According to a report, “Steel Fiber Market Size, Share & Trends Analysis Report By Application (Slabs & Flooring, Precast, Pavements & Tunneling), By Type (Hooked, Straight), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,The global steel fiber market size is expected to reach USD 2.8 billion by 2025, exhibiting a 7.2% CAGR over the forecast period, according to a new report by Grand View Research, Inc. Rise in industrial flooring application is anticipated to fuel the market growth.
Concrete floor slab is vital structural component in industrial companies. Basic requirement for such flooring applications is adequate reinforcement to avoid the cracks. Demand of steel fibers is projected to grow on account of increasing use of steel fiber in industrial flooring in the fast-track construction. This is mainly due to added advantages, such as high toughness and ductility and tighter crack control offered by these products over conventional reinforcement products.
Increasing investments in transportation sector is promising area for the market vendors due to use of steel fiber in roadways. Construction of roadways is growing at rapid pace in countries, such as India wherein transport infrastructure is key focus of the government. For instance, construction of highways in India has increased from 8,231 km in 2017 to 9,829 km in 2018, with year-on-year growth of nearly 20%. Wherein, Government of India spent around USD 18 billion in 2018 for road infrastructure.
Major manufacturers operating in the steel fiber market are focused on providing support services in order to deploy the products in non-structural applications. In their post-sale services, sales representatives of manufacturing companies assist in determining size, type, and volume of products require for reinforcement applications. These factors are projected to drive the application of steel fiber products in building and construction sector in the forthcoming years.
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In developing countries, code provisions and experimental data about the product is not available adequately. Lack of skilled persons and hesitancy among engineers and practitioners to deploy these products for structural applications is likely to hinder the market growth over the forecast period.
Further key findings from the report suggest:
- In terms of revenue, precast segment accounted for a market share of 21.8% in 2018. Increased durability and low maintenance of steel fiber are expected to drive the segment growth
- Pavements and tunneling segment is projected to expand at the fastest CAGR of 7.4% in terms of revenue, over the next seven years. Increased spending on roadways in both developing and developed countries is likely to remain a key focus area for market participants
- In terms of volume, North America is likely to expand at a CAGR of 4.6% from 2019 to 2025 on account of increasing spending to replace old infrastructure, such as roadways, bridges, and other structures
- Europe accounted for 30.9% revenue share in 2018 and is anticipated to register a healthy CAGR during the forecast period, owing to high demand from construction of pavements and tunneling projects
- Key market players include Bekaert, ArcelorMittal, Nippon Seisen Co. Ltd, Fibrometals., Kosteel Co. Ltd, Hunan Sunshine Steel Fiber Co. Ltd, Spajic doo, Green Steel Group., and R. STAT
Based on application, the market has been segmented into slabs and flooring, precast, pavements and tunneling, and others. Concrete reinforcement is likely to attract maximum demand in slabs and flooring, precast, and pavements and tunneling applications. In terms of revenue, slabs and flooring was the largest segment with a revenue share of 46.4% in 2018. Incessant demand for non-structural and architectural building components in building and construction market is anticipated to drive growth of the precast segment over the forecast period.
Pavements and tunneling is likely to generate the maximum demand in the forthcoming years. In terms of revenue, the segment is anticipated to register a CAGR of 7.4% from 2019 to 2025. Combination of low bending moments and high compressive forces in tunnel lining owing to the steel fiber reinforced concrete has resulted in increased product demand in recent past.
In mechanized tunneling, the use of tunnel boring machine is expected to drive installation of concrete segments owing to the benefits, such as reduction in costs and time savings. Bekaert is one of the leading market players and has supplied steel fiber products to numerous tunnel projects including Shieldhall Tunnel, Crossrail Bond Street Station, Citybanan, Bottnia Banan, and Kakegawa Twin Tunnel.
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Grand View Research has segmented the global steel fiber market on the basis of type, application, and region:
Steel Fiber Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Steel Fiber Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Slabs & Flooring
- Pavements & Tunneling
Steel Fiber Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Central & South America
- Middle East & Africa
- Saudi Arabia
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