The global concrete reinforcing fiber market is estimated to grow at a CAGR of 4.8% during the forecast period. Some pivotal factors accelerating the market growth include the rising industrialization and growing infrastructure projects across the globe. As per the White House, in the 2020 budget, the US President has recommended to pass legislation that generates minimum $1 trillion in infrastructure investment. Along with a long-term surface transportation reauthorization, the US Administration is focused on offering additional investments in infrastructure for various sectors, including water infrastructure. The US Administration is focusing on working with the Congress for the development of a package that will substantially improve the US infrastructure, and the Budget comprises $200 billion towards this effort. With this amount, $10 billion is distributed for setting up a Federal Capital Revolving Fund to encourage more economical Federal investment in buildings and other property.
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These investments will drive the adoption of concrete reinforcing fiber which is increasingly gaining interest among the concrete community as it supports to decrease labor costs and construction time. Owing to these benefits, several structural elements are reinforced with steel fibers as total or partial substitution of conventional reinforcement (welded or rebars mesh). Fiber reinforced concrete can be utilized in a range of applications such as highways, roadways, and bridges, ports and airports, residential, commercial, and more. It is well suited for concrete applications that needs protection from drying shrinkage and plastic, reduced construction costs, improved durability, and enhanced service life. The fibers use in concrete can minimize the consumption of total energy of a construction project and thereby supports green building practices.
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Global Concrete Reinforcing Fiber Market Segmentation
By Type
· Steel Fiber
· Synthetic Fiber
· Natural Fiber
· Glass Fiber
· Others
By Application
· Infrastructure
· Residential and Commercial
· Industrial
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
