Concrete Fibers Market size is poised to garner over USD 4.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
Robust growth of the construction sector across developing regions such as the Asia Pacific due to rising infrastructure investments will inflate demand for fiber-reinforced concrete during 2023-2032. The consistent population growth and accelerating urban migration across transitioning economies have significantly fueled the demand for residential, commercial, and industrial spaces.
Increased affordability and high tensile strength to foster the adoption of glass concrete fibers
With respect to the product category, glass fibers segment recorded a valuation of over USD 100 million in 2022 and is poised to depict more than 7.5% CAGR from 2023 to 2032. Glass Fiber Reinforced Concrete (GFRC) is relatively tough and lightweight, which significantly helps reduce transportation expenses, making it more affordable than its counterparts. Besides, they are non-combustible, stronger, and thinner than plain concrete and have a high tensile strength compared to steel. These attributes make glass concrete fibers a preferred material in construction projects, thus augmenting their demand over the next ten years.
Flourishing mining sector to augment product demand in precast applications
Concrete fibers market size from precast applications was worth over USD 660 million in 2022 and is estimated to grow at around 9.5% CAGR through 2032. A noticeable surge in mining activities in countries such as India and Australia and the increasing technological advancements in concrete fiber production techniques are likely to drive segment growth over the forecast period. In addition, the emergence of a range of fiber geometries and materials will propel the adoption of concrete fibers for precast applications.
Browse key industry insights spread across 493 pages with 688 market data tables & 44 figures & charts from the report, “Concrete Fibers Market Statistics By Products (Steel Fibers, Synthetic Fibers (Polypropylene, Nylon, Polyester), Glass Fibers, Natural Fibers, Basalt Fibers), By Application (Pavement, Shotcrete, Precast, Slabs On Grade, Composite Metal Decks), By End Users (Residential, Industrial & Commercial Infrastructure, Roads & Bridges), Industry Analysis Report, Regional Analysis, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Expanding residential infrastructure to drive business growth across North America
North America concrete fibers market is primed to reach over USD 1 billion by 2032. The increasing focus of regional governments, such as the U.S and Canada, on improving their residential and public infrastructure is anticipated to bring about favorable growth prospects for the regional industry. Besides, the flourishing economic landscape and rising investments in home construction and renovation projects will further boost product demand across North America.
Novel innovations to strengthen the competitive outlook
Prominent enterprises participating in the concrete fibers market include MBCC Group, Sika AG, GCP Applied Technologies, Inc., The Euclid Chemical Company, Bekaert Corporation, Owens Corning, and ArcelorMittal.
These companies have been focusing on innovating new products with improved capabilities to expand their product ranges and strengthen their presence in the market. For instance, in September 2022, The Euclid Chemical Company introduced a new and innovative synthetic microfiber for concrete reinforcement, PSI Fiberstrand REPREVE 225. As per the company, the fiber is fabricated using resourced polyester material from plastic bottles and claims that for every pound of fiber, nearly 10 plastic bottles are diverted from landfills.