Global Steel Fiber Market is segmented By Type (Straight, Hooked, Crimped, Deformed, Others), By Manufacturing Process (Cut wire, Metal extract, Slit sheet), By Application (Composite, Concrete, Refractories, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global "Steel Fiber Market" is expected to grow at a CAGR during the forecasting period ( 2022-2029).
- Steel fibers are short discontinues strips of specially manufactured steel. Addition of steel fibers in concrete improves the mechanical properties of concrete significantly. Steel fibers arepredominantly being used to control crack propagation in isspecific prominent building and architectural designs.
- Hence the application of steel fibers is prominently growing in the construction industry globally. The uniqueness of fibers is its capability to impart ductile product properties to brittle materials which have breakage risk.
- Growth in the construction industry is the major driving factor for the growth of global steel fiber market.
- It is owing to its superior properties such as high impact resistance, reduced maintenance costs, greater fatigue survival, and long lifespan. They also provide optimal excellent crack control and superior impact resistance.
- Thus, growth in constructions and infrastructural investments worldwide can boost the global steel fiber market growth.According to UITP Advancing Public Transport by the end of 2013, 148 cities worldwide had a metro system, and approximately 45 cities opening new metro systems. From an infrastructure point of view, there are 11,000 kilometers of infrastructure and 9,000 metro stations.
- Additionally, according to the World Bank and McKinsey estimates the global expenditure from the construction industry is expected to grow by 47% reaching USD 14 trillion by 2025.
- However, rain damaged slabs allow fibers to be exposed and will present as very badvisuallywhile maintaining structural safety; this is one of the significant factors that might hamper the global steel fiber market growth.
Market Segmentation Analysis
- Based on the type the global steel fiber market is broadly segmented as hooked, straight, deformed and others. Among all these hooked steel fibers is the most commonly used type of steel fiber.
- Over the forecast period, it is predicted to grow at a higher CAGR. Owing to its usage in concrete reinforcement in hydraulic structures, industrial floor, bridge decks, shotcrete linings,airport and highway paving, and explosion resistant structures.
- This steel fiber type is affordable and readily available compared to others. Also, it substantially enhances initial crack strength and provides post-crack strength.
- Based on the application the global steel fiber market is segmented into concrete, Refractories, composite and others. Of all these concrete is accounted for the major market share.
- It is owing to its use in flooring, roof slab, bridges, water tanks, sports stadium, conference halls, tunnel lining, dams, canal lining, blast-resistant structures, and others.
- Also, it possesses high resistance to tensile and shear stresses caused by natural calamities and vibrations.
Market Geographical Analysis
- The global steel fibermarket is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific occupies the dominant share in the steel fiber market and is expected to grow at a CAGR of xx% in the forecast period.
- Majority of the steel fiber manufacturers are shifting to this region owing to cost-effective labor and low initial investment. Also, increasing demand from infrastructure, construction, and other industries.
- Besides, the technological advancements in the industrial sectorsand the rapid growth of transportation are expected to be the key factors driving this region. For instance, according to International Association of Public Transport,in 2017, there was 7,218km of track in 70 cities, with 26,690 million passengers traveling annually in the Asia Pacific. Additionally, around 345 kilometers of metro track length was added to China's metro network in 2018.
Market Competitive Analysis
- Significant players of the global steel fiber market are Arcelor Mittal, Bekaert, Fibrometals, Nippon Seisen, Zhejiang Boean Metal Products, Green Steel Group, Spajic Doo, Hunan Sunshine Steel Fiber, Yuthian Zhitai Steel Fiber Manufacturing, and others. Most of these manufacturers are adopting various growth strategies to strengthen their position in this highly competitive market. For instance, in August 2017, Arcelor Mittal invested $1billion for expansion in Mexico.
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