Steel Fiber Market Size Worth USD 3.70 Billion in 2032 | Analysis By Emergen Research

The global steel fiber market size was USD 2.30 Billion in 2022 and is expected to register a steady revenue CAGR of 4.8% during the forecast period, according to latest analysis by Emergen Research. Rising infrastructural development across various regions and increasing use of steel fibers due to higher tensile strength are key factors driving market revenue growth.

Steel fibers are extensively used along with mesh and steel reinforcing bars in various construction applications owing to their compression, splitting tensile, and flexural strength. Global steel prices reduced by 15%-20% year-on-year in 2022 and fell over 40% in December 2022. According to the forecast by World Steel Association (WSA), the demand for global steel increased by 2.4% in 2023. This can lead to a drop in the prices of steel fibers and therefore can be widely used as a construction material.

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Developing countries in the Asia Pacific region need to spend significantly more in recent years in various infrastructure projects. According to an Asian Development Bank, developing countries in Asia will need to invest USD 26 trillion in infrastructure projects from 2016 to 2030, to retain its growth momentum, eradicate poverty, and respond to climate change.

Steel Fiber Reinforced Concrete (SFRC) is a composite material made up of a cementitious matrix and a discontinuous reinforcement made up of steel fibers that are randomly distributed throughout the matrix. SFRC is used in buildings, such as flooring, housing, precast, bridges, tunneling, heavy duty pavement, and mining, to improve long-term behavior, strength, toughness, and stress resistance. In addition, SFRC is becoming more popular in civilian and military structures due to its greater qualities over standard concrete, such as higher tensile strength, better strain capacity, enhanced energy absorption ability, and improved toughness.

However, reduction workability and issues related to uniformity of the concrete mix are key factors , which could restrain market revenue growth. Steel fiber rigidity can have a significant impact on slump and workability, especially when additional characteristics are considered. The fibers operate as a barrier to the movement of coarse aggregates, decreasing material mobility. Furthermore, when the fibers get concentrated on the surface, it becomes difficult to provide a good finishing.

Some Key Highlights From the Report

• The hooked segment is expected to account for largest revenue share in the global steel fiber market over the forecast period. This is because hooked steel fiber can provide improved anchoring between fibers and concrete and is also inexpensive. Hooked fibers are more popular than smooth fibers in structural applications because of their anchorage mechanisms, together with their length and tensile strength, provide extra pull-out resistance and enhance the structural element's performance.

• The concrete reinforcement segment is expected to register steadily fast revenue growth rate in the global steel fiber market over the forecast period. This is because fibers are used in Ordinary Portland Concrete (OPC) to increase its tensile strength, ductility, durability and toughness of concrete. When steel fibers are mixed into mortar, OPC, or refractory concrete, the flexural strength of the composite increases from 25% to 100%, depending on the proportion of fibers used and the mix design.

• The cut wire/cold drawn segment is expected to account for significantly large revenue share in the global steel fiber market over the forecast period. This can be attributed to their improved mechanical characteristics and superior performance. Steel is frequently cold-rolled before being cold-drawn to improve its characteristics for improved performance. Cold-drawing has various advantages over other processes, such as hot-rolling, and has improved mechanical characteristics.

• The Asia Pacific market accounted for largest revenue share in the global steel fiber market in 2022. This is due to increasing investments in various infrastructure projects across various countries in Asia Pacific rising demand from various end use industries. This is expected to rise domestic demand for steel fiber in this region along with rapid growth in the construction industry. Steel fiber is used in concrete mix to increase the tensile strength of concrete that can be used in various infrastructure projects.

• On 12 July 2022, ArcelorMittal announced to provide steel fibers for London's new Elizabeth line, which was built as a part of the Crossrail project, with over 11 000 tonnes of steel fibers manufactured at ArcelorMittal WireSolutions operations in UK, Sheffield, Luxembourg, and Bissen.

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Emergen Research has segmented the global steel fiber market on the basis of type, application, manufacturing process and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
o Hooked
o Straight
o Deformed
o Crimpled
o Others

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Concrete Reinforcement
o Composite Reinforcement
o Refractories
o Others

• Manufacturing Process Outlook (Revenue, USD Billion; 2019-2032)
o Cut Wire/Cold Drawn
o Slit Sheet
o Melt Extract
o Mill Extract
o Modified Cold Drawn Wire

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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