by The global Fiber Reinforced Concrete (FRC) Market is estimated to be valued at US$2,330.40 million in 2020 and is expected to reach US$5,640.00 million by 2022, exhibiting a compound annual growth rate (CAGR) of 6.4%. Fiber reinforced concrete is a composite material consisting of cement, aggregates, and discontinuous fibers. It offers enhanced strength, flexibility, and durability compared to traditional concrete, making it suitable for various construction applications. The increasing need for durable and high-performance construction materials, coupled with the growing construction industry, is expected to drive the demand for fiber reinforced concrete in the coming years.
Market Key Trends: Growing adoption of synthetic fibers in fiber reinforced concrete
One of the key trends observed in the fiber reinforced concrete market is the growing adoption of synthetic fibers. Synthetic fibers, such as polypropylene and nylon, are widely used in fiber reinforced concrete due to their excellent mechanical properties and resistance to corrosion. These fibers provide enhanced crack resistance, impact resistance, and durability to concrete structures, making them ideal for use in construction projects. The increasing awareness about the advantages of synthetic fibers, coupled with their cost-effectiveness, is expected to drive their adoption in the fiber reinforced concrete market. This trend is anticipated to contribute to the market’s growth over the forecast period.
Porter’s Analysis
The Fiber Reinforced Concrete Market is expected to witness high growth, exhibiting a CAGR of 5.64% over the forecast period. This growth can be attributed to increasing construction activities across the globe and the advantages offered by fiber reinforced concrete such as improved strength, durability, and crack resistance.
Threat of new entrants: The threat of new entrants in the fiber reinforced concrete market is relatively low due to the high level of expertise and capital required to enter the market. Established companies have a strong foothold and technological advancements, making it difficult for new players to compete.
Bargaining power of buyers: The bargaining power of buyers in the fiber reinforced concrete market is moderate. While buyers have the option to choose from multiple suppliers, the unique properties and performance benefits of fiber reinforced concrete give suppliers some leverage.
Bargaining power of suppliers: The bargaining power of suppliers in the fiber reinforced concrete market is moderate. There are a limited number of suppliers who provide high-quality fibers for concrete reinforcement. However, the demand for fiber reinforcement is increasing, giving suppliers more negotiation power.
Threat of new substitutes: The threat of new substitutes in the fiber reinforced concrete market is low. Fiber reinforced concrete offers superior properties and performance compared to traditional concrete, making it difficult for substitutes to match its capabilities.
Competitive rivalry: The competitive rivalry in the fiber reinforced concrete market is high. The market is dominated by key players such as Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., MBCC Group, KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company. These companies compete on factors such as product quality, innovation, and price.
Key Takeaways
The global Fiber Reinforced Concrete Market Share is expected to grow at a CAGR of 5.64% over the forecast period. This growth is driven by increasing construction activities globally and the superior properties offered by fiber reinforced concrete.
In terms of regional analysis, the Asia Pacific region is expected to be the fastest growing and dominating region in the fiber reinforced concrete market. Rapid urbanization, infrastructural development, and government initiatives to promote sustainable construction are driving the demand for fiber reinforced concrete in this region.
Key players operating in the fiber reinforced concrete market include Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., MBCC Group, KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company. These companies have a strong market presence and offer a wide range of fiber reinforced concrete products to cater to the growing demand.
In conclusion, the fiber reinforced concrete market is expected to witness significant growth in the coming years, driven by increasing construction activities and the advantages offered by fiber reinforced concrete. The Asia Pacific region is expected to dominate the market, and key players are focusing on product innovation and quality to maintain their competitive edge.
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
