Fiber Reinforced Concrete Is Estimated To Witness High Growth Owing To Rising Applications In Construction Industry
Fiber reinforced concrete contains short discrete fibers that are added to concrete mixtures during the batching process. It is majorly used in industrial floors, bridge decks, pavement, airport runways, and other industrial concrete structures where toughness and crack resistance are required. Fiber reinforced concrete improves mechanical properties like flexural strength, tensile strength, impact and shatter resistance of concrete.
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:
The global fiber reinforced concrete market is primarily driven by rising applications in the construction industry owing to enhanced properties it offers compared to normal concrete. Fiber reinforced concrete is increasingly being adopted in the construction of bridges, highways, tunnels, and other structures due to growth in infrastructure development activities across the globe. It reduces the crack width and increases the service life of the structure. Another major driver fueling the market growth is the versatility fiber reinforced concrete provides regarding design, shape, and finish. It helps in the enhancement of tensile strength without affecting compressive strength of concrete. Additionally, it reduces dynamic loads, improves seismic resistance and energy absorption capacity of structures. The ability of fiber reinforced concrete to minimize shrinkage cracking expands its application in floor slabs, pavements, and precast components. Continued investment in infrastructure coupled with increasing utilization of fiber reinforced concrete over normal concrete owing to its advantages is estimated to propel the market growth over the forecast period.
SWOT Analysis
Strength: Fiber reinforced concrete has high tensile strength and ductility compared to normal concrete. Its flexibility allows for thinner sections and reduced self-weight. The addition of fiber helps control cracking and improves long term performance.
Weakness: Fiber reinforced concrete has a higher initial cost compared to normal concrete. The fiber addition and mixing process increases material and labor expenses. Proper mixing is required to ensure an even dispersion of fiber.
Opportunity: The growing construction industry worldwide is driving the need for durable, sustainable and cost-effective building materials. Fiber reinforced concrete meets these needs and can replace steel reinforcement in many applications. Non-structural repairs and maintenance works also offer opportunities.
Threats: Fluctuations in raw material prices may increase the product cost. The availability of cheaper substitute materials poses competition. Strict environmental regulations can impact fiber production.
Key Takeaways
The global Fiber Reinforced Concrete Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 2707.95 million registering a CAGR of 6.8% during the period.
Regional analysis:
Asia Pacific dominates the global Fiber Reinforced Concrete market and is poised to grow the fastest till 2030. The expansive construction activities in major economies like China and India are driving fiber concrete demand for buildings, roads, bridges etc. Countries are also promoting sustainable construction which benefits the market.
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.
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