Concrete Fibers Market size is expected to reach USD 7 Billion by the end of 2035, growing at a CAGR of 8.5% during the forecast period, i.e., 2023-2035. In the year 2022, the industry of concrete fiber was over USD 2 Billion. The reason behind the growth is impelled by the growing usage of concrete fibers in domestic construction for footings of minor dwellings and the construction of bridges, dams and stadiums.
The growing demand for vehicles is believed to fuel the concrete fibers market growth. As the per capita income of people across the globe is rising more and more people are purchasing vehicles which has also led to a growing need for parking lots that require crack resistant concrete as a reinforcing material.
After experiencing a decline during the pandemic, global auto sales began to rebound, reaching over 66 million units sold in 2021.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 8.5% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2035) |
~ USD 7 Billion |
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Regional Scope |
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Type (Natural Fiber, Synthetic Fiber, Steel Fiber, Glass Fiber)
The synthetic fiber segment is estimated to hold 33% share of the global concrete fibers market in the coming years impelled by growing usage in floor applications. Since, deformed macro synthetic fiber can be strengthened with concrete to achieve improved stiffness, ductility, impact resistance, and minimal cracking risk. In addition, the main trends in the market are the use of synthetic fibers reinforced with concrete to be used for floor applications. Additionally, exterior ground-supported pavement slabs can be built using synthetic fiber-reinforced concrete. These factors are expected to escalate the market growth.
Application (Construction, Transportation, Infrastructure, Mining)
The infrastructure segment in the concrete fibers market is set to garner a notable share shortly owing to growing highway construction in developing countries such as China, and India. In these countries, concrete fiber is used for the prevention of crack formation and to improve the load-bearing capacity of highways is also expected to boost the market. It is estimated that by 2025, the highway construction sector in India will rise by over 130%.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Application |
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APAC Market Forecast
Concrete fibers market in Asia Pacific is predicted to account for the largest share of 55.7% by 2035 impelled by the increase in transportation sector. Countries such as India and China are observing an increase in transportation sector at a rapid rate. Also, as per a report published by International Trade Administration, the focus of China's 14th Five-Year Plan is on new urbanization, energy, water, and transportation infrastructure projects. These factors are boosting the concrete fibers market growth in the region.
North American Statistics
North America is projected to hold the second largest share in the concrete fibers market, owing to the innovations and advancements in the products in terms of quality and application development. This has led to growing demand for concrete fiber in the region. The US is the largest country in North America and one of the key consumers of concrete fiber, accounting for a major share of the market.
Author Credits: Smruti Ranjan, Rajrani Baghel
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