Fiber Reinforced Concrete Market Growth Accelerated By Increased Usage In Commercial Buildings
Fiber reinforced concrete are composite materials made of concrete and fibrous material which increases its structural integrity. It improves strength, flexibility, ductility and crack resistance of the concrete structure. These properties make it preferable for usage in commercial buildings especially for flooring where heavy loads are carried. Increased construction of commercial buildings like malls, warehouses, offices etc. has boosted the demand for fiber reinforced concrete.
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 key trends:
The increased usage of fiber reinforced concrete in commercial buildings is one of the major trends being witnessed in the market. Fibers are added to the concrete mixture to control cracking and improve tensile strength and ductility. This makes fiber reinforced concrete better equipped to handle heavy loads in large open spaces like in warehouses, malls etc. compared to normal concrete. It requires less reinforcing bars yet achieves equal or higher load-bearing capacity. Owing to these advantages, fiber reinforced concrete is widely being used in making strong, durable and crack-resistant floors in commercial complexes which is driving the market growth.
Segment Analysis
The global fiber reinforced concrete market is dominated by steel fiber concrete segment. Steel fiber concrete accounts for over 60% of the total market owing to its superior properties such as crack control, impact and shatter resistance. Steel fiber offers strong tensile strength to concrete which makes the material suitable for applications requiring high ductility and impact load bearing capacity. The rising use of steel fiber concrete in industrial floors, bridge deck overlays and other structural construction works is driving the growth of this segment. Fiber reinforced polymer (FRP) concrete segment is expected to witness fastest growth during the forecast period. Growing construction of sewerage systems, pipes and precast panels using FRP concrete will support the growth of the segment.
Key Takeaways
The global Fiber Reinforced Concrete Market Demand is expected to witness high growth during the forecast period. Regional analysis
Regional Analysis:
The Asia Pacific region currently dominates the global market and is expected to maintain its leading position during the forecast period. Rising construction activities in China, India and other emerging countries is the major factor propelling the fiber reinforced concrete market in Asia Pacific. Rapid infrastructure development projects related to roads, bridges, dams and buildings offer significant growth opportunities.
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 EZCORP, INC. have emerged as the global leaders with strong distribution network across regions. DFC Global Corp. is focusing on geographical expansion initiatives in Europe and Asia Pacific to strengthen its position.
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