Global Concrete Fibers Market is foreseen to expand exponentially through 2032 driven by the thriving construction industry in Asia Pacific. Increasing trend of urbanization, growing population, and rising infrastructural spending would further prompt the concrete fibers market growth in APAC economies through the coming years.
In July 2022, China announced allocating USD 74.69 billion to accelerate infrastructure spending and revive a flagging economy. In addition, the growing awareness around the benefits of concrete fibers would offer lucrative opportunities for concrete fibers market players over 2023-2032.
Overall, the concrete fibers market is divided in terms of product type, applications, end-user, and regional landscape.
Based on the product type, the synthetic concrete fibers segment was valued at more than $1.2 billion in 2022. The growth can be credited to the multiple benefits offered by synthetic fibers such as reduced plastic shrinkage, reduced plastic settlement cracks, superior shatter resistance, and increased abrasion and impact resistance.
Meanwhile, the market share for natural concrete fibers is projected to account for over USD 90 million by 2032 end. Factors like impetus toward sustainable practices in the construction sector, better research, and increased awareness regarding the product would impel the market dynamics.
In terms of the application, the shotcrete segment would grow substantially between 2023-2032. Elevating use of shotcrete across railroads, wineries, municipalities, and utility and mining companies is influencing the market growth curve. The segment is likely to reach over USD 765 million by 2032 end.
On basis of end-use, the global concrete fibers industry from roads and bridges infrastructure segment would observe stellar growth during the forecast timeline. The growth can be attributed to the expanding transport infrastructure in Europe, Asia Pacific, and North American countries. Visible spending on revamping the transport infrastructure by different governments would stimulate the segmental prospects.
For instance, the EU MEPs and governments have approved spending USD 7.18 billion of the bloc’s transport infrastructure budget on more sustainable initiatives including upgrades to rail signaling and EV re-charging points.
Regionally, Europe concrete fibers market would expand profusely over the analysis period driven by an upsurge in industrial activities in Italy, Spain, and Germany. Besides, rising housing demand in the United Kingdom would proliferate the product adoption in the ensuing years. As per ONS, the number of households in the United Kingdom would increase to 24.8 million in 2028.
The global concrete fibers market is highly consolidated and boasts the presence of leading companies such as Sika AG, ArcelorMittal, GCP Applied Technologies, Inc., MBCC Group, The Euclid Chemical Company, and others.