The global concrete reinforcing fiber market size is projected to value USD 3.21 billion by 2025, according to a new report published by Million Insights, Inc., with a CAGR of 5.8% from 2018 to 2025. The rising public investment in the development of infrastructure along with the demand for off-site construction is predicted to accelerate the market. The surging demand for lightweight corrosion-free materials from the construction sector is predicted to drive market growth over the forecast period.
The benefits provided by reinforcing fibers in concrete related to lowering slab thickness and widening of joint spacing. Additionally, they lower the spalling at joint edges and protect the overall protection cost and development. Such advantages are predicted to propel the demand for these products in aircraft, warehouses, and runways.
Rising adoption of superior performance concrete is expected to have a favorable impact on market growth. The increasing replacement of steel fibers with plastic to lower the entire structure weight is expected to fuel the sales of the product in the near future.
The increase in investment for R&D by manufacturers is expected to open new avenues for concrete reinforcing fiber market growth over the forecast duration. Manufacturers aim to produce better reinforcing fiber products with different properties and sizes. However, the instability in raw material prices is a cause of concern for the market players in the upcoming years.
Middle East & Africa is predicted to grow at a CAGR of 3.0% based on revenue due to a decline in oil prices thus, restricting the growth of the construction industry. Furthermore, emerging economies like China and Turkey are viewed as potential growth markets with strategic government plans established by the Chinese government and increased demand for the product in Turkey for the development of underwater structures.
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Further key findings from the report suggest:
• Steel held a market share of 41.3% based on revenue in 2017 due to its application as a replacement of conventional steel-reinforced concrete in structures like canals, water storage tanks, and dams.
• Basalt fiber is anticipated to grow at a CAGR of 7.4% over the forecast period due to its features like radio transparency and high damping.
• The demand for the product in the construction sector is predicted to grow at a CAGR of 5.9% based on revenue over the forecast period owing to the rising government expenditure on urban management and planning.
• Asia Pacific held a share of 33.8% of the global revenue for the year 2017 due to huge investments in highway, road, and railway infrastructure.
• The key players of the market focusing on integration to draw the manufacturing of raw materials like fibers and synthetic materials.
Million Insights has segmented the global concrete reinforcing fiber market on the basis of product, application, and region:
Concrete Reinforcing Fiber Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Concrete Reinforcing Fiber Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Residential & Commercial
Concrete Reinforcing Fiber Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia