Know More About “Steel Fiber Market 2019-2025” Growth Worldwide…

Posted by Mrudula Karmarkar on January 6th, 2022

The global steel fiber market size is expected to reach USD 2.8 billion by 2025, exhibiting a 7.2% CAGR over the forecast period, according to a new report by Grand View Research, Inc. Rise in industrial flooring application is anticipated to fuel the market growth.

The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.

Concrete floor slab is vital structural component in industrial companies. Basic requirement for such flooring applications is adequate reinforcement to avoid the cracks. Demand of steel fibers is projected to grow on account of increasing use of steel fiber in industrial flooring in the fast-track construction. This is mainly due to added advantages, such as high toughness and ductility and tighter crack control offered by these products over conventional reinforcement products.

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Increasing investments in transportation sector is promising area for the market vendors due to use of steel fiber in roadways. Construction of roadways is growing at rapid pace in countries, such as India wherein transport infrastructure is key focus of the government. For instance, construction of highways in India has increased from 8,231 km in 2017 to 9,829 km in 2018, with year-on-year growth of nearly 20%. Wherein, Government of India spent around USD 18 billion in 2018 for road infrastructure.

Further key findings from the report suggest:

• In terms of revenue, precast segment accounted for a market share of 21.8% in 2018. Increased durability and low maintenance of steel fiber are expected to drive the segment growth
• Pavements and tunneling segment is projected to expand at the fastest CAGR of 7.4% in terms of revenue, over the next seven years. Increased spending on roadways in both developing and developed countries is likely to remain a key focus area for market participants
• In terms of volume, North America is likely to expand at a CAGR of 4.6% from 2019 to 2025 on account of increasing spending to replace old infrastructure, such as roadways, bridges, and other structures
• Europe accounted for 30.9% revenue share in 2018 and is anticipated to register a healthy CAGR during the forecast period, owing to high demand from construction of pavements and tunneling projects
• Key market players include Bekaert, ArcelorMittal, Nippon Seisen Co. Ltd, Fibrometals., Kosteel Co. Ltd, Hunan Sunshine Steel Fiber Co. Ltd, Spajic doo, Green Steel Group., and R. STAT

Major manufacturers operating in the steel fiber market are focused on providing support services in order to deploy the products in non-structural applications. In their post-sale services, sales representatives of manufacturing companies assist in determining size, type, and volume of products require for reinforcement applications. These factors are projected to drive the application of steel fiber products in building and construction sector in the forthcoming years.

Pavements and flooring application is likely to represent numerous opportunities for market vendors in U.S. Concrete pavements can help improve fuel efficiency that travels on roads compared to other pavements. As per the Portland Cement Association, the use of concrete pavements has the potential to decrease fuel consumption by 3% and reduce Greenhouse Gas (GHG) emissions by 51.2 million short tons.

Currently, steel fiber concrete is widely used in developed countries compared to developing countries. Steel fiber as a reinforcing component has high demand in industrial flooring, logistic centers and warehouses, car parking, airports, swimming pools, and motor roads.

Grand View Research has segmented the global steel fiber market on the basis of type, application:

Steel Fiber Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

• Hooked
• Straight
• Deformed
• Others

Steel Fiber Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

• Slabs & Flooring
• Precast
• Pavements & Tunneling
• Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.