Steel Fiber Market Size, Share & Trends Report

Steel Fiber Market Size, Share & Trends Analysis Report By Application (Slabs & Flooring, Precast, Pavements & Tunneling), By Type (Hooked, Straight), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Dec, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-946-3
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 80

Industry Insights

The global steel fiber market size was estimated at USD 1.6 billion in 2018 and is anticipated to expand at a CAGR of 7.2% from 2019 to 2025. Increasing the non-structural application of steel fiber through reinforcement in the construction sector is the key factor driving growth. Steel fibers are extensively used along with mesh and steel reinforcing bars in various construction applications. Advantages including optimization in steel consumption, concrete savings, and faster construction have created a positive impact on product demand. These products also assist in quality improvement of construction through effective crack and shrinkage control and elimination of rebar corrosion.

U.S. accounted for 72% volume share of the North America market for steel fiber in 2018 and is likely to expand at a lucrative CAGR over the next seven years. Concrete has week tensile strength and hence, the addition of steel fiber provides additional strain capacity and tensile strength in concrete. The expansion of the concrete industry in the U.S. is a key driver for the regional market owing to the increasing use of the product in a structural application.

U.S. steel fiber market

Pavements and flooring application is likely to represent numerous opportunities for market vendors in U.S. Concrete pavements can help improve fuel efficiency that travels on roads compared to other pavements. As per the Portland Cement Association, the use of concrete pavements has the potential to decrease fuel consumption by 3% and reduce Greenhouse Gas (GHG) emissions by 51.2 million short tons.

Currently, steel fiber concrete is widely used in developed countries compared to developing countries. Steel fiber as a reinforcing component has high demand in industrial flooring, logistic centers and warehouses, car parking, airports, swimming pools, and motor roads.

Strong competition from steel reinforcement bars (rebars) represents a challenge for the market. Rebar products are still widely used across the construction sector and have a higher penetration in both developed and developing economies. Rebar has wide applications in residential, non-residential, and commercial construction where structural strength is required.

Type Insights

Based on the steel fiber type, the steel fiber market is categorized into hooked, straight, deformed, and others. In terms of volume, the hooked type held the highest market share of 64% in 2018 and is projected to maintain its position during the forecast period. Properties such as the ability to improve resistance and bonding strength in construction are assisting in the demand of hooked type products in the market. These products also can form strong bonds that result in low maintenance of the structure.

In terms of revenue, the deformed steel fiber segment is likely to register a CAGR of 7.3% from 2019 to 2025. Demand from concrete application to prevent cracking and water damage are projected to fuel the growth of the segment in the forthcoming years. These products also have great abrasion and impact resistance and better post crack strength.

Steel fiber helps reduce slab thickness, improve placement, and save on concrete costs. Errors during fabric positioning can be reduced using these products. It increases the speed of construction resulting in savings of time and costs. Increasing infrastructure spending through various private and government programs is likely to contribute to the demand for different steel fiber products.

Application Insights

Based on application, the market has been segmented into slabs and flooring, precast, pavements and tunneling, and others. Concrete reinforcement is likely to attract maximum demand in slabs and flooring, precast, and pavements and tunneling applications. In terms of revenue, slabs and flooring were the largest segments with a revenue share of 46.4% in 2018. The incessant demand for non-structural and architectural building components in the building and construction market is anticipated to drive the growth of the precast segment over the forecast period.

Pavements and tunneling are likely to generate the maximum demand in the forthcoming years. In terms of revenue, the segment is anticipated to register a CAGR of 7.4% from 2019 to 2025. A combination of low bending moments and high compressive forces in tunnel lining owing to the steel fiber reinforced concrete has resulted in increased product demand in the recent past.

Global steel fiber market

In mechanized tunneling, the use of a tunnel boring machine is expected to drive the installation of concrete segments owing to the benefits, such as a reduction in costs and time savings. Bekaert is one of the leading market players and has supplied steel fiber products to numerous tunnel projects including Shieldhall Tunnel, Crossrail Bond Street Station, Citybanan, Bottnia Banan, and Kakegawa Twin Tunnel.

Regional Insights

Asia Pacific is likely to witness the fastest CAGR of 7.7% over the forecast period. Development in the building and construction sector coupled with an increased focus on public infrastructure is the key regional growth driver. Infrastructure spending in India and China is expected to witness rapid growth wherein the construction of expressways, airports, and rails are projected to register a high demand for steel fiber products. This is projected to create a positive impact on the growth of the regional market over the forecast period.

Europe was the second-largest region in terms of volume with a market share of 28.8% in 2018. Major tunneling projects and moderate development of the construction sector are likely to create a positive impact on regional growth. The penetration of steel fiber reinforcement in Europe is progressing at a rapid pace which is projected to benefit the market in the long term.

North America is projected to register significant demand over the forecast period, however, is likely to lose its market share to the Asia Pacific. Replacement of old structures, bridges, and highways coupled with government spending on public infrastructure is anticipated to remain the key factor for the growth.

Steel Fiber Market Share Insights

Key participants include Bekaert, Kosteel Co. Ltd., ArcelorMittal, Hanson, Fibrometals, Nippon Seisen, Sunshine Steel Fiber, R. STAT, Onward Chemicals Pvt. Ltd., Green Steel Group, Zhejiang Boean Metal Products, and Yuthian Zhitai Steel Fiber Manufacturing. Major market players are focused on the development of new products and customer acquisitions to improve their market share. Rising demand for building materials and shift toward high-quality products are some of the factors projected to open new avenues for the market players.

Report Scope

Attribute

Details

The base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD million, Volume in Kilotons and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, Germany, U.K., Russia, China, Japan, India, Australia, Brazil, Saudi Arabia

Report coverage

Revenue and volume forecast, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global steel fiber market report based on type, application, and region:

  • Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Hooked

    • Straight

    • Deformed

    • Others

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Slabs & Flooring

    • Precast

    • Pavements & Tunneling

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • Russia

    • Asia Pacific

      • China

      • Australia

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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