Fiber Reinforced Concrete (FRC) is supplementary cementitious material added to concrete to increase its toughness and improve its tensile strength. It is used in infrastructure development such as construction of roads, bridges, dams, etc. It provides benefits like higher structural integrity, lower permeability, better abrasion resistance and reduced crack. FRC contains discrete fibers that usually are manually dispersed or randomly oriented therein during mixing to reinforce the composite material system.

The global Fiber Reinforced Concrete Market is estimated to be valued at US$ 3119.56 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Infrastructure Development: Infrastructure development is one of the primary drivers propelling growth of the fiber reinforced concrete market. Rising infrastructure building activities coupled with increasing urbanization worldwide is generating high demand for construction materials like fiber reinforced concrete. It finds wide application in building bridges, roads, dams, ports and various other construction projects owing to its strength and durability. As per the World Economic Forum, global infrastructure investment need is estimated to be around US$ 94 trillion by 2040. This growing infrastructure spending is estimated to boost demand for fiber reinforced concrete over the forecast period.

Government Initiatives: Various government initiatives focused on renewable energy infrastructure development and road construction projects are also fueling consumption of FRC. For example, government of India has launched programs like Smart Cities Mission and Sagarmala project to build new roads, ports and modern cities. Similarly, U.S. and European countries are investing heavily in renewable energy and transportation infrastructure. Such policy support by governments worldwide for infrastructure advancement is projected to drive the fiber reinforced concrete market in the coming years.

SWOT Analysis

Strength: Global Fiber Reinforced Concrete Market Size is known for its high tensile strength, durability and resistance to cracking. The addition of fiber reinforced helps achieve enhanced flexural strength. Being stronger and stiffer, fiber reinforced concrete can span greater distances without added reinforcement. Fiber is also corrosion resistant and do not damage the concrete like traditional steel bars.

Weakness: Fiber reinforced concrete costs more than conventional concrete due to the added material and manufacturing costs associated with fibers. There is also a lack of standard test methods to qualify fibers and proper guidelines for mix designs leaves scope for inconsistency.

Opportunity: Growing construction industry worldwide is driving the demand for better and advanced concrete materials. Fiber reinforced concrete finds extensive usage in industrial floors, airport runways, highways and bridges due to its strength. Its self-consolidating nature allows it to flow smoothly around congested reinforcements without segregation.

Threats: Sluggish economic conditions can impact infrastructure spending and new construction activities negatively impacting fiber reinforced concrete market. Volatility in raw material prices of fibers poses threats. Substitute materials like steel reinforced concrete also poses competition.

Key Takeaways

The global fiber reinforced concrete market is expected to witness high growth over the forecast period owing to extensive infrastructure development activities worldwide. The global Fiber Reinforced Concrete Market is estimated to be valued at US$ 3119.56 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.

Asia Pacific currently dominates the market and is expected to maintain its lead. Countries like China, India and Japan are witnessing increasing construction of roads, bridges and buildings utilizing fiber reinforced concrete. These countries are witnessing huge investments in infrastructure development projects. Fiber reinforced concrete finds applications in highways, bridges and highways construction in this region.

Key players:

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. Fiber producers like BASF SE, GCP Applied Technologies, Euclid Chemical, ABC Polymer Industries, Nycon Corporation are also major participants.

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