by Fiber reinforced concrete is a composite material consisting of cement concrete reinforced with fibrous materials such as steel fibers, glass fibers, synthetic fibers, etc. The most commonly used fiber-reinforced concrete consists of plain concrete like cement, aggregate, and water with the addition of 1-2% of short discrete randomly dispersed fibers. The global fiber reinforced concrete market is driven by rising infrastructural activities around the world, especially in developing countries. Fiber reinforced concrete is extensively used in construction of commercial and residential buildings, bridges & flyovers, marine structures, tunnels, and other constructions because of its high strength, impact & abrasion resistance, and durability.
The global Fiber Reinforced Concrete Market is estimated to be valued at Us$ 2707.95 Mn in 2023 and is expected to exhibit a CAGR Of 6.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing infrastructure development around the world along with growing demand from construction industry are key drivers expected to flourish the global fiber reinforced concrete market over the forecast period. As mentioned earlier, fiber reinforced concrete offers significant advantages compared to conventional concrete such as high tensile strength, impact resistance, abrasion resistance, and durability, making it a preferred material for modern construction activities. This growing demand from construction sector is expected to boost the fiber reinforced concrete market growth. Moreover, rapid urbanization and increasing spending on public infrastructure such as roads, bridges, dams, etc. is another major factor propelling the market growth, especially in developing regions.
Segment Analysis
The fiber reinforced concrete market can be segmented into structural and non-structural segments. The structural segment dominates the market and accounts for over 60% share due to increasing adoption of fiber reinforced concrete in new structural construction as well as retrofitting activities. Fiber reinforced concrete offers advantages like high tensile strength, crack resistance and durability which make it a suitable choice for structural applications.
PEST Analysis
Political: Governments across nations are promoting use of fiber reinforced concrete via subsidies and initiatives for infrastructure development as it improves sustainability of constructions. This is positively impacting market growth.
Economic: Rise in construction activities driven by growing urbanization and investments in commercial and residential real estate is fueling demand. Additionally, fiber reinforced concrete allows for cost savings over steel reinforcement and its durability lowers maintenance costs.
Social: Concepts of green buildings are gaining popularity. Fiber reinforced concrete supports environmental conservation goals due to its improved sustainability attributes vis-a-vis traditional concrete. This social factor is contributing to market expansion.
Technological: Continuous innovations are aiding higher dispersion of fibers, enhancing material properties. Advances in concrete admixtures are further boosting fiber reinforced concrete’s tensile strength and crack resistant abilities.
Key Takeaways
The global Fiber Reinforced Concrete Market Demand concrete is expected to gain wider acceptance in the construction industry with rising awareness about its superior mechanical properties over conventional concrete.
Regional Analysis:
The global fiber reinforced concrete market is expected to witness high growth on account of rising construction activities in Asia Pacific region driven by India, China and other developing Asian countries undergoing rapid urbanization. The Asia Pacific region currently accounts for over 40% share of the global market due to high economic growth rates and Government initiatives for infrastructure development in the region.
Key players operating in the fiber reinforced concrete market are First Cash Financial Services Inc., EZCORP, INC., DFC Global Corp., Picasso Pawn, and Buckeye Pawn Shop. Key players like Borro Private Finance, Welsh Pawn, Luxury Asset Capital, Beverly Loan Company, and Big Store Pawn Shop have strong presence across regions like North America and Europe but are now focusing on emerging Asian markets to tap growth opportunities.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
