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%. This market report by Coherent Market Insights provides a comprehensive analysis of the market trends, growth factors, challenges, and opportunities in the fiber reinforced concrete industry.
Fiber reinforced concrete is a composite material made of cement, fine aggregates, coarse aggregates, and synthetic or steel fibers. It offers enhanced properties such as improved flexural strength, crack resistance, impact resistance, and durability. This makes it suitable for various applications in construction, transportation, industrial floors, and mining.
The fiber reinforced concrete market is driven by two main factors. Firstly, the growing demand for sustainable and eco-friendly construction materials is creating a significant market opportunity for fiber reinforced concrete. With increasing environmental concerns and the need for energy-efficient buildings, this material offers a viable solution.
Secondly, the rising construction activities, particularly in emerging economies, are fueling the demand for fiber reinforced concrete. Rapid urbanization, infrastructure development projects, and the need for efficient and durable construction materials are driving the market growth.
In conclusion, the fiber reinforced concrete market is expected to witness steady growth in the coming years due to its superior properties and increasing demand in the construction industry.
Market Key Trends:
The key trend in the global fiber reinforced concrete market is the increasing adoption of sustainable construction materials. Fiber reinforced concrete offers several benefits such as improved durability, increased load-bearing capacity, and enhanced crack resistance. As the construction industry continues to prioritize sustainable and environmentally friendly practices, the demand for fiber reinforced concrete is expected to rise significantly. Additionally, the growing emphasis on infrastructure development and renovation projects across various regions is driving the market growth for fiber reinforced concrete.
Strength: Fiber reinforced concrete offers superior strength and durability compared to conventional concrete, making it ideal for infrastructure projects that require high load-bearing capacity.
Weakness: The higher cost of fiber reinforced concrete compared to traditional concrete can be a limiting factor for its widespread adoption, especially in cost-sensitive markets.
Opportunity: The rising focus on green building practices presents an opportunity for the fiber reinforced concrete market, as it is considered an environmentally friendly construction material.
Threats: The availability of alternative construction materials, such as steel and plastic, poses a threat to the growth of the fiber reinforced concrete market. Additionally, fluctuations in raw material prices can impact the market dynamics.
The global fiber reinforced concrete market is expected to witness high growth, exhibiting a CAGR of 5.64% over the forecast period. The increasing adoption of sustainable construction materials, such as fiber reinforced concrete, is driving the market growth. The Asia Pacific region is expected to be the fastest-growing and dominating region in the market due to rapid urbanization, infrastructure development, and government initiatives to promote sustainable construction practices. 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 key players contribute to the market by offering a wide range of fiber reinforced concrete products and solutions to cater to the growing demand.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it