by The fiber reinforced concrete market has witnessed significant growth in recent years due to rising demand for higher strength and durable concrete materials in the construction industry. Fiber reinforced concrete consists of discrete fibers that are uniformly dispersed and suspended in the concrete mix and are used to control cracking and shrinkage in concrete. These fibers impart several advantages such as higher tensile strength, resistance against shrinkage cracking, impact and abrasion resistance, durability, and flexibility. The rising infrastructure development activities worldwide along with growing renovation and repair projects of buildings and bridges are fueling the demand for advanced concrete materials.
The global Fiber Reinforced Concrete Market is estimated to be valued at US$ 2707.95 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapid growth of the construction industry worldwide has been a major driver for the fiber reinforced concrete market. According to data by Global Construction 2030, the global construction output is expected to grow by 85% to US$ 15.5 trillion by 2030. Fiber reinforced concrete exhibits significantly higher strength and reduces cracking as compared to conventional concrete. Thus, it is widely used in the construction of bridges, tunnels, roads, buildings, and other infrastructure projects owing to its advantages. Additionally, growing urbanization has increased infrastructure development activities in developing nations of Asia Pacific and Latin America, which in turn has fueled the demand for advanced concrete materials like fiber reinforced concrete over the forecast period.
SWOT Analysis
Strength: Fiber reinforced concrete is more durable and has higher tensile strength compared to normal concrete. It can withstand cracks and last longer.
Weakness: The production process of fiber reinforced concrete is complex and requires specialized equipment. It is also more expensive than plain concrete.
Opportunity: The growing construction industry worldwide is driving the demand for durable and sustainable construction materials like fiber reinforced concrete. More infrastructure projects especially in developing nations offer new opportunities.
Threats: Availability of cheaper substitutes like steel rebars poses a threat. Environmental regulations regarding disposal of fiber reinforced concrete can also limit its use.
Key Takeaways
The Global Fiber Reinforced Concrete Market Size is expected to witness high growth. The market size is projected to reach US$ 2707.95 Mn by 2024, growing at a CAGR of 6.8% during the forecast period of 2023 to 2030.
Regional analysis – Asia Pacific region currently dominates the market and is expected to continue its lead during the forecast period. This is due to increased infrastructure investment and construction activities in developing countries like China and India. Countries in Southeast Asia and the Middle East also offer lucrative growth opportunities.
Key players – Key players operating in the fiber reinforced concrete market are First Cash Financial Services Inc., EZCORP, INC., DFC Global Corp., Picasso Pawn, Buckeye Pawn Shop, Borro Private Finance, Welsh Pawn, Luxury Asset Capital, Beverly Loan Company, and Big Store Pawn Shop. These key manufacturers are focusing on new product launches and partnerships to strengthen their market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
