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Concrete Fibers Market to cross USD 2.8 billion by 2025

Concrete Fibers Market to cross USD 2.8 billion by 2025

By Kiran Pulidindi

the Global Concrete Fibers Market is set to grow from its current market value of more than $1.5 billion to over $2.8 billion by 2025, according to a new research report by Global Market Insights, Inc.      

The concrete fibers market is projected to grow substantially over the forecast period, owing to the flourishing industrial and residential construction sector in Asia-Pacific. The product is principally used to control cracking caused by plastic shrinkage and drying shrinkage. Advancements in the industry such as the development of concrete microfibers are able to render primary reinforcement, which are capable of replacing steel mesh.

Growing industrialization in Asia-Pacific has resulted in large inflow of inhabitants from rural to industrialized urban, metro and megacities such as Seoul, Guangzhou, Shanghai, Tokyo, Jakarta, Manila, and Delhi. These factors led to growing demand for industrial and commercial infrastructure. According to the International Energy Agency, China is a key cement producer and accounted for almost 60 percent of the global production in 2018. It is followed by India which constituted approximately 7 percent of the total cement production. Also, continuous construction activity is expected in the future, which will positively impact on the concrete fibers market in the upcoming years.

The main hindrance in the concrete fibers market growth is its high cost. Concrete fibers are high cost aggregates which increases the overall cost of fiber reinforced concrete as compared to the conventionally used reinforced concrete (RCC). However, concrete fibers are likely to become affordable in the construction industry owing to its excellent features, which will generate ample opportunities for the market growth in the forecast timeframe.

In the products segment, synthetic and steel fibers captured the highest share in the overall business size in 2018. The concrete fibers market is projected to attain a share of over 65 percent of the total business size by 2025. These microfibers are expected to yield gains of more than 8.5 percent in the coming years, followed by steel fibers. Technological advancement in the steel fibers segment has led to the development of rust resistant fibers which have the potential to be used as primary reinforcement. Therefore, they are replacing traditional steel rebar/mesh in the construction industry, which will subsequently drive the synthetic fibers demand over the forecast period.

Among the application segment, the slab-on-grade application from the concrete fibers market is projected to occupy over 25 percent by 2025. This segment includes the industrial flooring operations where heavy machinery is installed across heavy manufacturing industries such as automobile, textiles, aircrafts, fabrication, foundry, etc. It is followed by the precast application which is likely to grow at a rate of approximately 9 percent in the coming years.

Among the end-uses, the concrete fibers market in industrial and commercial infrastructure is expected to take over a share more than 35 percent by 2025. It mainly includes commercial and industrial structures such as hotels, airports, manufacturing facilities, offices, parking areas, malls, etc. Concrete fibers render high flexibility and tensile strength to these structure, while reducing the post crack cost by lowering the propensity of cracks in concrete matrix. It thereby leads to enhanced life for these structure, making it more economical in the long run.

The Asia-Pacific market will account for over 25 percent of the total market size by 2025. It is mainly due to ongoing swift industrial development, coupled with robust population growth in the region. With the advent of automation, electric vehicles, and related technologies, the manufacturing sector is witnessing a disparity for suitable infrastructure. A rising need to develop infrastructure for the above mentioned industries will drive the concrete fibers market demand in the forecast timeframe.

The overall business size is vastly fragmented with the presence of various small, medium, and large scale producers. Some of the prominent industry participants in concrete fibers market are Sika Corporation, BASF, ABC polymer Bekaert SA, Euclid Chemical, ABC Polymer Industries, Owens Corning, and numerous others.

Kiran Pulidindi leads the CMFE team at Global Market Insights. He has more than 7 years of market research and consulting experience in domains including specialty chemicals, polymers, coating, adhesives and many more.