Global Concrete Reinforcing Fiber Market Set for 7.8% CAGR Growth, Hitting USD 6.89 Billion by 2034

Rising Popularity of Off-site Construction Widening Application Scope for Concrete Reinforcing Fiber, Fact.MR Report

Increasing population along with industrialization and urbanization in several countries is set to drive the demand for concrete reinforcing fiber in construction applications. According to this updated industry report by Fact.MR, the global concrete reinforcing fiber market is calculated to reach US$ 3.25 billion in 2024 and climb to US$ 6.89 billion by the end of 2034.

Several macroeconomic factors, such as concentration on infrastructure development, particularly in potentially high-growth countries, are increasing the demand for concrete reinforcing fibers. These fibers help minimize time spent on different types of construction projects. In addition, rising expenditure on infrastructure and construction is also driving demand for concrete reinforcing fibers.

Key Takeaway from the Market Study:

• Worldwide sales of concrete reinforcing fibers are estimated at US$ 3.25 billion in 2024.
• The global concrete reinforcing fiber market is forecasted to reach a value of US$ 6.89 billion by the end of 2034.
• The market has been projected to increase at a CAGR of 7.8% from 2024 to 2034.
• Basalt fiber is projected to account for a 55.7% share of the global market by the end of 2034.
• Demand for concrete reinforcing fiber in South Korea is approximated to increase at a CAGR of 10.7% from 2024 to 2034.
• East Asia is evaluated to hold 24.6% of the global market revenue share by the end of 2034.

“Increasing sales of concrete reinforcing fiber are owing to rising preference for environmentally safe products in the construction sector and growing commercial construction activities across the world,” says a Fact.MR analyst.

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Increasing Number of Construction Projects in North America

Demand for concrete reinforcing fibers in North America is projected to increase at a CAGR of 5.5% and reach a market value of US$ 1.21 billion by 2034-end. The growing count of construction projects along with the development of marine constructions, including bridges, tunnels, etc. are driving demand for concrete reinforcing fibers. Moreover, an expansion of the industrial sector is generating requirements for autoclaved aerated concrete in construction activities, which is further increasing demand for concrete reinforcing fibers.

Concrete Reinforcing Fiber Industry News

Market players are adopting various strategic approaches to strengthen their position, including offering high-quality products, securing approvals, optimizing supply chain management, and engaging in acquisitions, mergers, and collaborations. A key focus is on launching innovative products that provide enhanced performance at competitive prices, helping attract new customers and expand market reach.

For instance, in 2020, GCP Applied Technologies Inc. introduced Version 2.0 of its macro synthetic fiber, STRUX 90/40. This advanced fiber is designed for use in multiple concrete applications, offering improved quality and durability. Such innovations highlight the industry's commitment to enhancing product performance and meeting the evolving demands of consumers.

Key Market Players

Some of the prominent manufacturers of concrete reinforcing fiber are Nycon Corporation, CEMEX, Sika AG, Owens Corning, Bekaert, FORTA Corporation, ABC Polymer Industries, LLC, The Euclid Chemical Company, BASF SE, and Ultratech Concrete. They are adopting multiple organic and inorganic strategies to attract new customers and retain the existing ones.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the concrete reinforcing fiber market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on type (synthetic fiber, steel fiber, glass fiber, natural fiber, basalt fiber) and end-use industry (transport infrastructure, building & construction, mining & tunneling, industrial flooring), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

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