Newark, NJ, Feb. 04, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global steel fiber market is expected to grow from USD 1.98 billion in 2017 to USD 2.97 billion by 2025, at a CAGR of 5.17% during the forecast period from 2018-2025. The steel fiber market has been witnessing the steady growth from the past few years, owing to increasing non-structural application of steel fiber through reinforcement in construction sector. It is considered as modern building material that can replace steel reinforcement. Steel fibers are extensively used in the construction sectors along with the steel reinforcing bars. It offers various advantages such as concrete saving, optimization in steel consumption, and faster construction, which have created positive impact on the steel fiber demand.
Steel fibers are man-made fiber that are mainly produced from the steel, steel-coated plastic, or a steel core enclosed with different metals. Steel filaments with diameter below 100 µm are considered to as steel fibers. Steel fibers exhibit superior properties of tensile strength, shear strength, crack resistance, durability and corrosion resistance. It is mainly used in reinforcement of the concrete to overcome the problem of concrete brittleness as well as to provide a better finish.
Global steel fiber market is expected to witness rapid growth over the forecast period, owing to increasing usage of steel fibers in various end user industries across the globe. In addition to this, global rise in infrastructure development and construction activities is further driving the market growth. However, high operating cost and difficulty in attaining uniform dispersal of fibers, and lack of consistent concrete characteristics, anticipated to hinder the market growth over the forecast period. On the flip side, rising demand for steel fiber in the developing economies is likely to provide potential growth opportunities for the steel fiber venors in the market, over the forecast period.
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Key players operating in the global steel fiber market include are Zhejiang Boean Metal Products, Green Steel Group, Arcelor Mittal, SIKA, Bekaert, Fibrometals, Nippon Seisen, Spajic Doo, Hunan Sunshine Steel Fiber, Yuthian Zhitai Steel Fiber Manufacturing, R. STAT, Ugitech S.A., IntraMicron, Inc., Ribbon Technology Corporation, HuNan HuiTong Advanced Materials CO., LTD., and Fibercon International Inc. among others. To enhance their market position in the global steel fiber market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, joint venture, mergers & acquisitions, collaborations, and partnership.
- For instance in 2016 Sika announced the acquisition of FRC Industries a fiber manufacturer based in Tuscaloosa, Alabama USA. FRC Industries offers a full line of high quality synthetic polypropylene and steel fibers for concrete. This acquisition accelerated the growth in the USA and further established Sika as a comprehensive supplier of steel fiber solutions for the construction industry.
- In December 2018, Bekaert announced the plan to build a steel fiber factory in a 40-hectare site at the VSIP Quảng Ngãi Industrial Park in the Sơn Tịnh District, in Vietnam’s Quang Ngãi Province.
Hooked steel fiber segment emerged as the leader in global steel fiber market with a 38.27% share of market revenue in 2017
Type segment is divided into crimped steel fiber, hooked steel fiber, straight steel fiber, deformed steel fiber, and others. Hooked steel fiber segment emerged as the leader in global steel fiber market with a 38.27% share of market revenue in 2017. Hooked steel fibers are widely used in the concrete reinforcement in paving of airport runways, highways, bridges, and industrial floors.
Cold drawn segment emerged as a leading segment with 36.56% share of revenue in 2017
Manufacturing Process is segmented into cold drawn, sleet sheet, melt extract and others. Cold drawn segment emerged as a leading segment with 36.56% share of revenue in 2017. This dominating market share be attributed to improved mechanical properties, tensile strengths and higher yield as well as cost effectiveness of the cold dawn steel fiber manufacturing process.
Concrete reinforcement segment was the leader in global demand for the reinforced steel fibers with a 42.96% share of market revenue in 2017
Application is segmented into composite reinforcement, concrete reinforcement, refractories and others. Concrete reinforcement segment was the leader in global demand for the reinforced steel fibers with a 42.96% share of market revenue in 2017. Steel fibers reinforced concrete demonstrations superior properties such as crack propagation and superior resistance cracks. Thus increasing the longevity of the structure and reducing the maintenance cost.
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Regional Segment Analysis of the Steel Fiber Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific emerged as the largest market for the steel fibers with a 34.13% share of market revenue in 2017, followed by North America. Rising focus on infrastructure and housing development activities as well as retrofitting the existing infrastructure such as highways, airports have propelled Asia Pacific being the largest market for the steel fibers. North America region accounted for a significant market share in 2017, owing to robust demand from its well-developed infrastructure development sector. In addition to this, Middle East and Africa region, is anticipated to grow at healthy growth rate in the global steel fiber market. This is mainly due to increasing construction and infrastructural activities across the region.
About the report:
The global steel fiber market is analysed on the basis of value (USD Billion), volume (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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