The global fiber reinforced concrete market is projected to gain substantial traction owing to growing construction of sustainable infrastructure. Fiber reinforced concrete consists of discrete discontinuous fibers that are uniformly distributed and randomly oriented. It offers higher structural integrity compared to conventional concrete. The material is widely used in industrial floors, road constructions, bridge decks, containment structures and precast construction. Its flexibility and ductility makes it suitable for reinforcing and repairing of concrete structures.
Fiber reinforced concrete is available in various formulations to suit diverse engineering requirements. Steel fibers are most commonly used to enhance tensile strength, ductility and crack resistance of concrete. Polypropylene and glass fibers improve toughness and energy absorption. The material reduces shrinkage cracks and improves tolerance to thermal and structural movements. These attributes make structures built using fiber reinforced concrete more durable and less permeable.
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
Fiber reinforced concrete produces fewer carbon emissions and consumes less energy during production compared to ordinary concrete. It enhances resilience of structures and reduces needs for maintenance and repair. Growing focus on green building certifications is a major driver propelling the fiber reinforced concrete market.
Improved structural performance and flexibility: Fiber reinforcement increases tensile strength, impact resistance, ductility and flexural strength of concrete. This allows structures to withstand excessive loading, earthquake forces and other lateral impacts without cracks or failure. Fiber concrete is easy to pump and place in tight locations. Its flexible form-filling ability eases construction of complex shapes. These advantages are expanding fiber concrete usage in industrial floors, bridges and precast elements.
Segment Analysis
The fiber reinforced concrete market is segmented by fiber type and application. Steel fiber accounts for around 55% of total market share owing to its higher strength and ductility properties compared to other fibers. It finds widespread applications in industrial floors, bridge deck overlays, and precast components owing to its ability to prevent cracking and enhance mechanical properties of concrete. Glass fiber segment is expected to witness fastest growth during the forecast period owing to its good tensile strength and extremely low weight characteristics.
PEST Analysis
Political: Infrastructure development plans announced by various governments worldwide for bridges, roads, dams, etc. will drive demand. Stringent regulations regarding use of recyclable and sustainable materials may augment fiber reinforced concrete usage.
Economic: Growth in construction industry especially in developing nations of Asia Pacific and Latin America owing to rapid urbanization and industrialization will boost market. Rising disposable incomes have increased spending on residential and commercial construction.
Social: Population growth and migration to cities necessitates more housing and infrastructure development. Sustainable and green construction practices are gaining acceptance due to rising environmental concerns.
Technological: Advances in manufacturing processes have enhanced mechanical properties and made fiber reinforced concrete a viable alternative to steel reinforced concrete. Usage of industrial waste fibers further improves sustainability.
Key Takeaways
The Global Fiber Reinforced Concrete Market Size is expected to witness high growth over the forecast period driven by growing construction activities worldwide.
Regional Analysis: The Asia Pacific region dominated the market and accounted for over 40% of the global demand in 2024 owing to massive infrastructure development projects underway in China and India. Some of the 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.
Key players operating in the fiber reinforced concrete market are First Cash Financial Services Inc., EZCORP, INC., DFC Global Corp. These key players are focusing on new product development and expansion strategies to gain higher market share. The fiber reinforced concrete market is expected to be dominated by Asia Pacific region with China and India being the major markets owing to ongoing and upcoming infrastructure projects in the countries. The high growth will be fueled by rising investments in construction industries and increasing demand for sustainable construction materials.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it