The Fiber Reinforced Concrete Market is estimated to be valued at USD 2.67 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024-2031. The market is witnessing high growth owing to various infrastructure development projects undertaken by governments worldwide and growing focus on the adoption of sustainable construction materials. Furthermore, fiber reinforced concrete offers advantages like high tensile strength, crack resistance, and durability which makes it a preferred choice for construction of buildings, roads, bridges and other commercial structures.
The growth of the global fiber reinforced concrete market is driven by increasing number of infrastructure projects undertaken by governments and growing focus on adoption of sustainable and eco-friendly construction materials. Fiber reinforced concrete provides tensile strength, crack resistance and durability as compared to plain concrete. It requires lesser volumes of cement during production which makes it more environment friendly. Government initiatives to develop smart cities and transport infrastructure has fueled the demand for fiber reinforced concrete. Further, private investment in commercial and residential construction is also driving its market growth. Various properties of fiber reinforced concrete like durability, flexibility, workability and tensile strength has resulted in its increased usage in robust construction applications.
Increasing Demand for Durable and Sustainable Construction Materials is Driving Growth in the Global Fiber Reinforced Concrete Market
The construction industry is under constant pressure to find more durable and sustainable building materials. Fiber reinforced concrete addresses both of these needs. By mixing small discrete fibers into concrete, its tensile strength and flexural strength are significantly improved. This allows thinner and lighter concrete sections to be used while maintaining or improving load bearing capabilities. The reduced thickness also leads to material savings. At the same time, the addition of fibers makes concrete more resistant to cracking and damage. As a result, structures last longer with lower maintenance requirements. This has increased demand for fiber reinforced concrete in applications like parking structures, industrial floors, bridge deck overlays and more. The sustainability benefits are also attractive to developers looking to market “green” properties. The growth of green building standards and certifications around the world is expected to further propel the fiber reinforced concrete market.
Growth of Infrastructure Projects in Developing Nations is Driving Increased Demand for Durable Construction Materials
Many developing countries in Asia Pacific and Latin America are experiencing rapid urbanization and economic growth. This has spurred massive infrastructure development including new roads, bridges, buildings, airports and more. Traditional concrete struggles to meet the demands of these large projects, both in terms of short-term workability during construction and long-term durability over the lifespan of the structure. Fiber reinforced concrete addresses these needs through its improved tensile strength and crack resistance. It allows for faster construction cycles with less repairs down the road. The infrastructure boom in developing markets is therefore a key driver of increased fiber reinforced concrete adoption. Many national and local governments are promoting its use in transportation and civic construction projects.
High Raw Material and Equipment Costs Present a Restraint on Widespread Adoption
While fiber reinforced concrete provides clear performance advantages, its upfront costs are higher than traditional concrete. The specialty fibers, blending equipment and technical expertise required make initial startup costs prohibitive for some applications. Synthetic macrofibers can cost 10-20 times as much as plain concrete additives like rebar or wire mesh that provide reinforcement. Microsilica and synthetic fibers are also significantly more expensive than naturally occurring fibers like steel slag or polypropylene. These costs present a restraint particularly for commercial and residential buildings where margins are lower. Efforts to lower fiber costs through mass production and standardization will be needed to drive broader uptake beyond heavy civil infrastructure.
Lack of Awareness and Expertise Limits Adoption in Some Regional Markets
Compared to more establish building materials, fiber reinforced concrete is still an emerging technology in certain regions. Contractors, engineers and developers in these areas may be unfamiliar with its composition and performance advantages. They are hesitant to take risks on unproven products for high-value projects. While fiber reinforced concrete has achieved widespread acceptance in developed countries, awareness remains lower in Middle East, Africa, parts of Asia and Latin America. Establishing educational programs, demonstration projects and industry associations would boost understanding of proper mixing, placing and curing techniques. Growing the pool of trained applicators regionally is also important to build long-term market potential. Overcoming knowledge barriers through education will be crucial for fiber reinforced concrete companies targeting expansion into new geographic territories.
Innovations in Fiber Types are Creating New Market Opportunities
While traditional macro-fiber products still dominate the market, technology advancements are driving exciting opportunities. Micro-fibers are gaining ground with their improved workability during concrete mixing and placement. Synthetic fibers engineered from recycled plastics are also becoming available, helping promote a more circular economy. Fiber grinding techniques and special surfaces coatings are yielding products with enhanced bonding properties. Hybrid fiber systems incorporating different material types provide synergistic reinforcement effects. Advances in cellulose, basalt, glass and carbon fibers continue as well. These new fiber innovations are poised to enable optimized concrete formulations for specialized applications such as 3D printing, pre-cast construction and more. They create possibilities for market differentiation and penetration into high-growth application spaces.
Rising Demand for Durable Infrastructure in Developing Countries Presents Major Opportunity
One of the largest potential growth areas for fiber reinforced concrete is infrastructure development projects across Asia Pacific, Middle East, Africa and Latin America. As mentioned earlier, these regions are experiencing immense economic development which necessitates expansion of road and transport networks, urban development, and civic facilities like hospitals, schools and government buildings. Traditional concrete struggles to meet the needs for speed and longevity of construction in these conditions. Fiber reinforced concrete presents a compelling value proposition through faster construction, reduced lifetime costs and improved long-term performance even under harsh environmental loads.
*Link: https://www.coherentmarketinsights.com/market-insight/fiber-reinforced-concrete-market-5052
Key Developments
- In June 2023, CRH completed the purchase of Buzzi Unicem's ready-mix concrete operations in Ukraine for a total of USD 109 million. The acquisition encompasses Buzzi's ready-mix concrete production facilities located in Kyiv, Nikolajev, and Odesa.
- Holcim, a prominent company in the construction materials industry, made a significant acquisition in 2023 by purchasing Besblock Ltd. Besblock Ltd is a renowned supplier of precast materials specifically catering to the construction industry in the UK Midlands region.
- In December 2021, GCP Applied Technologies signed a definitive agreement by which Saint-Gobain will acquire all the outstanding shares of GCP Applied Technologies for USD 32.00 per share, in cash, in a transaction valued at approximately USD 2.3 billion. Closing of the transaction is subject to GCP shareholders’ approval, antitrust approvals, and satisfaction of other customary closing conditions. It is expected to close by year-end 2022.
Key Players
BASF SE, Bekaert, CEMEX S.A.B. de C.V., Sika AG, ABC Polymer Industries, LLC, Nycon Corporation, Ultratech Concrete, Owens Corning, FORTA Corporation, The Euclid Chemical Company, Bajaj Reinforcements LLP, CHRYSO Group, Breedon Group plc, Twintec Group Limited, and JCF
