July 21, 2024
Fiber Reinforced Concrete Market

The Increasing Demand For Sustainable Construction Materials Is Projected To Boost The Growth Of Fiber Reinforced Concrete Market

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 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Fiber Reinforced Concrete Market

Fiber reinforced concrete refers to cement-based concrete that is strengthened or reinforced with fibers. Fibers such as steel, glass, carbon, and polypropylene fibers are added to produce ductile and deformable composite material. The advantage of using fiber reinforced concrete over conventional concrete is that it prevents cracks and increases flexural strength. Fiber reinforced concrete provides high structural integrity, durability, impact and shatter resistance making it suitable for various construction applications such as industrial floors, pavements, tunnel linings, precast buildings and more.

Market key trends:

One of the key trends in the fiber reinforced concrete market is the growing use of steel fiber reinforced concrete in industrial flooring applications. Steel fiber reinforced concrete leads to crack reduction in floors which helps to prevent water seepage. Crack resistant floors exhibit high load bearing capacity, abrasion resistance and durability. Also, the development of advanced polypropylene fibers is boosting the market growth. Polypropylene fibers show improvement in ductility, impact strength and energy absorption capacity of concrete. The increasing R&D activities by key manufacturers to develop innovative fiber materials as well as expansion in global construction industry will continue to offer lucrative opportunities for fiber reinforced concrete market over the forecast period.
Porter’s Analysis (Heading unchanged, as requested)

Threat of new entrants:

The fiber reinforced concrete market requires high initial investments for plant set up and equipment. Further, established players enjoy economies of scale which make it difficult for new players to enter the market.

Bargaining power of buyers: The bargaining power of buyers is moderate. This is due to the presence of numerous product variants by different manufacturers. However, switching costs for buyers are low.

Bargaining power of suppliers: A number of raw material suppliers are involved which reduces their bargaining power. Also, switching between suppliers is easy.

Threat of new substitutes: No direct substitute exists for fiber reinforced concrete. Alternative construction materials pose a threat, but fiber reinforced concrete still has technical advantages over them.

Competitive rivalry: The market is fragmented with presence of several global and regional players. Intense competition exists based on product quality, pricing and innovation.

Key Takeaways

The global Fiber Reinforced Concrete Market Growth is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period 2023 to 2030, due to increasing demand from the construction industry. Rapid urbanization and growing infrastructure development activities across regions are driving the market.

Regional analysis:

Asia Pacific dominates the market and is expected to continue its lead over the forecast period. This is attributed to increasing population, rising disposable incomes and expanding construction sector in various APAC countries especially China and India. North America is another major market for fiber reinforced concrete owing to surging construction of residential buildings in the region.

Key players operating in the fiber reinforced concrete market are Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., MBCC Group, KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company.

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