The global steel fiber market size is expected to grow from $1.89 billion in 2021 to $2.03 billion in 2022 at a compound annual growth rate (CAGR) of 7.29%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global steel fiber market is expected to reach $2.87 billion in 2026 at a CAGR of 9.06%.
What is the Global Steel Fiber Market?
The steel fiber market consists of sales of steel fibers by entities (organizations, sole traders, and partnerships) that are distinct, short lengths of steel that can be randomly and quickly mixed in fresh concrete that is available in different forms. Steel fibers strengthen the concrete by resisting tensile cracking and are used to replace traditional reinforcement in certain non-structural applications as well as minimize cracking. Steel fibers have good impact strength, high load-bearing capability after being cracked, good ductility, and high resistance.
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What drives the Global Steel Fiber Market?
Growth in the construction industry is expected to propel the growth of the steel fiber market. The construction industry deals with the building of houses, bridges, and other buildings. Steel fiber is widely used in construction and civil engineering materials due to its superior properties such as high impact resistance, greater fatigue survival, long lifespan, and reduced maintenance costs. It is used in many applications such as parking lots, playgrounds, airport runways, taxiways, maintenance hangars, access roads, and workshops. According to the World Bank and McKinsey estimates, the global expenditure from the construction industry is expected to grow by 47% reaching $14 trillion by 2025. Therefore, rapid growth in the construction industry drives the steel fiber market.
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Global Steel Fiber Market Segments
The global steel fiber market is segmented:
By Type: Hooked, Straight, Deformed, Crimped
By Application: Concrete Reinforcement, Composite Reinforcement, Refractories
By End-User: Polymer, Chemical, Pharmaceutical, Aircraft/Maritime/Machine, Measuring and Instrumentation Devices, Others
By Geography: The regions covered in the steel fiber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Steel Fiber Global Market Report 2022provides market size and growth forecasts for the global steel fiber market, global steel fiber market share, steel fiber market segments and geographies, steel fiber market competitive landscape including leading competitors’ revenues, profiles and market shares. The steel fiber market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Steel Fiber Industry Playersinclude Arcelor Mittal, Bekaert, Fibrometals, Nippon Seisen, Zhejiang Boean Metal Products, Green Steel group, Spajic Doo, Hunan Susshine Steel Fiber, Yuthian Zhitai Steel fiber Mnufacturing, R.STAT, Ugitech S.A, Intra Micron Inc, Kosteel Co. Ltd, Junwei Metal Fiber, Maccaferri SpA, The Euclid Chemical Company, Henan Green Polymer Co. Ltd, Nycon, Jiangsu Daqi Metal Surface Treatment Co. Ltd, Fabpro Polymers, Cangzhou Daye Metal Fiber Co. Ltd., Onward Chemicals Pvt. Ltd, Ribbon Technology Corporation, Fibercon International Inc, and Onward Chemicals Pvt. Ltd. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
