Steel Fiber Market Size, Share, Global Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Steel Fiber Market


The global steel fiber market size was estimated at USD 1.6 billion in 2018 and is anticipated to expand at a CAGR of 7.2% from 2019 to 2025. Increasing non-structural application of steel fiber through reinforcement in construction sector is the key factor driving the growth. Steel fibers are extensively used along with mesh and steel reinforcing bars in various construction applications. Advantages including optimization in steel consumption, concrete savings, and faster construction have created a positive impact on the product demand. These products also assist in quality improvement of construction through effective crack and shrinkage control and elimination of rebar corrosion.
U.S. accounted for 72% volume share of the North America market for steel fiber in 2018 and is likely to expand at a lucrative CAGR over the next seven years. Concrete has week tensile strength and hence, addition of steel fiber provides additional strain capacity and tensile strength in concrete. Expansion of concrete industry in U.S. is a key driver for the regional market owing to increasing use of the product in structural application.

Pavements and flooring application is likely to represent numerous opportunities for market vendors in U.S. Concrete pavements can help improve fuel efficiency that travel on roads compare to other pavements. As per the Portland Cement Association, the use of concrete pavements has potential to decrease fuel consumption by 3% and reduce Greenhouse Gas (GHG) emissions by 51.2 million short tons.

Currently, steel fiber concrete is widely used in developed countries compared to developing countries. Steel fiber as reinforcing component has high demand in industrial flooring, logistic centers and warehouses, car parking, airports, swimming pools, and motor roads.

Strong competition from steel reinforcement bars (rebars) represents a challenge for the market. Rebar products are still widely used across the construction sector and have higher penetration in both developed and developing economies. Rebar has wide applications in residential, non-residential, and commercial construction where structural strength is required.

Type Insights of Steel Fiber Market

Based on steel fiber type, the steel fiber market is categorized into hooked, straight, deformed, and others. In terms of volume, hooked type held the highest market share of 64% in 2018 and is projected to maintain its position during forecast period. Properties such as the ability to improve resistance and bonding strength in construction are assisting in demand of hooked type products in the market. These products also have the ability to form strong bonds which results in low maintenance of structure.

In terms of revenue, deformed steel fiber segment is likely to register a CAGR of 7.3% from 2019 to 2025. Demand from concrete application in order to prevent cracking and water damage are projected to fuel the growth of the segment in the forthcoming years. These products also have great abrasion and impact resistance and better post crack strength.

Steel fiber helps reduce slab thickness, improve placement, and save on concrete costs. Errors during fabric positioning can be reduced using these products. It increases speed of construction resulting into savings of time and costs. Increasing infrastructure spending through various private and government programs is likely to contribute in the demand of different steel fiber products.

Application Insights of Steel Fiber Market

Based on application, the market has been segmented into slabs and flooring, precast, pavements and tunneling, and others. Concrete reinforcement is likely to attract maximum demand in slabs and flooring, precast, and pavements and tunneling applications. In terms of revenue, slabs and flooring was the largest segment with a revenue share of 46.4% in 2018. Incessant demand for non-structural and architectural building components in building and construction market is anticipated to drive growth of the precast segment over the forecast period.

Pavements and tunneling is likely to generate the maximum demand in the forthcoming years. In terms of revenue, the segment is anticipated to register a CAGR of 7.4% from 2019 to 2025. Combination of low bending moments and high compressive forces in tunnel lining owing to the steel fiber reinforced concrete has resulted in increased product demand in recent past.

In mechanized tunneling, the use of tunnel boring machine is expected to drive installation of concrete segments owing to the benefits, such as reduction in costs and time savings. Bekaert is one of the leading market players and has supplied steel fiber products to numerous tunnel projects including Shieldhall Tunnel, Crossrail Bond Street Station, Citybanan, Bottnia Banan, and Kakegawa Twin Tunnel.

Regional Insights of Steel Fiber Market

Asia Pacific is likely to witness the fastest CAGR of 7.7% over the forecast period. Development in the building and construction sector coupled with increased focus on public infrastructure are the key regional growth drivers. Infrastructure spending in India and China is expected to witness rapid growth wherein construction of expressways, airports, and rails is projected to register a high demand for steel fiber products. This is projected to create a positive impact on the growth of the regional market over the forecast period.

Europe was the second largest region in terms of volume with a market share of 28.8% in 2018. Major tunneling projects and moderate development of construction sector are likely to create a positive impact on the regional growth. Penetration of steel fiber reinforcement in Europe is progressing at rapid pace which is projected to benefit the market in the long term.

North America is projected to register significant demand over the forecast period, however, is likely to lose its market share to Asia Pacific. Replacement of old structures, bridges, and highways coupled with government spending on public infrastructure are anticipated to remain the key factors for the growth.

Market Share Insights of Steel Fiber Market

Key participants include Bekaert, Kosteel Co. Ltd., ArcelorMittal, Hanson, Fibrometals, Nippon Seisen, Sunshine Steel Fiber, R. STAT, Onward Chemicals Pvt. Ltd., Green Steel Group, Zhejiang Boean Metal Products, and Yuthian Zhitai Steel Fiber Manufacturing. Major market players are focused on development of new products and customer acquisitions to improve their market share. Rising demand for building materials and shift toward high quality products are some of the factors projected to open new avenues for the market players.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Steel Fiber Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global steel fiber market report on the basis of type, application, and region:

Type Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  
Hooked
  
Straight
  
Deformed
  
Others

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  
Slabs & Flooring
  
Precast
  
Pavements & Tunneling
  
Others