Global Steel Fiber Market was valued US$ 1.60 Bn in 2017 and is expected to reach 2.45 Bn by 2026, at a CAGR of 5.47 % during a forecast period.
Global Steel Fiber Market
The steel fibres are the factory-made fibres, which primarily composed of steel, steel-coated plastic, plastic-coated steel, or a steel core covered with other metals.
Growing demand for the product from end-use industries like building and construction, electrical, transportation, and mining are expected to drive the global steel fiber market. The product is mainly used in the concrete reinforcement for substantial properties of steel fiber reinforced concrete (SFRC) like its superior resistance to cracking and crack propagation. The construction sector is beholding rapid growth of the on account of many dynamics of this industry like green buildings, sustainable construction, and emission regulations. These are the factors, which are expected to boost market growth during the forecast period. Furthermore, the high cost related to the operating cost of the product is limiting the growth of the market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments by material, type, end-user and region and, project the global steel fiber market. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global steel fiber market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Concrete reinforcement is the main application of steel fiber market. The concrete reinforcement is expected to dominate the global steel fiber market. The dominance position in the market is attributed to the increasing usage of steel fiber in the concrete reinforcement aids in achieving a good barrier to crack and heavy load and tensile strength. Steel fiber is extensively used in the concrete reinforcement in the area of tunnelling, heavy duty pavement, precast, shotcrete, airport runways, and others.
The global steel fiber market industry has experienced extraordinary growth from the mergers and acquisitions. Consolidation has touched every sizeable domestic industry and helps in large part by strategic acquirers’ healthy balance sheets and private equity and evade funds that have been able to tap progressively large pools of institutional capital. In 2017, Arcelor Mittal (Europe) declared a three-year investment program for expansion worth USD 1 billion for Mexico.
Geographically, Asia-Pacific is expected to dominate the global steel fiber market. This regional market is estimated to grow at a high rate of CAGR in the global steel fiber market owing to the rapidly increasing construction sector. Additionally, the technological advancements in the manufacturing sector on part of the government initiative and rapid expansion of the end-user industries like transportation and electrical are expected to become the key factors, which are driving the regional market growth during the forecast period.
Followed by the Asia Pacific, North America is the second major market, in terms of value owing to the growing demand for steel fiber in the incessantly rising reconstruction activities and mining industry in this region, which is also expected to boost the regional market growth during the review period.