Fiber reinforced concrete (FRC) is a composite material consisting of concrete reinforced with fibres. It is used primarily to reduce shrinkage cracking and enhance other properties of the concrete like impact resistance, ductility, toughness, and flexural strength. FRC exhibits characteristics like higher flexural strength and toughness which makes it suitable for application in rigid pavements, industrial floors, bridge deck overlays, and precast concrete elements. Increasing government focus on infrastructure development has positively impacted the growth of the fiber reinforced concrete market.

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:

One of the key trends gaining traction in the fiber reinforced concrete market is the use of micro-synthetic fibers. Micro-synthetic fibers are thin and flexible polymeric fibers with lengths between 6–18 mm and diameters less than 0.2 mm. They offer high flexural strength even at low addition rates. Compared to steel fibers, micro-synthetic fibers are less expensive, corrosion resistant, lighter in weight, and have good dispersion properties. They improve ductility, toughness, impact resistance, and bond strength of concrete. Growing adoption of micro-synthetic fibers in FRC for construction of industrial floors, overlays, and precast concrete products is expected to propel market growth over the forecast period. Manufacturers are developing new product variants made from polypropylene and polyvinyl alcohol fibers optimized for various concrete applications to expand market presence.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the fiber reinforced concrete market is moderate. The presence of established industry players and high capital requirements for setting up manufacturing plants pose barriers to entry.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitutes. Buyers can opt for conventional concrete if fiber reinforced concrete prices increase significantly.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. While raw material supplies are concentrated, suppliers still depend on the fiber reinforced concrete industry for their business.

Threat of new substitutes: The threat from substitutes like conventional concrete and other composite materials is moderate. Fiber reinforced concrete offers superior mechanical properties that substitutes may find difficult to match.

Competitive rivalry: The competitive rivalry in the fiber reinforced concrete market is high due to the presence of numerous regional and global players competing on the basis of product differentiation and pricing.

Key Takeaways

The global Fiber Reinforced Concrete Market Demand  is expected to witness high growth over the forecast period.

Regional analysis:

The Asia Pacific region is projected to be the fastest growing as well as the largest market for fiber reinforced concrete during the forecast period. Countries like China, India, Japan and South Korea are experiencing substantial growth in industrialization and urbanization which is generating high demand for fiber reinforced concrete in construction applications.

Key players:

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. These companies are focusing on new product launches and partnerships with construction giants to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it