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’’The steel fiber market is projected to register a CAGR of 5.0%, in terms of value, between 2018 and 2023.’’
The steel fiber market size is estimated at USD 2.0 billion in 2018 and is projected to reach USD 2.5 billion by 2023, at a CAGR of 5.0%. Steel fiber has various properties such as high tensile strength, durability, corrosion resistance, crack resistance, and enhanced shear strength. Due to these properties, steel fiber is used in various applications such as concrete reinforcement, composite reinforcement, refractories, and others. The superior properties offered by steel fiber are leading to the increasing use of steel fiber in the concrete reinforcement application, which is a major factor driving this market. However, the use of synthetic fiber in some applications is restraining the growth of steel fiber market.
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’’Hooked steel fiber segment is projected to register the highest CAGR between 2018 and 2023.’’
Based on type, the steel fiber market is segmented into hooked steel fiber, crimped steel fiber, straight steel fiber, deformed steel fiber, and others. Hooked steel fiber is projected to be the fastest-growing segment. The properties offered by this type of steel fiber, such as high tensile strength, crack resistance, durability, and shear strength, are expected to contribute to the growth of this segment during the forecast period.
’Concrete reinforcement is estimated to be the largest consumer of steel fiber.’’
Concrete reinforcement is a major application of steel fiber market. The steel fiber market is projected to register the highest CAGR in the concrete reinforcement segment during the forecast period. The use of steel fiber in the concrete reinforcement helps in achieving good barrier to crack and heavy load and tensile strength. Steel fiber is used widely in the concrete reinforcement of tunneling, heavy duty pavement, precast, shotcrete, airport runways, and others.
"APAC is projected to dominate the steel fiber market during the forecast period.”
The steel fiber market in APAC is projected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing demand from the construction industry. Also, the increasing focus of manufacturers in the APAC region, such as Stewols India (India), Zhejiang Boen Metal Products (China), and Hunan Sunshine (India), is another key factor helping the market growth in the APAC region.
Breakdown of profiles of primary interviewees:
- By Company: Tier 1 - 50%, Tier 2 - 25%, and Tier 3 - 25%
- By Designation: C level - 42%, Director level - 33%, and Others - 25%
- By Region: APAC - 42%, Europe - 33%, North America - 17%, and Rest of the World – 8%
The steel fiber market comprises major manufacturers such as Arcelor Mittal (Luxembourg), Bekaert (Belgium), Fibrometals (Romania), Nippon Seisen (Japan), Zhejiang Boean Metal Products (China), Green Steel Group (Italy), Spajic Doo (Serbia), Hunan Sunshine Steel Fiber (China), Yuthian Zhitai Steel Fiber Manufacturing (China), and R. STAT (Saint-Jean-Bonnefonds). The study includes an in-depth analysis of these key players in the steel fiber market, including profiling of the companies and analyses of the key market strategies.
- This market study aims at estimating the market size and the growth potential of the overall market and the different segments of the market.
- The Porter’s Five Forces analysis and the key market dynamics, such as drivers, restraints, challenges, and opportunities, influencing the growth of the steel fiber market have been discussed in the report.
- The report also provides company profiles and competitive benchmarking of major players operating in the market.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall steel fiber market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. It will also help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.