Global Concrete Reinforcing Fiber Market Worth USD 3.86 Billion With a CAGR of 6.82%

The global concrete reinforcing fiber market was valued at USD 2.13 billion in 2021 and is projected to reach USD 3.86 billion by 2030, registering a CAGR of 6.82% from 2022 to 2030. Market synopsis Concrete reinforcing fiber is a fibrous material used to increase the mechanical strength of concrete. The primary function of fibers in concrete is to reduce cracking caused by plastic shrinkage and moisture loss during the hardening phase. Fiber-reinforced concrete possesses unique qualities, such as superior stability, structural durability, and temperature resistance, that are absent in conventional concrete. Market Dynamics Increasing preference for sustainable solutions due to environmental regulations Environmental rules have a favorable impact on the demand for concrete reinforcing fibers. The evolution of environmental rules has compelled numerous end-use industries to adopt more fiber-based reinforcements and sustainable solutions, and concrete reinforcing fiber fits the bill due to its eco-friendly and high strength & durability characteristics. Environmental concerns are anticipated to increase sales of concrete reinforcing fibers in the future. Manufacturers of fiber-reinforced concrete (FRC) are aware of the developing potential in the FRC market and are boosting capacity development to satisfy future demand. Volatility in raw material prices and the presence of alternatives Polypropylene and polyester are the raw materials utilized to produce concrete reinforcing fiber for various building purposes. Due to the volatility in crude oil prices, the price of polypropylene fiber reinforced concrete is also rising. Price volatility of raw materials and the availability of substitutes are significant issues that are somewhat restricting the market for reinforced concrete. Rising urbanization & growing investment in construction As urbanization expands and construction technologies advance, the demand for concrete reinforcing fiber grows. The consumption of fiber-reinforced concrete is influenced positively by macroeconomic factors, such as a greater emphasis on infrastructure development in developing nations. Increasing investments in building and infrastructure development have led to a rise in asphalt concrete demand, and polyethylene (PE) fiber reinforced concrete is projected to increase market share as a result. Regional analysis of the global concrete reinforcing fiber market The market is split by region into North America, Europe, Asia-Pacific, and LAMEA. In the next seven years, the market for concrete reinforcing fiber in North America is anticipated to be buoyed by a combination of a large influx of private investments in the construction industry in 2021 and an increase in the number of construction activities. The industrial sector in the region is predicted to have significant growth as a result of North America's expanding GDP, which drives market expansion. The demand for reinforced concrete in the region is anticipated to be driven by the increasing usage of concrete in underwater constructions for the development of infrastructure in countries such as Turkey. In addition, the construction of marine constructions such as bridges and tunnels in developed nations is anticipated to fuel industrial expansion. It is anticipated that the rising population in the APAC region will spur an increase in infrastructure activities to support the region's urbanization. The growth in industrial activity in the region is anticipated to drive the market for industrial infrastructure, while the resulting increase in employment is anticipated to stimulate the residential construction sector in the region. The Middle East & Africa is anticipated to see sluggish revenue growth at a CAGR of 4.9% due to the extended decline in oil prices, which has hampered the expansion of the construction industry over the past several years. The industry's expansion has been impeded by the diminishing investment of public and private clients, which has created financial strain. Key Highlights The global concrete reinforcing fiber market was valued at USD 2.13 billion in 2021 and is projected to reach USD 3.86 billion by 2030, registering a CAGR of 6.82% from 2022 to 2030. The transport industry accounts for a 29.4% share of the concrete reinforcing fiber market. North America is expected to dominate the global concrete reinforcing fiber market Competitive players in the global concrete reinforcing fiber market BASF SE Bekaert CEMEX S.A.B. de C.V. Sika AG ABC Polymer Industries, LLC Nycon Corporation Ultratech Concrete Owens Corning FORTA Corporation The Euclid Chemical Company Recent Developments by key players In 2020, GCP Applied Technologies, Inc. has developed Version 2.0 of the STRUX 90/40 mobile app solution for macro synthetic fibers, which may be utilized in a range of concrete applications. The global concrete reinforcing fiber market segmentation By Type: Synthetic Fiber Steel Fiber Glass Fiber Natural Fiber Basalt Fiber By End-use Industry: Transport Infrastructure Building & Construction Mining & Tunnelling Industrial Flooring Other End-use Industries By Region: North America Europe The Asia Pacific Latin America Middle East & Africa