PUBLISHER: The Business Research Company | PRODUCT CODE: 1392924
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392924
“Steel Fiber Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on steel fiber market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for steel fiber? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The steel fiber market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Steel fiber refers to specially manufactured short-ended steel strips designed to enhance concrete strength by resisting tensile cracking. They are employed to replace traditional reinforcement in specific non-structural applications, aiming to minimize cracking by providing attributes such as good impact strength, high load-bearing capability post-cracking, ductility, and high resistance.
The steel fiber market discussed in this report is categorized by type into hooked, straight, deformed, and crimped. The hooked steel fiber, derived from quality base steel bar with excellent mechanical properties, particularly high tensile strength, experiences significant demand in the construction industry compared to other types. The market is further segmented by application, including concrete reinforcement, composite reinforcement, and refractories. Various end-user segments encompass polymer, chemical, pharmaceutical, aircraft/maritime/machine, measuring & instrumentation devices, and others.
The steel fiber research market report is one of a series of new reports from The Business Research Company that provides steel fiber statistics, including steel fiber industry global market size, steel fiber market regional shares, competitors with steel fiber share, detailed steel fiber market segments, market trends and opportunities, and any further data you may need to thrive in the steel fiber industry. This steel fiber research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The steel fiber market size has grown strongly in recent years. It will grow from $2. 19 billion in 2023 to $2. 37 billion in 2024 at a compound annual growth rate (CAGR) of 8. 6%. The growth observed in the historical period can be attributed to several factors, including the expansion of infrastructure, supportive government policies, an increased adoption of steel fiber reinforcement within the construction industry, a demand for durable and robust construction materials, and elevated investments in infrastructure development.
The steel fiber market size is expected to see strong growth in the next few years. It will grow to $3. 21 billion in 2028 at a compound annual growth rate (CAGR) of 7. 9%. The anticipated growth in the forecast period can be attributed to various factors, including the expansion of the transportation sector, a rise in urbanization, an increasing demand for durable and sustainable infrastructure solutions, a growing trend of precast construction, and global economic growth. Notable trends expected in the forecast period encompass technological advancements, the utilization of microfiber technology, a focus on customization and specialty fibers, integration with 3D printing, and the development of innovative steel fiber products with advanced properties.
The anticipated growth in the construction industry is poised to drive the expansion of the steel fiber market. Dealing with the construction of houses, bridges, and various structures, the construction industry extensively utilizes steel fiber in materials for construction and civil engineering. The superior properties of steel fiber, including high impact resistance, greater fatigue survival, extended lifespan, and reduced maintenance costs, make it a widely favored material. Its applications span across parking lots, playgrounds, airport runways, taxiways, maintenance hangars, access roads, and workshops. According to estimates from the World Bank and McKinsey, global expenditure in the construction industry is projected to surge by 47%, reaching $14 trillion by 2025. Therefore, the rapid growth in the construction industry acts as a catalyst for the steel fiber market.
The growing emphasis on green buildings is expected to drive the growth of the steel fiber market. Green buildings, designed and operated with a focus on environmental impact reduction and occupant well-being, can benefit from steel fibers by extending structure lifespan, reducing the need for replacements or repairs, and minimizing material waste. An article from the US Green Building Council (USGBC) in October 2022 highlighted that over 36,835 projects, covering 4. 63 billion gross square feet, earned Leadership in Energy and Environmental Design (LEED) certification until 2021. Additionally, in the first three quarters of 2022, over 5,000 more projects were certified, with the majority in the United States and Canada (74%), followed by East Asia (9%) and Europe (6%). The increasing focus on green buildings is a significant driver for the growth of the steel fiber market.
Major companies in the steel fiber market are actively innovating to expand their customer bases, increase sales, and boost revenue. Innovations in the industry include novel applications, manufacturing techniques, or material compositions that enhance the performance and versatility of steel fibers in reinforced concrete and construction. For instance, HiPer Fiber LLC, a US-based steel fiber company, introduced HiPer Fiber, a new type of steel fiber with the capability to triple the fiber utilization rate, resulting in increased efficiency and potential advantages. Unlike conventional fibers, HiPer fibers feature striations for effective anchoring within ultra-high-performance concrete (UHPC) matrices.
Major companies are developing sustainable products to minimize environmental impact. Sustainable steel fiber refers to those produced, used, and disposed of in an environmentally responsible manner. In October 2021, N. V. Bekaert S. A., a Belgium-based provider of steel wire transformation and coating technologies, achieved an Environmental Product Declaration (EPD) for its production of Dramix steel fibers in Petrovice, Czech Republic. This underscores the sustainability of its manufacturing process, offering significant reductions in carbon emissions and pollution. Furthermore, Dramix steel fibers are micro-plastic-free, aligning with the growing demand driven by government regulations, especially in shotcrete applications for underwater tunnel projects.
In January 2022, Nippon Steel Corporation, a Japan-based steel manufacturer, acquired G. J. Steel and G. Steel for $763 million. This strategic move aims to leverage expertise and resources for the development and marketing of existing and new steel fiber products and solutions. GJ Steel Public Company Limited, based in Thailand, specializes in producing and selling hot-rolled steel sheets in coils.
Major companies operating in the in the steel fiber market report are Arcelor Mittal SA, N. V. Bekaert S. A., Fibro Metals SRL, Nippon Seisen Co. Ltd., Zhejiang Boean Metal Products Co. Ltd., Green Steel Poland Sp. z o. o., Spajic Doo, Hunan Sunshine steel fiber co. Ltd., Yuthian Zhitai Steel fiber Manufacturing Co. Ltd., R. STAT, Ugitech S. A, Intra Micron Inc., Kosteel Co. Ltd., Junwei Metal Fiber Co. Ltd., Maccaferri SpA, The Euclid Chemical Company, Henan Green Polymer Co. Ltd., Nycon Corp., Jiangsu Daqi Metal Surface Treatment Co. Ltd., Fabpro Polymers Inc., Cangzhou Daye Metal Fiber Co. Ltd., Onward Chemicals Pvt. Ltd., Ribbon Technology Corporation, Fibercon International Inc., Stewols India Ltd., Bekaert Corporation, Euclid Chemical Co., Steelcon Pty Ltd., Hengyang Steel Fiber Co. Limited, Steel Wire Corporation of America, Zibo Tenran Steel Fiber Co. Ltd
Asia-Pacific was the largest region in the steel fiber market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steel fiber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the steel fiber market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The steel fiber market consists of sales of single hooked, wad, crescent, and straight. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.