been segregated into hooked steel fiber, straight steel fiber, deformed steel fiber, and crimped steel fiber.
By application, the market has been categorized into concrete reinforcement, composite reinforcement, and refractories.
On the basis of end-use, the market has been divided into buildings & construction, transportation, mining and tunneling, flooring and pavement, and others.
The global steel fiber market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Some of the key players in the global steel fiber market are Fibrometals (Romania), Bekaert (Belgium), Nippon Seisen Co., Ltd. (Japan), Green Steel Group (Italy), Ugitech S.A. (France), IntraMicron, Inc. (US), Ribbon Technology Corporation (US), HuNan HuiTong Advanced Materials CO., LTD. (China), R. STAT SAS (France), and Fibercon International Inc. (US), among othersRecent Development
The steel fiber market has a wide scope of growth in the APAC region. The market for steel fiber in APAC is segmented into China, India, Japan, Australia, South Korea, New Zealand, and the rest of APAC. China and India are the fast-growing regions in the market for steel fiber. The demand for steel fiber was calculated to decrease in the year 2020 due to the pandemic, which caused low demand for steel fiber from the construction industries. The covid-19 pandemic has cut down the production of various products in the steel fiber industry and has affected the sales of equipment in which machinery products come first in the quarter. This has damaged the growth of the steel fiber industry significantly in the last few years and is likely to continue during 2022.
|Market Size||2030: Significant Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Basis of type, application, end-use, and region.|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Fibrometals (Romania), Bekaert (Belgium), Nippon Seisen Co., Ltd. (Japan), Green Steel Group (Italy), Ugitech S.A. (France), IntraMicron, Inc. (US), Ribbon Technology Corporation (US), HuNan HuiTong Advanced Materials CO., LTD. (China), R. STAT SAS (France), and Fibercon International Inc. (US)|
|Key Market Opportunities||The rising demand of steel fibers in the construction industries is driving the market.|
|Key Market Drivers||Increasing demand for the product in the rapidly growing end-use industries such building and construction, electrical, transportation, and mining.|
The Asia Pacific region would score the most in the steel fiber market.
Various segments like buildings & construction, transportation, mining and tunneling, flooring and pavement, and others are profiting from the global steel fiber market.
The steel fiber market can be studied prominently using applications like composite reinforcement, concrete reinforcement, and refractories.
The high cost associated with the production of the steel fiber can deter the growth of the steel fiber market.
Steel fiber’s properties like good electric & heat conductivity, high corrosion & thermal resistance, and improved Electromagnetic Interference (EMI) shielding capabilities can ensure growth for the global steel fiber market.