Concrete Fibers Market will exceed USD 2.8 billion by 2025; according to a new research report.
Concrete fibers market is projected to grow substantially over the forecast period, owing to the flourishing industrial and residential construction sector in Asia Pacific. Product is principally used to control cracking caused by plastic shrinkage and drying shrinkage, making it resilient against cracks. Advancements in the industry such as development of concrete microfibers are able to render primary reinforcement which are capable to replace steel mesh.
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Growing industrialization in Asia Pacific has resulted in inflow of large number of inhabitants from rural to industrialized urban, metro and megacities such as Seoul, Guangzhou, Shanghai, Tokyo, Jakarta, Manila, and Delhi. These factors led to growing demand for industrial and commercial infrastructure. According to the International Energy Agency, China is among the key cement producer which accounted for almost 60% of the global production in 2018. It is followed by India which constituted approximately 7% of the total cement production. Also, continuous construction activity are expected in the future, which will make positive impact on the concrete fibers market in the upcoming years.
The main hindrance in the concrete fibers market growth is associated with its high cost. Concrete fibers are high cost aggregates which increases the overall cost of fiber reinforced concrete as compared to the conventionally used reinforced concrete (RCC). However, concrete fibers are likely to become affordable in the construction industry owing to its excellent features, which will generate ample opportunities for the market growth in the forecast timeframe.
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Asia Pacific market will account for over 25% of the total market size by 2025. It is mainly due to ongoing swift industrial development, coupled with robust population growth in the region. With advent of automation, electric vehicles and related technologies, the manufacturing sector is witnessing a disparity for suitable infrastructure. Rising need to develop infrastructure for the abovementioned industries will drive the product demand in the forecast timeframe.
The overall business size is vastly fragmented with the presence of various small, medium and large scale producers. Some of the prominent industry participants are Sika Corporation, BASF, ABC polymer Bekaert SA, Euclid Chemical, ABC Polymer Industries, Owens Corning, and numerous others.
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Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. email@example.com | https://twitter.com/RaviChawat
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