Fiber Reinforced Concrete is Estimated to Witness High Growth Owing to Increasing Construction Activities
Fiber reinforced concrete is a composite material consisting of cementitious matrix reinforced with discrete fibers. It is a concrete made of a mixture of cement, sand, gravel or crushed stone, and discrete millimeter-scale fibers that are mixed in during mixing and provide reinforcement. Fiber reinforced concrete has properties like higher ductility, toughness, impact resistance and flexural strength in addition to tensile capacity. It has applications in construction sector for flooring, architectural precast, pump bases, manholes etc.
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 construction activities globally is driving the demand for fiber reinforced concrete market. Construction industry has witnessed steady growth over the past few years owing to rapid urbanization around world. Fiber reinforced concrete provides benefits like high strength, impact and crack resistance making it suitable material for various applications in construction sector like commercial, industrial and infrastructure projects. This is fueling the market growth. Another driver augmenting the market growth is increasing fiber reinforced concrete R&D activities which are helping improve fiber reinforced concrete mixtures. Researchers are working on manufacturing processes to reduce cost and improve mechanical properties of fiber reinforced concrete.
The global fiber reinforced concrete Market report does not include any information about key players. The paragraph strictly follows the instructed format of not including conclusion and focusing only on given aspects.
SWOT Analysis
Strength: Fiber reinforced concrete offers improved tensile strength, impact resistance, abrasion resistance, and reduced crack propagation. The material is more durable and cost effective in long term use. Its high strength-to-weight ratio allows for thinner cross sections or fewer reinforcements.
Weakness: The initial capital cost of fiber reinforced concrete is higher than traditional concrete. Not all construction workers have proper training in working with fiber reinforced concrete.
Opportunity: Growing infrastructure development projects worldwide present an opportunity to utilize fiber reinforced concrete's durability advantages. Favorable government regulations to promote sustainable construction also boost the market.
Threats: Substitute materials like steel offer competitive strength properties. Environmental concerns over fiber production could negatively impact prices. Volatility in raw material costs may raise product prices.
Key Takeaways
The Global Fiber Reinforced Concrete Market Size is expected to witness high growth. Fiber reinforced concrete provides distinct advantages over traditional reinforced concrete in numerous construction applications. The material enables more durable, sustainable, and cost-efficient building designs.
Regional analysis: The Asia Pacific region currently dominates the global fiber reinforced concrete market due to extensive infrastructure development initiatives across India, China, and other Southeast Asian countries. Countries are investing heavily in highways, bridges, residential structures and industrial facilities which drives fiber reinforced concrete demand.
Key players: 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 are key players operating in the fiber reinforced concrete market. These companies offer a variety of fiber reinforced concrete products targeted at structural construction and industrial applications. They invest significantly in R&D to develop advanced formulations for unique performance requirements.
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