Jan 7, 2020   SOURCE: PR NewsWire

Steel Fiber Market Size Worth $2.8 Billion by 2025 | CAGR: 7.2%: Grand View Research, Inc.

SAN FRANCISCO, Jan. 7, 2020 /PRNewswire/ -- The global steel fiber market size is expected to reach USD 2.8 billion by 2025, exhibiting 7.2% CAGR over the forecast period, according to a new report by Grand View Research, Inc. Rise in industrial flooring application is anticipated to fuel the market growth.

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Concrete floor slab is vital structural component in industrial companies. Basic requirement for such flooring applications is adequate reinforcement to avoid the cracks. Demand of steel fibers is projected to grow on account of increasing use of steel fiber in industrial flooring in the fast-track construction. This is mainly due to added advantages, such as high toughness and ductility and tighter crack control offered by these products over conventional reinforcement products.

Key suggestions from the report:

    --  In terms of revenue, precast segment accounted for a market share of
        21.8% in 2018. Increased durability and low maintenance of steel fiber
        are expected to drive the segment growth
    --  Pavements and tunneling segment is projected to expand at the fastest
        CAGR of 7.4% in terms of revenue, over the next seven years. Increased
        spending on roadways in both developing and developed countries is
        likely to remain a key focus area for market participants
    --  In terms of volume, North America is likely to expand at a CAGR of 4.6%
        from 2019 to 2025 on account of increasing spending to replace old
        infrastructure, such as roadways, bridges, and other structures
    --  Europe accounted for 30.9% revenue share in 2018 and is anticipated to
        register a healthy CAGR during the forecast period, owing to high demand
        from construction of pavements and tunneling projects
    --  Key market players include Bekaert, ArcelorMittal, Nippon Seisen Co.
        Ltd, Fibrometals., Kosteel Co. Ltd, Hunan Sunshine Steel Fiber Co. Ltd,
        Spajic doo, Green Steel Group., and R. STAT

Read 80 page research report with ToC on "Steel Fiber Market Size, Share & Trends Analysis Report By Application (Slabs & Flooring, Precast, Pavements & Tunneling), By Type (Hooked, Straight), By Region, And Segment Forecasts, 2019 - 2025'' at: https://www.grandviewresearch.com/industry-analysis/steel-fiber-market

Increasing investments in transportation sector is promising area for the market vendors due to use of steel fiber in roadways. Construction of roadways is growing at rapid pace in countries, such as India wherein transport infrastructure is key focus of the government. For instance, construction of highways in India has increased from 8,231 km in 2017 to 9,829 km in 2018, with year-on-year growth of nearly 20%. Wherein, Government of India spent around USD 18 billion in 2018 for road infrastructure.

Major manufacturers operating in the steel fiber market are focused on providing support services in order to deploy the products in non-structural applications. In their post-sale services, sales representatives of manufacturing companies assist in determining size, type, and volume of products require for reinforcement applications. These factors are projected to drive the application of steel fiber products in building and construction sector in the forthcoming years.

In developing countries, code provisions and experimental data about the product is not available adequately. Lack of skilled persons and hesitancy among engineers and practitioners to deploy these products for structural applications is likely to hinder the market growth over the forecast period.

Grand View Research has segmented the global steel fiber market based on type, application, and region:

    --  Steel Fiber Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 -
        2025)
        --  Hooked
        --  Straight
        --  Deformed
        --  Others
    --  Steel Fiber Application Outlook (Volume, Kilotons; Revenue, USD Million,
        2014 - 2025)
        --  Slabs & Flooring
        --  Precast
        --  Pavements & Tunneling
        --  Others
    --  Steel Fiber Regional Outlook (Volume, Kilotons; Revenue, USD Million,
        2014 - 2025)
        --  North America
            --  U.S.
            --  Canada
            --  Mexico
        --  Europe
            --  Germany
            --  U.K.
            --  Russia
        --  Asia Pacific
            --  China
            --  Australia
            --  India
            --  Japan
        --  Central & South America
            --  Brazil
        --  Middle East and Africa
            --  Saudi Arabia

Find more research reports on Advanced Interior Materials Industry, by Grand View Research:

    --  Basalt Fiber Market - The global basalt fiber industry is expected to
        witness a significant growth owing to demand from industries such as
        automotive, building & construction, marine, and electronics.
    --  Aramid Fiber Market - The global aramid fiber market size was valued at
        USD 3.3 billion in 2018 and is expected to grow at a CAGR of 8.3% from
        2019 to 2025.
    --  High Temperature Fibers Market - The global high temperature fibers
        market is anticipated to register healthy growth over the forecast
        period on account of extensive product usage in the automotive and
        aerospace industries.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.