USD 1.84 billion
Steel Fiber Market Size, Share, Growth Analysis, By Type(Hooked, straight, deformed and others), By Application(Slabs and flooring, precast, pavements and tunnelling and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15O2015 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Steel Fiber Market Insights
Global Steel Fiber Market size was valued at USD 1.87 billion in 2022 and is poised to grow from USD 1.91 billion in 2023 to USD 2.71 billion by 2031, growing at a CAGR of 5.51% during the forecast period (2024-2031).
The global steel fiber market has witnessed significant growth in recent years and is expected to continue its upward trajectory in the coming years. The growing demand for high-strength and durable materials in infrastructure development projects, such as bridges, tunnels, and roadways, is a key driving factor for the market. Additionally, the increasing focus on improving the structural integrity and longevity of buildings, along with the rising adoption of steel fiber-reinforced concrete (SFRC) in industrial flooring and precast elements, is fueling market growth. Moreover, steel fibers offer advantages like crack resistance, impact resistance, and reduced maintenance, further bolstering their demand across various applications. The market is witnessing technological advancements, with manufacturers developing innovative steel fiber products to cater to specific industry requirements. However, the market faces challenges such as fluctuating raw material prices and the availability of alternative reinforcement materials. Nonetheless, the expanding construction sector in emerging economies, coupled with ongoing infrastructure development projects worldwide, presents lucrative opportunities for market players. Overall, the global steel fiber market is poised for substantial growth, driven by the increasing demand for high-performance materials and the need for sustainable and resilient infrastructure.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hooked
Fastest Growth
Hooked
Growth Rate
7.1% CAGR
Global Steel Fiber Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Steel Fiber Market Segmental Analysis
Global Steel Fiber Market is segmented by type, application, and region. Based on type, the market can be segmented into Hooked, straight, deformed and others. Based on application, the market is segmented into Slabs and flooring, precast, pavements and tunnelling and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The dominant segment in the global steel fiber market is the hooked segment. Hooked steel fibers are widely used due to their ability to provide excellent anchorage within the concrete matrix, resulting in improved crack control and enhanced tensile strength. They are extensively employed in various applications, including industrial flooring, tunnel linings, and shotcrete, to enhance the structural performance and durability of concrete structures. The hooked segment holds a significant market share due to its proven performance and widespread adoption across different industries.
On the other hand, the fastest growing segment in the global steel fiber market is the straight segment. Straight steel fibers are witnessing rapid growth due to their versatility and suitability for various applications. They offer excellent tensile strength and are often used to reinforce thin concrete sections, such as overlays and precast elements. The growing demand for straight steel fibers can be attributed to their ability to enhance the flexural and impact resistance of concrete, making them highly preferred in high-stress applications like airport pavements, highway panels, and industrial pavements. The straight segment is experiencing substantial growth as industries recognize the benefits of using these fibers to enhance the performance and longevity of concrete structures.
Analysis by Application
The dominant segment in the global steel fiber market based on application is slabs and flooring. Steel fibers are extensively utilized in the construction of slabs and flooring to improve their strength, crack resistance, and overall durability. The use of steel fibers in this application helps in reducing shrinkage and settlement cracks, enhancing load-bearing capacity, and increasing the lifespan of the structures. Slabs and flooring applications include industrial facilities, commercial buildings, warehouses, and residential complexes, where the demand for robust and long-lasting flooring solutions is high.
The fastest growing segment in the global steel fiber market based on application is pavements. Steel fiber-reinforced pavements are experiencing rapid growth due to their ability to withstand heavy traffic loads, resist fatigue and rutting, and extend pavement life. These pavements are widely used in highways, airports, ports, and industrial areas where there is a need for durable and high-performance road surfaces. Steel fibers enhance the mechanical properties of pavement, reduce maintenance costs, and provide excellent resistance against cracking and deformation. The growing investment in infrastructure development, particularly in emerging economies, is driving the demand for steel fiber-reinforced pavements, making it the fastest growing segment in the market.
Global Steel Fiber Market By Type
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Steel Fiber Market Regional Insights
Asia Pacific dominated the global steel fiber market. Asia Pacific holds a significant market share due to the region's robust construction industry and growing infrastructure development projects. Countries like China, India, and Japan are witnessing rapid urbanization and increasing investments in commercial, residential, and industrial construction. The demand for steel fiber-reinforced concrete is high in the region, driven by the need for durable and sustainable construction materials. Additionally, the expanding automotive and aerospace sectors in Asia Pacific contribute to the dominant position of the region in the steel fiber market.
Middle East and Africa is the fastest growing region in the global steel fiber market. The region is experiencing significant growth due to a surge in construction activities and infrastructure development projects, including roads, bridges, airports, and stadiums. Countries like the United Arab Emirates, Saudi Arabia, and Qatar are investing heavily in the construction sector, fueled by factors such as population growth, urbanization, and preparations for upcoming international events. Steel fiber-reinforced concrete is increasingly being adopted in the region to enhance the strength and durability of structures in harsh climatic conditions. The Middle East and Africa region present lucrative opportunities for market players due to the expanding construction industry and infrastructure projects, making it the fastest growing segment in the market.
Global Steel Fiber Market By Geography
- Largest
- Fastest
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Steel Fiber Market Dynamics
Drivers
Increasing demand for high-performance and durable construction materials
- One key driver of the global steel fiber market is the increasing demand for high-performance and durable construction materials. The growing emphasis on constructing sustainable and resilient infrastructure, coupled with the need for enhanced structural integrity, drives the adoption of steel fiber-reinforced concrete and other steel fiber products. Steel fibers offer superior mechanical properties, such as crack resistance, impact resistance, and increased tensile strength, making them an attractive choice for various applications.
Restraints
Fluctuating prices of raw materials
- One key restraint of the global steel fiber market is the fluctuating prices of raw materials. The production of steel fibers requires raw materials such as steel wire or steel bars, the prices of which can be subject to volatility. Fluctuations in raw material costs can impact the profitability of steel fiber manufacturers and influence the final product prices. Additionally, the availability of alternative reinforcement materials, such as synthetic fibers or polymer-based additives, may pose a challenge to the growth of the steel fiber market, as customers might opt for these alternatives based on cost or specific application requirements.
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Steel Fiber Market Competitive Landscape
The competitive landscape of the global steel fiber market is characterized by intense competition among key players striving to gain a larger market share. These companies focus on product innovation, technological advancements, and strategic partnerships to stay ahead in the market. The market is highly fragmented, with numerous small and large players operating globally. Market players primarily compete based on factors such as product quality, performance, pricing, and customer service. Additionally, the market's competitive dynamics are influenced by factors such as regional expansion, mergers and acquisitions, and collaborations to strengthen their market presence and cater to the diverse needs of customers across different industries and regions.
Top Player’s Company Profiles
- R. STAT (US)
- Zhejiang Boean Metal Products (China)
- Spajic Doo (Serbia)
- Bekaert (Belgium)
- Hunan Sunshine Steel Fiber (China)
- Yuthian Zhitai Steel Fiber Manufacturing (China)
- Fibrometals (UK)
- Arcelor Mittal (Luxembourg)
- Green Steel Group (Netherlands)
- Nippon Seisen (Japan)
- BRC Industrial (US)
- Wirand Stahl GmbH (Germany)
- FURUI Steel Group (China)
- Ferro Fiber Corporation (US)
- ArcelorMittal WireSolutions (Luxembourg)
- Dextra Group (Thailand)
- Wire Mesh Corporation (US)
- Meka Steel (Turkey)
- Fibre Technologies International (US)
- Euclid Chemical (US)
Recent Developments
- In January 2022, Nippon Steel Corporation completed the acquisition of G.J. Steel and G. Steel for a sum of $763 million. The purpose behind this strategic purchase is to leverage their combined expertise and resources in introducing a wide range of steel fiber products and services to the market. GJ Steel Public Corporation Limited, based in Thailand, specializes in the production and sale of hot-rolled steel plates.
- In October 2021, Bekaert made significant strides in reducing the carbon footprint of the construction industry with their innovative Dramix® steel fibers. Bekaert's commitment to sustainability is evident through their ongoing efforts to mitigate environmental impact, setting ambitious sustainability targets.
- In September 2021, Bundrex steel fibers were chosen to strengthen the Tesalia Tunnel in Colombia. The project, slated for delivery in September 2021, aims to enhance the tunnel's structural integrity and resilience with the utilization of Bundrex steel fibers, a testament to their effectiveness in reinforcing infrastructure.
Steel Fiber Key Market Trends
- One key market trend in the global steel fiber market is the growing demand for sustainable and resilient infrastructure solutions. There is an increasing emphasis on constructing buildings, bridges, and other structures that can withstand environmental challenges, such as earthquakes, extreme weather conditions, and long-term durability requirements. Steel fibers offer enhanced strength, crack resistance, and durability, making them a preferred choice for reinforcing concrete and other construction materials. The trend towards sustainable and resilient infrastructure reflects the industry's commitment to constructing long-lasting and environmentally conscious structures.
Steel Fiber Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global steel fiber market analysis, the market is experiencing significant growth driven by the demand for high-performance and durable construction materials. Steel fibers, such as hooked and straight variants, are widely used in various applications, including slabs and flooring, precast elements, pavements, and tunnelling. The Asia Pacific region dominates the market, fueled by robust construction activities and infrastructure development projects. Additionally, the Middle East and Africa region are witnessing rapid growth due to increasing construction investments. The market is highly competitive, with key players focusing on product innovation and strategic partnerships. However, fluctuating raw material prices and the availability of alternative reinforcement materials pose challenges. Overall, the market is propelled by the need for sustainable and resilient infrastructure solutions, driving the adoption of steel fibers worldwide.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.87 billion |
| Market size value in 2031 | USD 2.71 billion |
| Growth Rate | 5.51% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Steel Fiber Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Steel Fiber Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Steel Fiber Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Steel Fiber Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Steel Fiber Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Steel Fiber Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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