The global concrete fibers market is estimated to experience a CAGR of ~8% over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the improving standards of construction, especially in developed and developing nations. Concrete fibers are mainly used to fill cracks in concrete, cover up crevices, and other shortcomings in the building during construction, which cannot be achieved be concrete itself. Fixing cracks in roads and bridges is one of the primary applications of concrete fibers. Moreover, advantages of concrete fiber, such as, high stability, physical durability, and heat resistance, as opposed to traditional concrete, are estimated to boost the market growth. Construction industry values over USD 10 trillion, forming a major part of the global economy, which is also expected to fuel the market growth.
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The global concrete fibers market is segmented by type into natural fiber, synthetic fiber, steel fiber, glass fiber and others, out of which, the steel fiber segment is anticipated to hold the notable share in the market during the forecast period on account of its high strength and easy availability in the market. Steel fibers are highly used in construction of transportation infrastructure, as it is tensile and malleable, which provides strength to the road and brides. On the basis of application, the market is segmented into construction, transportation infrastructure, mining, and others, out of which, the transportation infrastructure segment is anticipated to hold the largest market share, owing to the improving construction standards for public places by the government to curb accidents.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global concrete fibers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of constantly growing construction industry in the developed countries, such as, Canada, and United States, coupled with rising urban population. As of 2020, the construction industry holds over 4% of the GDP in the U.S., which is one of the largest in the world. Moreover, increasing urbanization, backed by migration to urban areas, is projected to increase the demand for construction activities, which in turn, is estimated to boost the market growth. As per the data by the World Bank, 82.36% of the total population of North America lives in urban settlements. Similarly, the market in the Europe region is estimated to gain significant share over the forecast period owing to the developing infrastructure in the region.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period on the back of increasing government initiatives to provide housing facilities to the growing population in several countries, such as, Japan, Singapore, China, India, and Hong Kong. Moreover, development of roadways in these countries, along with the overall economic development is estimated to boost the market growth.
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The global concrete fibers market is further classified on the basis of region as follows:
Our in-depth analysis of the global concrete fibers market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Enhanced quality and safety provided by concrete fiber, and growing urbanization worldwide are the key factors driving market growth.
The market is anticipated to attain a ~8% CAGR over the forecast period, i.e., 2022-2030.
High operational cost is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the growing urbanization and adoption of concrete fibers in construction activities.
The major players dominating the market are BASF SE, Sika AG, Propex Operating Company, LLC, Bekaert, ABC Polymer Industries, LLC, Owens Corning, Fibercon International Inc., and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
With respect to application, transportation infrastructure segment is expected to grow at the highest CAGR during the forecast period owing to the increasing demand for efficient and safe roads and bridges.
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