Pune, India, May 15, 2023 (GLOBE NEWSWIRE) -- The global steel fiber market size is estimated to grow rapidly because of the rigidity of steel fiber against cracks and other damages. The product is increasingly used in construction activities due to its high quality, which, in turn, is likely to boost market growth.

Steel fibers are a robust and durable material that brings immense strength to building materials. The fibers are expertly integrated into concrete, resulting in an enhancement of the material's quality. This product has gained popularity in both commercial and residential sectors due to the exceptional resistance it provides against harsh environmental conditions. The high-quality performance of steel fibers makes them a desirable material for tunnel flooring, housing, and various other applications. This growing adoption of the product is expected to lead to a surge in demand, which in turn, can significantly contribute to the market's growth during the forecast period.

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List of Key Players Profiled in the Steel Fiber Market Report:

Report Highlights:

Report Attribute Details
Base Year 2022
Historical Year 2019-2021
Forecast Year 2023-2030
Segments Covered
  • By Materials
  • By Application
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2023 to 2030
Geographies Regions Covered North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and Rest of World
Countries Covered Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

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Segmentation:

The market is categorized based on the material type into hooked, straight, deformed, and other variations. Applications for this market include concrete reinforcement, composite reinforcement, refractories, and other uses. Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Highlights of the Report

The steel fiber market has seen steady growth in recent years and is expected to continue to expand during the forecast period. One of the main drivers of this growth is the increasing demand for durable and high-strength construction materials.

The market is segmented based on material type, including hooked, straight, deformed, and other variations. Applications for steel fibers include concrete reinforcement, composite reinforcement, refractories, and other uses.

Geographically, the market is divided into several regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is expected to be the fastest-growing region due to the increasing demand for infrastructure development and rapid urbanization in emerging economies.

In addition to the growth drivers, the steel fiber market also faces some challenges, such as the high cost of raw materials and the limited availability of skilled labor. However, advancements in manufacturing processes and the development of new materials are expected to address these challenges and contribute to the growth of the market.

Drivers and Restraints

Rising Infrastructure Facilities in Developing Countries to Bolster Growth

The demand for steel fibers is expected to surge due to the development of infrastructure facilities in developing economies. Governments are heavily investing in the construction of buildings, interstate highways, and other facilities to provide better living conditions to citizens. As a result, there is an increasing need for strong and durable materials in construction. Steel fibers, known for their rigidity against cracks and high tensile strength, are extensively utilized in the construction of residential and commercial buildings.

The rising adoption of steel fibers for the development of infrastructure facilities is likely to boost product demand, which, in turn, is expected to drive the growth of the steel fiber market. With the ongoing global trend of urbanization, the demand for high-quality construction materials is expected to rise even further in the coming years. The steel fiber market is well-positioned to meet this demand and is expected to continue to grow in the future.

However, varying properties and tensile strength of steel fiber are likely to hamper the market growth.

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Regional Insights

Soaring Demand for Construction Materials to Propel Market in Asia Pacific

The Asia Pacific region is expected to dominate the steel fiber market share due to the increasing demand for product in the construction industry. The product's rigidity, resistance against damage, and toughness are highly valued in the region, leading to an uptick in demand. Furthermore, the development of infrastructure facilities in China and India is expected to further drive market growth in the region.

North America is anticipated to be the second major shareholder in the market due to the healthy demand for steel fibers in the construction sectors of the US. The product's superior strength and durability make it a popular choice for use in a variety of construction applications, including the construction of buildings, bridges, and highways.

In Europe, the rising adoption of concrete fibers in parking lots, tunnels, and roads is expected to create new market opportunities. The product's ability to improve the durability and resistance of concrete to harsh environmental conditions has made it a preferred choice for use in the region's transportation infrastructure. As a result, the steel fiber market in Europe is expected to witness significant growth in the coming years.

Competitive Landscape

Advancements in Production Technology to Reinforce Prominent Player's Stance

Major players in the steel fiber market are actively working towards developing cutting-edge production technologies to improve the quality of their products. By doing so, they aim to increase their sales and expand their customer base. Additionally, these players are heavily investing in research and development activities to improve their blending techniques and material quality, resulting in higher quality steel fibers. Collaborations and partnerships with other businesses are also on the rise, as they allow for greater global outreach and help players establish a strong foothold in the market.

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