PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606470
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606470
The Steel Fiber Market was estimated at USD 1,902.2 million in 2023, growing at a CAGR of 4.60% between 2024 and 2032.
Steel fibers are microscopic, distinct bits of steel used to strengthen concrete. They are commonly added to concrete mixtures to increase qualities such as strength, durability, and crack resistance. Steel fibers come in a variety of forms and diameters, including hooked-end, crimped, and straight, and are used to improve concrete performance in a variety of construction applications.
Steel Fiber Market- Market Dynamics
Growing Demand for Steel Fibers is Driving the Market Expansion
The increasing demand for steel fibers drives the market for steel fiber. Steel fiber usage is expected to rise as developing countries build infrastructure. Governments are making significant investments in the construction of buildings, interstate roadways, and other amenities to improve inhabitants' living conditions. Steel fibers, known for their fracture resistance and high yield strength, are frequently employed in residential and commercial construction. The rise of the construction industry is expected to boost the growth of the steel fiber market. The construction sector focuses on building homes, bridges, and other constructions. For instance, in January 2024, the World Bank Group stated that about 70% of the urban infrastructure needed by 2047 remains to be built, demanding considerable expenditures. India would need to invest around $840 billion in infrastructure by 2036, an average of $55 billion per year, or about 1.2 percent of its GDP. This report illustrates the expanding need for infrastructure, as well as the market's increased need for steel fibers.
Steel Fiber Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of approximately 4.60% from 2024-2032.
According to Types segmentation, the hooked type had the largest market share in 2023
According to application segmentation, pavements, and tunnels are expected to have the most demand.
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Steel Fiber Market is divided into three segments: type, application, and region.
The market is divided into four divisions based on Types: Hooked, Deformed, Straight, and Others. In terms of volume, the hooked type had the largest market share in 2023 and is expected to hold that position throughout the forecast period. Properties such as improved resistance and bonding strength in construction contribute to the market demand for hooked-type items. These compounds can also produce strong connections, requiring little structural upkeep.
The market is segmented into four segments according to application: Slabs & Flooring, Pavements & Tunneling, Precast, and Others. Pavements and tunneling are expected to generate the highest demand in the future years. The segment's revenue is expected to grow at a 7.4% CAGR between 2023 and 2032. The combination of low bending moments and strong compressive forces in tunnel lining due to steel fiber-reinforced concrete has resulted in increased product demand in recent years.
Steel Fiber Market- Geographical Insights
Geographically, this market is distributed over Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa. These regions are further segmented according to the countries bringing commerce. The Asia-Pacific Steel Fiber Market will account for the majority of market share during the forecast period. This is due to the building industry's tremendous growth. Furthermore, technical developments in the manufacturing industry as a result of government initiatives and rapid expansion in the transport and power industries are predicted to be important drivers driving APAC market growth in the projected timeframe.
The Steel Fiber market in Europe is likely to grow and increase significantly over the forecast period, owing to the increasing use of steel fiber in commercial flooring, warehouses, driveways, roads, and other end-use sectors, which has spurred market expansion in European nations. Furthermore, the German Steel Fiber market has the greatest market share, and the UK Steel Fiber market is likely to grow and increase significantly in the European region over the forecast period.
The steel fiber market is highly competitive, with multiple leading players in action to increase their market reach and portfolio. The major contributors are Bekaert, Nippon Seisen, Kosteel Co. Ltd., Hanson, and Fibrometals, which are mostly due to the high-quality steel fibers produced that would improve the mechanical properties of concrete and other composite materials. The competition is driven by an increased demand for long-lasting construction materials in areas of infrastructure, mining, and industrial purposes. The manufacturers also shifted their attention to innovation and devised more sophisticated steel fiber products, which enhanced performance and diminished costs. Another aspect is strategic partnerships, which are very common nowadays as companies try to exploit new technologies, increasing the demands of customers and maintaining a dynamic market environment.
In March 2022, Nippon Steel Corporation acquired G.J. Steel and G. Steel for $763 million in January 2022. This transaction aims to provide value by combining experience and resources to introduce new steel fiber products and services to the market. GJ Steel Public Corporation Limited is a Thai company that produces and sells hot-rolled steel plates in bundles.