Steel Fiber Market worth $2.44 billion by 2029 | Key players Bekaert (Belgium), ArcelorMittal (Luxembourg), Nippon Seisen Co., Ltd. (Japan), Fibrometals (Romania), Sika AG (Switzerland).

According to recent market research the "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", 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.

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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.

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.

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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.

Prominent companies 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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ArcelorMittal is a global leader in finished and semi-finished steel products for various end use industries like construction, transportation, household appliances, and packaging. ArcelorMittal is headquartered in Luxembourg City, Luxembourg and was established in the year 2006. The company operates under three major segments namely, flat products, long products, and tubular products segment. Under these segments the company develops, manufactures, and markets a wide range of steel fiber products used in reinforcement applications in concrete and precast elements.

Bekaert is a manufacturer as well as a supplier of steel fibers, the company has a rich history dating back to 1880, when it was established. Bekaert operates in steel wire solutions, rubber reinforcement, specialty business, Bridon- Bekaert Ropes Group segments. Under these segments the company produces a wide product range, including steel wires, steel fibers, automotive interior products, and steel fiber products. Bekaert had a headcount of 26,980 employees and reported a revenue of USD 5,956.1 million in December 2022. The company's products are available in countries all over the world and Europe accounts for the largest share of revenue earned by the company from a particular region.

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