The global steel fiber market size is estimated to grow rapidly because of therigidity 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 the market growth. Fortune Business Insights™ states this information in its report titled “Steel Fiber Market, 2022-2029.“
Steel fibers are extremely rugged and offer strength to building materials. They are homogeneously blended with concrete, thereby enhancing the material quality. The product is utilized in commercial and residential sectors because of the resistance provided by the concrete fibers against harsh environmental conditions. The material is used in tunnel flooring, housing, and other applications because of its high quality. This rising adoption of the product is expected to boost the product demand. Thus, this factor can boost the market growth duringthe forecast period.
List of Key Players Profiled in the Steel Fiber Market Report
Zhejiang Boean Metal Products
Green Steel Group
Hunan Sunshine Steel Fiber
YuthianZhitai Steel Manufacturing
Based on material type, the market is segregated into hooked, straight, deformed, and others. On the basis of applications, it is divided into concrete reinforcement, composite reinforcement, refractories, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
This report analyzes the leading segments and the latest trends. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the global market. Additionally, it examines the regional developments and the strategies implemented by the market’s prominent players.
Drivers and Restraints
Rising Infrastructure Facilities in Developing Countries to Bolster Growth
The development of infrastructure facilities in developing economies is likely to surge the demand for steel fibers. Governments are heavily investing in the construction of buildings, interstate highways, and other facilities to provide facilities to citizens. As a result, the adoption of strong materials for construction is rapidly increasing. Steel fibers are extensively utilized to construct residential and commercial buildings because of their rigidity against cracks and high tensile strength. Therefore, 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 steel fiber market growth.
However, varying properties and tensile strength of steel fiber are likely to hamper the market growth.
Soaring Demand for Construction Materials to Propel Market in Asia Pacific
Asia Pacific is projected to dominate the steel fiber market share due to the rising demand for the product in the construction industry. The product’s rigidity, resistance against damage, and toughness are expected to boost product demand in the region. The development of infrastructure facilities in China and India is likely to boost the market growth.
North America is anticipated to be the second major shareholder in the market because of the healthy demand for steel fibers in the construction sectors of the US.
In Europe, the rising adoption of concrete fiber in parking lots, tunnels, and roads is expected to spur market opportunities.
Advancements in Production Technology to Reinforce Prominent Player’s Stance
Prominent companies of the market are focusing on developing technologically advanced production technologies to improve their product quality. As a result, the sales for the product will exponentially grow. In addition, the prominent players heavily invest in the research and development of better blending processes and materials to be used in the development of steel fibers. This investment helpscompanies to enhance their product quality. Furthermore, prominent players have partnered with other business entities to enhance their global reach.
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