The use of fibers in concrete provides numerous benefits beyond improved durability. Fibers provide aesthetic value as well as increased durability. Fiber-reinforced concrete is a versatile mix, suitable for on-ground floors, pavements, and other construction parts. Fibers can be any length, shape, or composition, enhancing the look and feel of the final project. During the application of Fiber Reinforced Concrete, the fibers are laid evenly throughout the concrete to ensure a consistent finish and a smooth surface.
The global Fiber Reinforced Concrete (FRC) market was valued at US$ 2,330.40 Mn in 2020 and is forecast to reach a value of US$ 3705.00 Mn by 2028 at a CAGR of 5.64% between 2022 and 2028.
North America held dominant position in the global Fiber Reinforced Concrete (FRC) market in 2020, accounting for 31.39% share in terms of value, followed by Asia Pacific and Europe, respectively.
Figure 1. Global Fiber Reinforced Concrete Market Value Share (%), By Region, 2021
|Base Year:||2021||Market Size in 2021:||US$ 2,426.52 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||5.64%||2028 Value Projection:||US$ 3705.00 Mn|
Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., MBCC Group 6.4.5KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company
|Restraints & Challenges:||
Rapid growth of construction industry with increasing demand for durable and high-strength concrete material is primarily driving growth of the Fiber Reinforced Concrete (FRC) market. Increasing construction of residential and commercial building in Europe and North America is again anticipated to foster market growth. According to the US Census Bureau, the total value of construction put in place rose for the third consecutive quarter, posting a quarter-on-quarter (Q-o-Q) rate of 2.2% in Q1 2021, compared to an increase of 4.7% in Q4 2020.
Increasing investment by government on development of infrastructure is also anticipated to foster market growth. For instance, according to Budget 2019-20, India plans to spend USD 1.4 trillion on infrastructure in the next 5 years.
Figure 2. Global Fiber Reinforcement Concrete Market Value Share (%), By Polymer, 2021
Availability of ready-to-use concrete strands as they the potential to replace the concrete reinforcement is expected to hinder growth of the market. These strands provide enhanced strength and they are majorly used to construct highways, poles, water towers in civil construction, and energy source sea transportation, house buildings, water control projects, and rock and earth anchoring components.
Outbreak of covid-19 has severely impacted the global economy, this has drastically reduce the demand for concrete products and raw materials. Construction sector has witnessed problems in project development.
Increasing population is surging demand for residential as well as construction sector. This is expected to offer lucrative growth opportunities to the market. Rapid industrialization and urbanization is also anticipated to shape the market growth positively. According to the United Nation, all over the world, a growing proportion of the population lives in cities. In 2010, 51.6 per cent lived in urban areas. By 2020, the share of urban population increased to 56.2 per cent. It is generally higher in the developed (79.2 per cent in 2020) than in the developing world (51.6 per cent
Growing R &D by key players to enhance the properties of concrete such as stiffness and strength is projected to bring bright opportunities in the near future. For instance, in September 2021, Ambuja Cements has introduced a one-of-its-kind initiative, “Concrete Futures Laboratory” (CFL), a one-stop solution for the architect, engineer and construction professionals’ community (AEC). The CFL enables experts and budding professionals’ to ‘test, learn and experience’ various aspects of cement and concrete.
Market Trends/Key Takeaways:
Increasing launch of new product due to advancement in the technology is expected to be one of the trend in the market. For instance, in October 2021, Jogani Reinforcement introduced polyfiber 3S new generation concrete and construction fiber for durable and crack free infrastructure in India.
Upcoming global infrastructure project is projected to augment market growth. For instance, in March 2021, Germany's Deutsche Bahn (DB) announced that it would spend EUR 12.7 billion (USD 15.3 billion) on modernizing its rail network as well as some train stations.
Fiber-reinforced concrete is durable and shatter-resistant. In addition to its strength and versatility, fibers can be easily incorporated into existing concrete or made from new materials. The use of fibers in concrete is not limited to structural applications. It can be used for on-ground floors, pavements, and other construction parts. The fibers used in Fiber Reinforced Concrete can be microfibers or macrofibers. Microfibers are commonly made from polypropylene and nylon, while macrofibers are cheaper alternatives to welded wire.
Rapid growth in construction sector and increasing investment in construction industry is augmenting growth of the global fiber reinforced concrete (FRC) market. Moreover, growing demand for advanced and high-performance construction material is again anticipated to foster market growth. Furthermore, upcoming transport projects is further projected support market growth.
On the other hand, fluctuating price of raw material and availability of ready-to-use concrete strands are expected to restrict growth of the market.
Key features of the study: