Fiber Reinforced Concrete Market To Witness Strong Growth Owing To Rising Construction Activities
The 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.
Market Overview:
Fiber reinforced concrete is a composite material comprising cement, aggregate material, and discrete discontinuous fibers. Fibers such as steel, glass, polypropylene, natural fibers are added to concrete mixture to control crack development and propagation. It finds applications in floors, walls, columns as it enhances ductile nature and post cracking characteristics of concrete. The global fiber reinforced concrete industry is driven by increasing construction spending on infrastructural projects such as tunnels, bridges, and building floors owing to rapid urbanization and industrialization.
Market Dynamics:
Rising construction activities and infrastructural spending are expected to be a major driver for the market over the forecast period. According to Global Construction 2030, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Additionally, growing demand for durable and efficient construction materials is also expected to propel the market growth. Fiber reinforced concrete offers advantages such as high tensile strength, wear resistance, and ductility compared to regular concrete. However, availability of substitutes such as reinforced concrete may hinder the market growth during the forecast period. Also, lack of awareness and high initial costs of fiber reinforced concrete limit the adoption of this composite material.
SWOT Analysis
Strength: Fiber reinforced concrete has high durability and low permeability which makes it ideal for use in harsh environmental conditions. The addition of fibers increases tensile strength and flexibility of concrete. Short random fibers prevent cracking and increase impact, abrasion and shatter resistance of concrete.
Weakness: High initial costs associated with adding fibers to concrete make fiber reinforced concrete more expensive than traditional concrete. The mixing and placing processes of fiber reinforced concrete are more complex which can reduce productivity.
Opportunity: Growth of construction industry especially in residential and infrastructure projects drives the demand for fiber reinforced concrete. rising needs for durable, crack resistant and flexible construction materials present an opportunity for fiber reinforced concrete.
Threats: Availability of cheaper substitute materials limits the use of fiber reinforced concrete. Economic slowdowns and reductions in government infrastructure spending negatively impact the fiber reinforced concrete market.
Key Takeaways
The global Fiber Reinforced Concrete Market Growth is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing investments in infrastructure development projects across regions. Rapid urbanization and growth of building & construction industry augment the market growth.
Regional analysis: Asia Pacific dominates the global fiber reinforced concrete market and is expected to maintain its lead during the forecast period driven by robust growth of construction sector in China and India. Rising population, rapid urbanization and growing investments in infrastructure development projects in Asia Pacific create high demand for fiber reinforced concrete in the region.
Key players: Key players operating in the Fiber Reinforced Concrete market are Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company. These major players are focusing on new product launches, expansions and mergers & acquisitions to gain competitive advantage in the market.
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