Fiber reinforced concrete is used in construction industry owing to its high tensile strength, lightweight, and improved ductility as compared to plain concrete. It finds widespread application in buildings, industrial floors, highways, bridges and other infrastructures due to its advantages such as being crack resistant and impact strength.
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 key trends:
Infrastructure development has been a major trend driving the growth of the fiber reinforced concrete market. Many countries are heavily investing in development of roads, bridges and other infrastructure development projects. Fiber reinforced concrete offers higher strength to weight ratio, enhanced ductility and is more crack resistant as compared to plain concrete. Thus, it is widely used in construction of bridges, highways, industrial floors and buildings. The improved properties allow for thin joint construction and reduced maintenance cost. The increasing governmental investments towards development and upgrade of infrastructure in developing nations is expected to propel the demand for fiber reinforced concrete during the forecast period.
Segment Analysis
The global fiber reinforced concrete market is dominated by steel fiber reinforced concrete which holds around 60% of the overall market share. Steel fibers are used as primary reinforcement in concrete which increases its tensile strength significantly. Steel fibers increases impact, abrasion and shatter resistance of concrete which makes it suitable for applications requiring robustness like industrial floors, roads and airport runways.
Key Takeaways
The Global Fiber Reinforced Concrete Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing construction activities across the globe. The market size is projected to reach US$ 2707.95 Mn by 2024.
Regional analysis: The Asia Pacific region dominated the global market in 2023 accounting for around 35% of the overall market share. China, India and other Southeast Asian countries are witnessing rapid infrastructural development which is driving the demand for fiber reinforced concrete in this region. The region is expected to continue its dominance with the highest CAGR during the forecast period due to growing construction industry.
Key players: 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. First Cash Financial Services Inc. is the largest player in the fiber reinforced concrete market having around 15% market share in North America.
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