The Fiber Reinforced Concrete Market is estimated to be valued at US$ 2707.95 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fiber reinforced concrete is a composite material consisting of concrete as the base material reinforced with fibrous material. It improves structural integrity and reduces shrinkage related cracks. The fibers added could be steel, glass, carbon or synthetic fibers and improve tensile strength and crack control properties of concrete. These advantages make fiber reinforced concrete an ideal choice for structural construction and repair in various infrastructure and building projects.
Market key trends:
Fiber-reinforced concrete exhibits high tensile strength and crack resistance as compared to plain concrete. One of the major trends driving the fiber reinforced concrete market growth is the growing infrastructure development activities across both developed and developing economies. Mega infrastructure projects such as highways, bridges, tunnels, airports etc require robust and durable structural materials. Fiber reinforced concrete provides long-lasting strength and durability making it a preferred choice for such critical construction projects. The superior performance characteristics of fiber reinforced concrete over plain cement concrete will continue to support its increasing adoption in the infrastructure construction industry.
Porter’s Analysis
Threat of new entrants: The fiber reinforced concrete market requires high initial investment in R&D and infrastructure which poses a barrier for new players.
Bargaining power of buyers: The presence of numerous suppliers of fibers and concrete reduces the bargaining power of buyers.
Bargaining power of suppliers: Steel fiber manufacturers possess moderate bargaining power owing to the specialized nature of fibers.
Threat of new substitutes: New materials for construction such as carbon fiber reinforced concrete pose minimal threat currently due to high costs.
Competitive rivalry: Fierce competition exists between established players to gain market share through product innovation and branding.
SWOT Analysis
Strength: Fiber reinforced concrete provides enhanced tensile strength, ductility and crack resistance along with durability.
Weakness: Higher production costs compared to plain concrete can be a challenge. Initial setup and skilled labor requirements are also weaknesses.
Opportunity: Growing infrastructure development and construction industry globally presents lucrative opportunities.
Threats: Volatility in raw material prices especially cement and fibers is a threat. Stringent environmental regulations for cement production can also impact growth.
Key Takeaways
The global Fiber Reinforced Concrete Market Growth is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing infrastructure development activities across the globe. Regionally, Asia Pacific dominates currently due to high construction spending in countries such as China and India and is expected to remain the fastest growing region during the forecast period. Key players operating in the fiber reinforced concrete market are Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., MBCC Group, Nycon, Sika AG, and The Euclid Chemical Company. These players are focusing on expanding their product portfolio and global footprint through mergers and acquisitions to strengthen their market position.
Regional analysis: The Asia Pacific fiber reinforced concrete market continues to dominate. China and India dominate fiber reinforced concrete demand in the region owing to massive infrastructure development and construction projects in these countries.
Key players related content comprises: Key players operating in the fiber reinforced concrete market are Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., KrampeHarex GmbH & Co. KG, MBCC Group, Nycon, Sika AG, and The Euclid Chemical Company. These players are focusing on expanding their product portfolio and global footprint through mergers and acquisitions to strengthen their market position.
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