Fiber reinforced concrete is a composite material consisting of Portland cement concrete reinforced with discrete fibers. It is used in the construction of industrial floors, pavements and structural components. The product offers increased tensile strength, ductility and flexibility compared to conventional concrete.
The global Fiber Reinforced Concrete Market is estimated to be valued at US$ 3119.56 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the Global Fiber Reinforced Concrete Market Size is the growing infrastructure development activities across both developed and developing regions. Fiber reinforced concrete is widely used in the construction of roads, bridges and buildings owing to its durability and strength. According to the Global Infrastructure Hub, over $94 trillion is expected to be invested globally in infrastructure by 2040. This rising focus on infrastructure modernization and expansion is augmenting the demand for fiber reinforced concrete. Furthermore, ongoing projects such as the Belt and Road Initiative in China and the National Infrastructure Pipeline in India will drive massive infrastructure construction in the coming years, thereby fueling the uptake of fiber reinforced concrete in the industry.
Strength: Fiber reinforced concrete has high durability and strength as fiber helps improve tensile strength and impact resistance. The material can withstand cracking and reduces permeability.
Weakness: Fiber reinforced concrete has high initial cost of production as fibers need to be added during concrete mixing. The material also has issues during finishing works as fibers can cause defects on surface.
Opportunity: Rising construction of industrial and commercial infrastructure will drive the demand for durable and high strength construction material like fiber reinforced concrete. Replacement of aged infrastructure offers growth opportunities.
Threats: Availability of cheaper substitutes like steel reinforced concrete can hamper the market growth. Strict environmental regulations around production of certain fibers pose a threat.
The global fiber reinforced concrete market is expected to witness high growth. The global Fiber Reinforced Concrete Market is estimated to be valued at US$ 3119.56 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.
The market in Asia Pacific region is projected to grow at fastest pace till 2031 backed by rapid infrastructure development and construction activities in major economies like China and India. The region currently holds largest share of over 35% of global fiber reinforced concrete market owing to presence of vast construction industry.
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. Fiber producers are collaborating with concrete suppliers to develop advanced formulations of fiber reinforced concrete suitable for varied end-use applications. Companies are investing in automated production processes to cater to growing demand and gain competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it