Fiber Reinforced Concrete Market is Estimated to Witness High Growth Owing to Increasing Construction Activity

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posted on 8 months ago — updated on 1 second ago

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The increasing construction activities are expected to provide significant growth opportunities for the fiber reinforced concrete market over the forecast period.

Fiber Reinforced Concrete Market is Estimated to Witness High Growth Owing to Increasing Construction Activity

Fiber reinforced concrete consists of discrete fibers that alter the fracture process of concrete. The fibers are dispersed and distributed randomly in concrete to improve the structural integrity of the material. It provides improved tensile strength, impact resistance, flexural strength, fatigue strength, and abrasion resistance to concrete. The rising infrastructural growth and construction activities around the world have increased the demand for fiber reinforced concrete as it allows reduction in crack width and crack propagation.

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 Opportunity:

According to the Global Infrastructure Hub Report, globally the required infrastructure investment is estimated to be around US$ 94 trillion between 2016 and 2040. Out of the total required investment, almost 60% is expected to come from Asia and around 25% is estimated to come from Europe. The rapidly growing population and economic growth in developing countries like India, China, Indonesia, and others is increasing the demand for residential and commercial buildings, roads, bridges, highways, and others. This rising construction activity is expected to boost the demand for fiber reinforced concrete and provide major market opportunities over the coming years.

Porter's Analysis
Threat of new entrants: The fiber reinforced concrete market has moderate threat of new entrants due to high capital requirement for infrastructure development and raw material processing.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, fiber reinforced concrete offers high strength and durability over substitutes.
Bargaining power of suppliers: Suppliers of fibers and concrete have low to moderate bargaining power as there are many suppliers in the market.
Threat of new substitutes: Threat from substitutes like steel reinforced and prestressed concrete is moderate as fiber reinforced concrete offers better ductility and post-cracking behavior.
Competitive rivalry: High due to presence of numerous global and regional players offering customized fiber reinforced concrete.

SWOT Analysis
Strength: High tensile and flexural strength. Improved durability, crack and shrinkage resistance over conventional concrete.
Weakness: Higher initial cost than conventional concrete. Dependency on fluctuating raw material prices.
Opportunity: Growing infrastructure development in emerging nations. Rising commercial construction globally.
Threats: Availability of low-cost substitutes. Stringent environmental regulations on cement production.

Key Takeaways

The Global Fiber Reinforced Concrete Market Size is expected to witness high growth at a CAGR of 6.8% during the forecast period of 2023 to 2030. Rapid urbanization and increasing spending on infrastructure development is driving the growth. The market size for fiber reinforced concrete is projected to reach US$ 2707.95 Mn by 2024.

Regional analysis indicates Asia Pacific will dominate the global market through 2030. Rising construction spending coupled with supportive government initiatives in China, India will propel the APAC fiber reinforced concrete market. North America and Europe will also witness significant growth owing to infrastructure revamp and commercial construction projects.

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. First Cash Financial Services Inc. and DFC Global Corp. hold majority market share due to strong product portfolio and global presence.