Steel Fiber Market worth $2.44 billion by 2029 Globally, at a CAGR of 4.5% says MarketsandMarkets™

Chicago, May 27, 2024 (GLOBE NEWSWIRE) -- The Global Steel Fiber Market  is estimated at USD 1.96 billion in 2024 and is projected to reach USD 2.44 billion by 2029, at a CAGR of 4.5% from 2024 to 2029, as per the recent study by MarketsandMarkets™. During the forecasted years, mechanical properties along with versatility, increasing demand in construction and building industry across the globe, are some of the factors driving the growth of steel fiber market. Some of the market opportunities include growing demand of sustainable materials in building and construction industry, and growing application of reinforcing composites and refractories.

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List of Key Players in Steel Fiber Market:

  • Bekaert (Belgium)
  • ArcelorMittal (Luxembourg)
  • Nippon Seisen Co., Ltd. (Japan)
  • Fibrometals (Romania)
  • Sika AG (Switzerland)
  • Jiangsu Shagang Group Co., Ltd.(China)
  • Zhejiang Boen Metal Products Co., Ltd. (China)
  • Green Steel Group (Italy), Spajic Doo (Serbia)
  • Kosteel Co., Ltd. (South Korea)
  • Severstal (Russia)
  • Enviromesh Pty ltd. (Australia)
  • Hunan Shuanxing Steel Fiber Co., Ltd. (China),
  • Kerakoll SPA (Italy)

Drivers, Restraints, and Opportunities in Steel Fiber Market:

  • Driver: Increasing demand for steel fibers in construction & building industry
  • Restrain: Surge in use of glass and synthetic fibers
  • Opportunity: Research and development of new manufacturing techniques
  • Challenge: Susceptibility of steel fibers to corrosion

Key Findings of the Study:

  • Hooked type segment accounted for largest market share o by type steel fiber market in 2023.
  • Cold Drawn segment accounted for largest market share of by the steel fiber market in 2023.
  • Concrete reinforcement segment accounted for largest market share of by steel fiber application market in 2023.
  • Asia Pacific region is expected to register the highest CAGR in terms of value during the forecasted period.

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Based on type, the steel fiber market is segmented into Hooked (features small hooks or bends along the ends of their length which are used for enhanced bonding in concrete), Straight (uniform straight shape without bends or hooks), Deformed (irregular shape which increases the surface area to promote better mechanical interlocking), Crimped (non-uniform shape due to corrugations to provide enhanced bonding), and others (steel fibers like corrugated, arched, and double arched steel fibers).

Based on manufacturing process, the steel fiber market is segmented on the basis of various processes involved in the manufacture of steel fibers like Cut Wires, Cold Drawn, Slit Sheet, and Melt Extract. There are a few other processes also that are used by steel fiber manufacturers to make steel fibers. Majority of the steel fiber manufacturers use the above-mentioned manufacturing processes to manufacture steel fibers, cold drawn technique being the most commonly used process in the steel fiber market.

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Based on application, the steel fiber market has been segmented into concrete, composites, and refractories. The application of steel fiber products in concrete reinforcement accounted for the largest market share in terms of both, volume and value. Steel fibers are getting widely used for reinforcing concrete, shotcrete, composites, and refractories. Concrete reinforced with steel fibers have high crack resistance and tensile strength, making it a material that is widely popular in the construction industry for reinforcements.

Based on Region, Asia Pacific region is expected to witness highest CAGR, in terms of both value and volume, during the period 2024 to 2029. The high growth of steel fiber market can be attributed to increasing demand from the building and construction industry. High acceptance of steel fibers in the construction industry and growing need for these steel fibers in the reinforcement of concrete composites, and refractories contribute to the high growth of steel fiber in this particular region.

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