The global concrete reinforcing fiber market size is expected to reach USD 3.21 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.8% during the forecast period. Increasing demand for lightweight non-corrosive materials from construction industry is expected to drive growth in the forthcoming years.
The advantages offered by the reinforcing fibers in concrete includes widening of joint spacing and reduction in slab thickness. In addition, they also reduce the spalling at joint edges and save the overall development and maintenance cost. These benefits are expected to augment the demand for the product from heavy load operating structures, such as runways, aircraft, and warehouses.
Rising utilization of high-performance concrete is anticipated to have a positive impact on the growth of the concrete reinforcing fiber market. Increasing substitution of steel fibers with plastic in a bid to decrease the overall structure weight is anticipated to boost the product sales in the forthcoming years.
Market players are actively involved in research and development for the production of fibers for reinforcement purposes. They lay high emphasis on manufacturing advanced reinforcing fiber products with varying sizes and properties. However, fluctuating raw material prices is supposed to be a significant concern for the manufacturers over the forecast period.
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Further key findings from the report suggest:
- Steel accounted for 41.3% market share in terms of volume in 2017 owing to the increasing demand in replacement of traditional steel reinforced concrete in crack prone structures, such as canals, dams, and water storage tanks
- Basalt fiber is expected to register a CAGR of 7.4% from 2018 to 2025, on account of properties of the product, such as high damping and radio transparency
- Consumption of the product in infrastructure construction is expected to witness a CAGR of 5.9% in terms of revenue, from 2018 to 2025 due to increasing government spending on urban planning and management
- Asia Pacific accounted for 33.8% of the global revenue in 2017 owing to heavy investments in railway, highway, and road infrastructure expansion and residential construction by governments
- Major players operating in the concrete reinforcing fiber market focus on integration to engage in the production of raw materials including synthetic materials and fibers obtain a competitive edge
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Grand View Research has segmented the global concrete reinforcing fiber market on the basis of product, application, and region:
Concrete Reinforcing Fiber Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Concrete Reinforcing Fiber Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Residential & Commercial
Concrete Reinforcing Fiber Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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