North American concrete reinforcing fiber market is estimated to grow at a CAGR of 4.7% during the forecast period. The growing spending on infrastructure projects has been witnessed in the region. As per the White House, in the 2020 budget, the US President has recommended to pass legislation that generates a minimum of $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 Congress for the development of a package that will substantially improve the US infrastructure, and the Budget comprises $200 billion towards this effort.
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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. Such funding will further accelerate the demand for concrete reinforcing fiber which is a composite material that is used to increase structural integrity. It is suitable for improving the and durability of concrete and mortar. Adding fibers in concrete supports to decrease shrinkage cracks, increase energy absorption, increase strength, and minimizes dangerous spalling at high temperatures.
Scope of the North American Concrete Reinforcing Fiber Market
Market Coverage
· Market number available for 2019-2026
· Base year- 2019
· Forecast period- 2020-2026
· Segment Covered- By Type and Application
· Countries Covered- US and Canada
· Competitive Landscape- Sika AG, BASF SE, Owens Corning, and GCP Applied Technologies Inc.
Recent Strategic Initiatives in the North American Concrete Reinforcing Fiber Market
· In May 2018, GCP Applied Technologies Inc. announced the acquisition of UK based R.I.W. Ltd., a provider of waterproofing products. The company offers products for applications in residential and commercial construction. This will support R.I.W. to leverage GCP’s distribution channels to further increase its penetration of waterproofing projects in the UK.
· In November 2018, Sika AG acquired the global Concrete Fibers business from Propex Holding, LLC. Propex concrete fibers business complements Sika’s concrete admixture product range. By adding Fibermesh, Enduro, Novomesh, and Novocan to Sika’s product portfolio, Sika can potentially serve the requirements of concrete customers, owners, engineers, architects, and general contractors.
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North American 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.)
