Fiber reinforced concrete is strengthened with fibrous material such as steel fiber, glass fiber, synthetic fiber and natural fiber. It provides higher flexural strength, impact resistance, abrasion resistance and reduced permeability. The booming infrastructural development across the globe to withstand climatic changes has augmented the demand for fiber reinforced concrete. Concrete mixed with fiber is extensively used in the construction of bridges, tunnels, dams and buildings. Its high strength-to-weight ratio and durability have made it a desirable material for infrastructural projects.
The global Fiber Reinforced Concrete Market is estimated to be valued at US$ 3119.56 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Glass fiber reinforced concrete has gained immense popularity in the Global Fiber Reinforced Concrete Market Size due to its high durability, acid and alkali resistance, and smooth surface finish properties. Compared to steel fiber, use of glass fiber does not cause corrosion in concrete. It has higher tensile strength than concrete alone and improves flexural strength and ductility of concrete. Owing to long lifecycle and maintenance-free structural solutions provided by glass fiber reinforced concrete, infrastructural construction projects are increasingly preferring it over conventional concrete. This is expected to drive the demand for glass fiber reinforced concrete during the forecast period.
Segment Analysis
The global fiber reinforced concrete market is dominated by steel fiber reinforced concrete segment. Steel fiber reinforced concrete is widely used as it increases flexural strength and toughness of concrete due to uniform distribution of microfibers throughout the matrix. The steel fibers help to bridge macro cracks and increase the energy absorption capacity. This has increased its uses in industrial floors, bridge decks, airports and roads construction.
Key Takeaways
The global fiber reinforced concrete market is expected to witness high growth over the forecast period of 2024 to 2031. The global Fiber Reinforced Concrete Market is estimated to be valued at US$ 3119.56 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.
Europe region currently dominates the market due to large investments in infrastructure development projects across countries like Germany, UK and France. The region accounts for over 35% of the global demand for fiber reinforced concrete. Asia Pacific is expected to witness fastest growth during the forecast period supported by rising infrastructure development activities in major countries like China and India. Countries in the region are witnessing increased investment in roadways, bridges and commercial construction which is propelling the demand for fiber reinforced concrete. Additionally, growing industrialization is also driving usage of fiber reinforced concrete in industrial floors and other applications.
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 leading player with a market share of around 15% owing to its wide product portfolio and geographical outreach across North America and Europe. The company focuses on organic as well as inorganic growth strategies to further strengthen its market position.
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