May 22, 2024
Fiber Reinforced Concrete Market

Fiber Reinforced Concrete Market is Driven by Growing Demand from Construction Industry

Fiber reinforced concrete (FRC) is a composite material comprising cement concrete reinforced with fibers such as steel fiber and/or synthetic fiber. FRC helps overcome the inherent weaknesses in concrete and provides resistance to cracking, impact, shrinkage, and temperature stresses. FRC has better tensile strength, ductility, and offers longer service life compared to conventional concrete. It is widely used in industrial floors, overlays, road slabs, pavement, pipes, tunnels, and precast structural elements in the construction industry. With rapid urbanization and infrastructure development across the globe, demand for durable and reliable construction materials is growing steadily. This rising construction activity is expected to propel the growth of the global fiber reinforced concrete market over the forthcoming years.

The global fiber reinforced concrete Market is estimated to be valued at US$ 3119.56 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends gaining traction in the Global Fiber Reinforced Concrete Market Size is the increasing adoption of synthetic fibers. Synthetic fibers have better bonding and dispersing characteristics compared to steel fibers. They also offer benefits such as alkali resistance, flexibility, light weight, easy installation, durability and resistance to corrosion. Some commonly used synthetic fibers include polypropylene, polyvinyl alcohol, polyethylene and nylon. Owing to their superior properties, synthetic fibers are increasingly replacing conventional steel fibers in concrete reinforcement applications. Geosynthetics, which are polymeric products used in construction and geotechnical engineering to solve civil engineering problems, are also emerging as an innovative fiber material in concrete reinforcement. Continuous technological advancements are further expected to aid the adoption of synthetic fibers in fiber reinforced concrete over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in the fiber reinforced concrete market owing to high capital requirements and the presence of established players.

Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of multiple substitutes at competitive prices.

Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials.

Threat of new substitutes: The threat of new substitutes is low as fiber reinforced concrete offers superior mechanical properties compared to alternatives.

Competitive rivalry: The competitive rivalry is high owing to the presence of established players.

Key Takeaways

The global fiber reinforced concrete market is expected to witness high growth. The global fiber reinforced concrete Market is estimated to be valued at US$ 3119.56 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.

The Asia Pacific region dominates the global fiber reinforced concrete market and is expected to grow at the fastest rate during the forecast period. Factors such as increasing construction activities and rapid urbanization in countries such as China and India are fueling market growth.

Key players related content comprises Key players operating in the fiber reinforced concrete market are First Cash Financial Services Inc., EZCORP, INC., DFC Global Corp., Picasso Pawn, Buckeye Pawn Shop, Borro Private Finance, Welsh Pawn, Luxury Asset Capital, Beverly Loan Company, and Big Store Pawn Shop.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it