Latest TMR Report Explores Impact of COVID-19 Outbreak on Concrete Fiber Market
The global concrete fibers market was valued at US$ 963.8 Mn in 2017 and is anticipated to expand at a CAGR of 6.2% from 2018 to 2026, according to a new report titled ‘Concrete Fibers Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global concrete fibers market is driven by the rise in building and construction activities across the globe.
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Rising Demand for Concrete Fibers from Building & Construction Industry to Drive Market
The global concrete fibers market is primarily driven by advancements in the building & construction industry. The building & construction segment is estimated to account for a large share of the market. The segment is also anticipated to expand at a considerable growth rate during the forecast period. Steel and glass concrete fibers are primarily used in building and construction activities. Glass fibers are used for architectural cladding. Steel fibers are used to build various transportation infrastructures such as tunnels, bridges, and roads, as these provide higher strength as compared to other fibers. The construction industry in the U.S. is estimated to expand at a faster pace than that in China in the next 15 years. Construction is projected to rise in the southern states in the U.S.
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Surge in Demand for Non-corrosive Materials to Drive the Concrete Fibers Market
Reinforced concrete is extensively used in various construction activities. Over two billion tons of reinforced concrete is produced annually across the globe. It has many advantages including lower cost, easy availability of raw materials, higher fire and weather resistance, and higher compressive strength as compared to wood. However, concrete lacks tensile strength and ductility. The global cost incurred due to corrosion of buildings is estimated at US$2.5 Trn annually. The estimated cost incurred to repair corroded infrastructure is US$ 300 Bn annually in the U.S. alone. Synthetic fibers, glass fibers, and steel fibers are used to combat corrosion. Corrosion is a prevalent issue across the globe, which can be overcome with the use of fiber reinforced concrete. Fibers help reduce crack widths within a concrete sample. These cracks cause deterioration of any concrete structure, as they prevent corrosive materials from reaching the rebar. These fibers improve other properties of the concrete such as its ability to induce strain hardening to the areas where the post cracking tensile stress is higher than the tensile strength.
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North America Dominates the Global Concrete Fibers Market
Based on region, the concrete fibers market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to be a highly attractive region of the global concrete fibers market during the forecast period. The region held a large share of the global market in 2017. Major manufacturers of concrete fibers are located in North America.
The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Consumption of concrete fibers is expected to be high in the region during the forecast period. Increase in the number of highway projects and rise in investments in the construction sector are major factors that are anticipated fuel the concrete fibers market in Asia Pacific during the forecast period.
High Degree of Competition among Market Players
High degree of competition exists among market players operating in the concrete fibers market. The market is dominated by few big players and is moderately consolidated. Key players operating in the concrete fibers market include Sika Group, BASF SE, Bekaert, GCP Applied Technologies Inc., Owens Corning, ABC Polymer Industries, LLC, Nycon Corporation, Fibercon International Inc., and Synthetic Resources, Inc.
Global Concrete Fibers Market, by Product
Animal Origin Fibers
Global Concrete Fibers Market, by Application
Building & Construction
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