Concrete fibers industry is expected to register 9.5% CAGR between 2023 and 2032 propelled by favorable government initiatives to bolster product demand.
Selbyville, Delaware, Nov. 30, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Concrete Fibers Market was estimated at USD 1.9 billion in 2022 and is expected to surpass a valuation of $4.5 billion by 2032, progressing at a CAGR of 9.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
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.
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Increased affordability and high tensile strength to foster the adoption of glass concrete fibers
With respect to the product category, concrete fibers market from 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.
Key reasons for concrete fibers market growth:
North America: Recovering U.S. commercial construction industry
Asia Pacific: Growing construction industry
Increasing Asia pacific and Middle east infrastructure projects
Flourishing mining sector to augment product demand in precast applications
Concrete fibers industry 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.
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.
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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.
Partial chapters of report table of contents (TOC):
Chapter 4 Competitive Landscape, 2022
4.2 Company market share, 2022
4.3 Competitive analysis of major market players
4.4 Vendor adoption matrix
4.5 Strategic outlook matrix
4.6 Top players overview
4.6.1 Key stakeholders
4.7 Strategy dashboard
Chapter 5 Concrete Fibers Market, By Product
5.1 Key product trends
5.2 Steel Fibers
5.3 Synthetic Fibers
5.4 Glass Fibers
5.5 Natural Fibers
5.6 Basalt Fibers
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