CHICAGO, April 25,
2024 /PRNewswire/ -- The report Steel Fiber
Market by Type (Hooked, Straight, Deformed, Crimped),
Manufacturing Process (Cold Drawn, Cut Wire, Melt Extract, Slit
Sheet), Application (Concrete Reinforcements, Composite
Reinforcements, Refractories), & Region- Global Forecast to
2029, Steel Fiber Market is estimated at USD 1.96 billion in 2024 and is projected to
reach USD 2.44 billion by 2029, at a
CAGR of 4.5% from 2024 to 2029.
The growth of the Steel fiber Market is being driven by several
factors, including increasing demand from construction industry,
high tensile & shear strength of steel fiber compared to
synthetic fibers, increasing demand for steel fibers in automotive
composites. The surge in usage of glass and synthetic fibers and
high cost of steel fibers over traditional reinforcement materials
could hinder market growth. Technological advancements and
innovation in manufacturing techniques, will boost the Steel fiber
Market.
Browse in-depth TOC on "Steel Fiber Market"
166 – Tables
58 – Figures
226–
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"Hooked type segment accounted for largest market share o by
type steel fiber market in 2023."
Numerous end-use industries, including refractories, composite
reinforcement, and concrete reinforcement, use hooked end steel
fibers. These fibers find employment in a variety of settings,
including equipment foundations, blast-resistant concrete, airport
pavements, and industrial slabs. Foam steel fiber demand is rising
since there is an increased need for sustainable and lightweight
materials. Between 2024 and 2029, there will be a sharp increase in
demand for foam steel fiber across a range of end-use industries
due to the revival of the supply chain and OEMs beginning full
operations.
"Cold Drawn segment accounted for largest market share of by
the steel fiber market in 2023."
Pulling the steel wire through a die reduces its diameter in
cold drawing. This process yields superior fibers with improved
mechanical properties, dimensional accuracy, and surface
smoothness, making them ideal for increasing concrete's strength.
Hooked steel fibers are often made from cold-drawn fibers due to
their excellent pullout behavior and bonding. This method allows
the use of less expensive materials while maintaining strength
standards.
"Concrete reinforcement segment accounted for largest market
share of by steel fiber application market in 2023."
Concrete reinforcement is used in flooring, roof slabs, bridges,
water tanks, sports arenas, conference rooms, tunnel lining, dams,
canal lining, and blast-resistant buildings. Tunnel lining and
flooring applications have the largest demand for steel fiber in
concrete reinforcing applications. Steel is added to concrete to
provide concrete reinforcement, which combines the two materials'
resistance to stresses. Since plain concrete cannot endure the
tensile and shear loads brought on by natural disasters like
earthquakes, winds, and vibrations, reinforced concrete is
frequently employed in their place.
"Asia Pacific region is
expected to register the highest CAGR in terms of value during the
forecasted period."
The carbon fiber market has been studied in North America, Europe, Asia
Pacific, Latin America and
Middle East and Africa.
Asia Pacific led the steel
fiber market, in terms of value, in 2023 and is projected to
register a CAGR of 4.8% between 2024 and 2029. The Asia Pacific steel fiber market is expanding
due to increased demand in a variety of applications, including
reinforcing concrete, composites, and refractories. Steel fibers
are extensively employed in the building and construction
industries. China, India, Japan,
and South Korea dominate the
markets in these end-use sectors. The steel fiber market is
expanding due to an increasing emphasis on sustainable building
materials in various countries. These materials can be sourced from
recycled steel. Increased investment in the building and
construction industries has also led to the expansion of the steel
fiber market.
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The key players profiled in the report include Bekaert
(Belgium), ArcelorMittal
(Luxembourg), Nippon Seisen Co.,
Ltd. (Japan), Fibrometals
(Romania), Sika AG (Switzerland), Jiangsu Shagang Group Co.,
Ltd.(China), Zhejiang Boen Metal
Products Co., Ltd. (China), Green
Steel Group (Italy), Spajic Doo
(Serbia), Kosteel Co., Ltd. (South
Korea), Severstal (Russia),
Enviromesh Pty ltd. (Australia),
Hunan Shuanxing Steel Fiber Co., Ltd. (China), and Kerakoll SPA (Italy) among others.
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