Jun 29, 2020: 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.
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.
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.
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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.
In
developing countries, code provisions and experimental data about the product
is not available adequately. Lack of skilled persons and hesitancy among
engineers and practitioners to deploy these products for structural
applications is likely to hinder the market growth over the forecast period.
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
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