Fiber reinforced concrete is a type of concrete that is made of natural and synthetic fibers. These fibers are similar to those used in welded wire fabric but are significantly stronger. Because they have a low modulus of elasticity, they can absorb a significant amount of stress energy. This makes fiber-reinforced concrete stronger and stiffer than the concrete matrix. This type of concrete can be used in a variety of construction projects from residential to commercial buildings.
Market Statistics:
The global Fiber Reinforced Concrete (FRC) Market is estimated to account for US$ 2,426.52 Mn in terms of value by the end of 2021.
Global Fiber Reinforced Concrete Market: Drivers
Rise in number of transport infrastructure projects is expected to foster growth of the fiber reinforced concrete market. For instance, The South Korean construction-related industry, including public and private infrastructure and civil engineering services, recorded double-digit growth of 16.9% in 2020. The industry generated revenue estimated at USD 164 billion despite the COVID-19 surge, and some experts including the Construction Association of Korea (CAK) predicts that the number of strong construction orders will continue to flow and stimulate the economy.
Global Fiber Reinforced Concrete Market: Opportunities
Increasing demand for steel fiber reinforced concrete for manufacturing tunnel linings, pipes, and septic tanks is projected to offer potential growth opportunities to the market. The use of steel fiber reinforced concrete improve the impact resistant and offer smooth riding surface which is again increasing use of such concrete. Thus, fostering market growth.
Global Fiber Reinforced Concrete Market: Restraints
Fluctuating price of raw material is expected to hinder growth of the fiber reinforced concrete market.
Global Fiber Reinforced Concrete Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of Covid-19 pandemic has negatively impacted growth of the fiber reinforced concrete due to gap production, supply, and demand. This is due to travel restriction in order to curb the spread of infection.
To know the latest trends and insights prevalent in the Fiber Reinforced Concrete Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/fiber-reinforced-concrete-market-5052
Key Takeaways:
The global fiber reinforced concrete 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.
Synthetic Fiber type segment held dominant position in the global fiber reinforced concrete market in 2020, accounting for 37.25% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Increasing use of synthetic and steel-based products in construction of industrial buildings resistant to harsh mechanical impacts is expected to uplift the market growth in the near future. Growing government initiatives to increase the development of infrastructure is also expected to contribute to the market growth.
Growing awareness regarding the need for energy conservation and sustainable use of resources is expected to support the market growth. High demand for rigid floors and walls in industrial construction on account of heavy-duty operations is again projected to favour the market growth over the forecast period.
Global Fiber Reinforced Concrete Market: Competitive Landscape
- Bekaert
- CEMEX SAB de CV
- GCP Applied Technologies Inc.
- MBCC Group 6.4.5KrampeHarex GmbH & Co. KG
- Nycon
- Sika AG
- The Euclid Chemical Company
Key Developments:
- In September 2020, MBCC Group has been formed after the acquisition of BASF’s construction chemical business by Lone Star Funds. It has begun operations in October 2020.
- In November 2018, Sika acquired Propex Holding LLC, a US based synthetic concrete reinforcement fiber manufacturer. The acquired business generates annual sales of CHF 30 million.
