by The global Fiber Reinforced Concrete Market is estimated to be valued at US$ 2707.95 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fiber reinforced concrete consists of concretes to which fibrous material is added. These fibres increase tensile strength of concrete to control cracking due to plastic shrinkage and drying shrinkage of concrete. The use of steel fibers can increase impact strength and flexural strength of concrete. These fibers are used in construction applications to enhance durability and performance of concrete structures.
Market key trends:
One of the key trends in the fiber reinforced concrete market is growing infrastructure development activities. There is increasing construction of roads, dams, bridges and other concrete structures globally which is expected to drive the demand for fiber reinforced concrete. Fiber reinforced concrete offers improved mechanical properties like higher tensile strength, impact resistance and durability. This makes it suitable for applications in infrastructure development where long service life and durability of structures is important. The superior structural performance properties of fiber reinforced concrete over plain concrete is boosting its adoption in construction industry.
SWOT Analysis
Strength: Fiber reinforced concrete has higher tensile strength and flexural strength compared to regular concrete. It can withstand loads better and last longer.
Weakness: The manufacturing process of fiber reinforced concrete is more complex than traditional concrete. It also has a higher initial cost.
Opportunity: The growing construction industry worldwide is driving the demand for durable and sustainable construction materials. Fiber reinforced concrete fits well thereby offering new opportunities.
Threats: Fluctuations in raw material prices can increase the price of fiber reinforced concrete. Alternative green building materials may also emerge as substitutes.
Key Takeaways
The global Fiber Reinforced Concrete Market Growth is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand from the construction industry. Fiber reinforced concrete offers strengthened endurance and durability in building structures.
Regional analysis: Asia Pacific dominates the global fiber reinforced concrete market and is expected to continue its dominance during the forecast period. Rapid infrastructural development and growth in construction activities in China, India, Japan and other Asian countries are driving the fiber reinforced concrete market in the region.
Key players operating in the fiber reinforced concrete are Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., MBCC Group, KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company. Leading players are focusing on expanding their production capacities and geographical footprint to tap the growing demand. They are also investing in research & development of advanced fiber reinforced concrete grades.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
