Fiber Reinforced Concrete Market to Grow at a CAGR of 7.2% from 2023-2031, reaching US$ 3.8 Billion: As per TMR Study
Transparency Market Research
6 min read
Transparency Market Research
The rising government support and regulations is one of the major factors that is anticipated to escalate the market growth
Wilmington, Delaware, United States, April 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Fiber reinforced concrete market stood at US$ 1.9 billion in 2022 and the global market is projected to reach US$ 3.8 billion by 2031. The global industry is anticipated to expand at a CAGR of 7.2% between 2023 and 2031.
The market value of fiber-reinforced concrete is also increasing due to increasing demand from the construction industry. The construction industry is one of the major consumers of FRC. The use of FRC in construction projects results in reduced construction time, cost savings, and improved durability of the structures. As a result, FRC is increasingly being used in various applications, including roads, bridges, tunnels, and buildings.
Additionally, the benefits of FRC, such as improved strength, durability, and reduced cracking, are increasingly being recognized by the construction industry. FRC is also known for its excellent resistance to environmental factors such as freeze-thaw cycles and chemical attacks, making it a preferred choice for infrastructure projects. With the rising awareness about the benefits of FRC, its demand is expected to witness significant growth in the forthcoming years.
Furthermore, the increasing government support and regulations is another factor fueling the market growth. Governments worldwide are increasingly promoting the use of FRC in construction projects due to its sustainability and durability. Various initiatives, such as tax incentives and subsidies, are being provided to encourage the use of FRC in construction. Additionally, regulations mandating the use of FRC in critical infrastructure projects, such as bridges and tunnels, are expected to further accelerate the growth of the FRC market.
In addition, the advancements in fiber technology have resulted in the development of new fibers with improved mechanical properties, such as high tensile strength and improved ductility. These fibers are increasingly being used in FRC, resulting in improved performance and durability of the structures. With ongoing research and development in fiber technology, the FRC market is anticipated to witness further growth in the near future.
Besides, the growing trend of green construction, driven by the need for sustainable and eco-friendly buildings, is projected to augment the demand for FRC. FRC is a sustainable building material that reduces the carbon footprint of construction projects. Additionally, the durability of FRC structures reduces the need for frequent maintenance and repair, resulting in further environmental benefits.
Key Findings of the Market Report
On the basis of type, synthetic fibers are likely to be most preferred, expected to expand at a significant rate.
This growth can be attributed to their properties such as excellent chemical resistance, non-corrosive, durable.
Based on the end-use, the commercial segment holds the highest market share, owing to the increasing demand for commercial spaces such as shopping malls, office buildings, and hospitals worldwide.
In addition, the segmental growth is growing, due to the increasing adoption of FRC in commercial construction projects.
Global Fiber Reinforced Concrete Market: Growth Drivers
The global fiber-reinforced concrete market is projected to expand at a steady pace from 2023 to 2031 due to the increase in infrastructure development projects.
Another factor that is projected to augment the market growth includes the increased investment in research and development.
Additionally, rapid urbanization, as well as growth in the global population, are other factors that are anticipated to fuel the market prospects in the near future.
Global Fiber Reinforced Concrete Market: Regional Landscape
Asia Pacific is expected to dominate the fiber-reinforced concrete market during the forecast period.
The regional market is witnessing a rise, due to a significant surge in infrastructure development in India, China and Japan.
Additionally, the availability of raw materials such as steel, cement, and synthetic fibers in the region, are expected to further aid the market's growth.
Global Fiber Reinforced Concrete Market: Key Players
Some of the key market players in the global fiber-reinforced concrete market are:
Fibrex Construction Group
Clark Pacific
Ultratech Cement Ltd.
Formglas Products Ltd.
Willis Construction Co. Inc.
Loveld
Betofiber A.S.
Stromberg Architectural
Bb Fiberbeton
Generale Prefabbricati S.P.A.
BarChip Pty Ltd
GRCUK
Competitive Landscape
Prominent players in the fiber reinforced concrete industry are taking advantage of the rapidly increasing demand for fiber reinforced concrete. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
In March 2021, Bekaert launched Dramix 5D, a new fiber-reinforced concrete product designed to improve the durability and sustainability of concrete structures.
In February 2021, Owens Corning announced that it had expanded its production capacity of glass fiber products used in the construction industry, including fiber-reinforced concrete.
In January 2021, BASF launched a new fiber-reinforced concrete product, MasterFiber MAC 360 FF, which is designed to improve the durability and mechanical properties of concrete.
In January 2021, Sika AG acquired Kreps LLC, a manufacturer of concrete fiber products, to expand its product portfolio and strengthen its presence in the North American market.
Global Fiber Reinforced Concrete Market: Segmentation
Type
Natural Fiber
Synthetic Fiber
Glass Fiber
Steel Fiber
Other Types (Glass, Asbestos, etc.)
Process
Premix
Sprayed
Hybrid
Others
Application
Landscaping
Foundation & Flooring
Roofing
Cladding & Molding
Facade
Countertop
Others
End-Use
Residential
Commercial
Industrial
Regions
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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