The market for steel fiber for concrete is expanding as a result of the rising demand for high-performance concrete across a range of construction applications. Concrete is reinforced with steel fibers to increase its tensile strength, toughness, durability, and crack resistance. The expanding construction industry, especially in developing nations, is driving the steel fiber market for concrete. The demand for steel fiber reinforced concrete has increased due to the requirement for high-performance concrete in the construction of infrastructure, such as bridges, tunnels, and roads (SFRC). The market is expanding as a result of the expanding trend of employing precast concrete products in building.
The recession will have a significant effect on the market for steel fiber for concrete. Steel fiber for concrete demand typically declines during economic downturns as a result of a slowdown in the building sector. This is due to the possibility that construction projects could be postponed or abandoned due to finance issues or a lack of investor trust. Furthermore, during a recession, building enterprises could prioritise cost-cutting strategies, which might lead to a switch to less expensive substitute materials. The demand for steel fiber for concrete may potentially be negatively impacted by this.
Increasing demand Construction Sector to Drive Market Growth
One of the main factors propelling the market for steel fiber for concrete is the expanding construction sector. The demand for steel fiber for concrete is directly correlated with the expansion of the construction industry, making it one of the main consumers of this material. The construction sector is expanding steadily worldwide, especially in developing nations. Many factors, such as fast urbanisation, population increase, industry, and the requirement for infrastructural development, are responsible for this growth. Furthermore, the demand for steel fiber for concrete is being driven by the growing usage of high-performance concrete in construction projects. Concrete is given steel fibers to improve its mechanical qualities, such as tensile strength, toughness, and durability, making it appropriate for a variety of construction applications.
High Cost of Steel Fiber in Concrete to Limit Market Growth
The market for steel fiber for concrete is significantly constrained by its high cost. Due to the cost of the raw materials, the manufacturing process, and the additional work needed for installation, steel fiber for concrete is typically more expensive than conventional concrete. Steel fibers are more expensive than other fibers because they are created from premium steel and engineered to endure severe stresses and strains. The production of steel fibers requires specialized equipment and a more sophisticated manufacturing process than conventional concrete. Moreover, professional people and specialized equipment are needed to install steel fiber reinforced concrete, which might raise the overall cost of the construction project.
Based on type, the steel fiber for concrete market is segmented into hooked, straight, deformed and others. The hooked category dominated the market in 2022. The market demand for items of the hooked type is being helped by qualities like the capacity to increase resistance and bonding strength in the building. These materials can also create solid bonding that requires little upkeep for the construction. Besides, the deformed steel fiber for concrete market is anticipated to see a sizable CAGR in revenue. In the upcoming years, demand from concrete applications to avoid cracking and water damage is anticipated to propel the segment's growth. Moreover, these materials have greater post-crack strength and excellent abrasion and impact resistance.
Based on application, the steel fiber for concrete market is segmented into slabs & flooring, precast, pavements & tunnelling and others. The precast category dominated the market in 2022. Over the projected period, the building and construction market's constant demand for non-structural and architectural building components is anticipated to propel the precast segment's growth. At the same time, the enormous demand is expected to be created in the upcoming years by tunnelling and paving. Steel fiber reinforced concrete's ability to provide tunnel lining with low bending moments and high compressive pressures has recently increased product demand.
Asia Pacific is projected to hold the largest share of the steel fiber for concrete market over the forecast period. The primary force behind regional growth is the building and construction industry's expansion and a greater emphasis on public infrastructure. The construction of motorways, airports, and rails is anticipated to register a high demand for steel fiber products. Infrastructure spending is expected to grow quickly in both China and India. During the course of the projection period, this is anticipated to have a favourable effect on the expansion of the local market. On the other hand, the Europe steel fiber for concrete market is anticipated to grow significantly. Regional growth is projected to benefit from significant tunnelling projects and moderate construction industry development. The market is expected to profit in the long run due to Europe's rapid growth of steel fiber reinforcement.
LIST OF KEY COMPANIES PROFILED:
- Kosteel Co. Ltd.
- Nippon Seisen
- Sunshine Steel Fiber
- R. STAT
- Onward Chemicals Pvt. Ltd.
- Green Steel Group
- Zhejiang Boean Metal Products
- Yuthian Zhitai Steel Fiber Manufacturing
|Market Size in 2022||USD 2.2 Billion|
|Market Forecast in 2030||USD 2.9 Billion|
|Compound Annual Growth Rate||4.50 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Types, By Applications and By Geography|