BURLINGAME, Calif., Dec. 5, 2023 /PRNewswire/ -- According to Coherent Market Insights, The global Fiber Reinforced Concrete Market was valued at US$ 2,426.52 Million in 2021 and is anticipated to reach a value of US$ 3,705 Million by 2028 at a CAGR of 5.64 % during forecast period 2022 and 2028.
Market Dynamics:
Fiber reinforced concrete (FRC) is gaining significant traction in the construction industry, primarily driven by rapid urbanization. The increasing demand for infrastructure development, especially in emerging economies, is propelling the growth of the Fiber Reinforced Concrete Market. FRC offers enhanced mechanical properties such as improved toughness, ductility, and crack resistance, making it an ideal choice for various construction applications.
Moreover, the rising emphasis on sustainable construction practices is also fueling the adoption of FRC. The use of fiber reinforcement reduces the need for traditional reinforcement methods, such as steel, thereby offering environmental benefits by minimizing carbon emissions. Additionally, FRC enhances the durability and lifespan of structures, leading to cost savings in the long run.
Furthermore, technological advancements in fiber reinforcement technology, such as the development of advanced fibers and fiber-matrix compatibility, are further driving market growth. These advancements improve the mechanical properties and performance of FRC, making it suitable for a wide range of construction projects.
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Market Trends:
Growing Adoption of Synthetic Fibers: The market is witnessing a shift towards the adoption of synthetic fibers, such as polypropylene and nylon, due to their superior properties and cost-effectiveness. Synthetic fibers offer high tensile strength, impact resistance, and durability, making them suitable for demanding construction applications.
Increasing Application in Infrastructure Development: FRC is increasingly being used in the construction of infrastructure projects, such as bridges, tunnels, and commercial buildings. The superior mechanical properties of FRC, combined with its ability to withstand harsh environmental conditions, make it a preferred choice in these applications.
Market Opportunity
Dominance of Synthetic Fiber in Fiber Reinforced Concrete Market
The fiber reinforced concrete market is anticipated to witness a CAGR of 5.64% during the forecast period 2022-2028, owing to the increasing demand for durable and high-performance construction materials. The market size in 2022 was valued atUS$ 2,426.52 Mn.
In terms of the fiber type, the synthetic fiber segment is expected to hold a dominant position in the fiber reinforced concrete market. Synthetic fibers offer various advantages such as high tensile strength, improved crack resistance, and enhanced durability, which make them ideal for reinforcing concrete structures. These fibers are widely used in infrastructure and building construction projects, where strength and resilience are crucial.
Growing Demand from the Building and Construction Industry
The building and construction industry is expected to be the dominating end-user industry in the fiber reinforced concrete market. The increasing population, urbanization, and infrastructure development projects are driving the demand for fiber reinforced concrete in the construction sector. The market size of the building and construction industry is projected to witness significant growth in the coming years.
Fiber reinforced concrete offers numerous benefits for construction applications, including reduced cracking, improved impact resistance, and enhanced durability. It is widely used in applications such as foundations, bridges, tunnels, and flooring, where high strength and durability are required. The demand for fiber reinforced concrete is driven by the need for sustainable and cost-effective construction materials.
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Key Market Takeaways: Fiber Reinforced Concrete Market
The fiber reinforced concrete market is anticipated to witness a CAGR of 5.64% during the forecast period 2022-2028, owing to the increasing demand for durable and high-performance construction materials. Synthetic fibers are expected to dominate the market, thanks to their superior properties such as high tensile strength and crack resistance.
On the basis of fiber types, synthetic fiber holds a dominant position in the market, thanks to its superior mechanical properties and ease of use. It is expected to continue its dominance over the forecast period.
In the end-user industry segment, the building and construction sector is driving the growth of the fiber reinforced concrete market. The sector's emphasis on sustainable and long-lasting construction materials has fueled the demand for fiber reinforced concrete.
In terms of region, North America is expected to dominate the fiber reinforced concrete market. The region has a well-established construction industry and a high demand for sustainable and high-performance materials. The presence of major players in the market further contributes to the dominance of North America in the market.
Key players operating in the fiber reinforced concrete market include Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., MBCC Group, KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company. These companies focus on research and development activities, strategic partnerships, and product innovations to gain a competitive edge in the market.
Key Developments
November 2022: Armstrong World Industries Inc. acquired GC Products Inc., a leading manufacturer of glass fiber-reinforced concrete and gypsum architectural interior products. This strategic move will bolster Armstrong's Plasterform architectural castings business and allow the company to meet the rising demand for unique custom-cast and innovative architectural solutions.
September 2022: Saint-Gobain acquired GCP Applied Technologies to strengthen construction and industrial materials portfolio. The acquisition will integrate CertainTeed and Chryso businesses with GCP's renowned brands, enhancing their offerings in the construction and industrial markets.
In conclusion, the fiber reinforced concrete market offers significant growth opportunities, driven by the dominance of synthetic fibers and the increasing demand from the building and construction industry. North America is expected to hold a dominant position in the market. The key players in the market are actively working on product innovations to meet the evolving customer demands and gain a competitive advantage.
Read complete market research report, "Fiber Reinforced Concrete Market, By Type, By end-user industry, By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Global Fiber Reinforced Concrete Market Detailed Segmentation:
- By Type
- Natural Fiber
- Synthetic Fiber
- Glass Fiber
- Steel Fiber
- Other Types
- By End-user Industry
- Infrastructure
- Building and Construction
- Mining and Tunnel
- Industrial Flooring
- By Region
- North America
- By Country:
- U.S.
- Canada
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America - Europe
- By Country:
- U.K.
- Germany
- Spain
- France
- Italy
- Russia
- Rest of Europe - Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific - Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East & Africa - Africa
- By Country:
- South Africa
- North Africa
- Central Africa
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