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Steel Fiber Market Overview, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Steel Fiber Market Overview
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According to The Business Research Company's, The steel fiber market size has grown strongly in recent years. It will grow from $2.19 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to growing infrastructure, supportive government policies, increased adoption of steel fiber reinforcement in the construction industry, need for durable and strong construction materials, rising investments in infrastructure development.
The steel fiber market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to expansion in the transportation sector, increasing urbanization, growing need for durable and sustainable infrastructure solutions, growing trend of precast construction, global economic growth. Major trends in the forecast period include technological advancements, microfiber technology, customization and specialty fibers, integration with 3d printing, development of innovative steel fiber products with advanced properties.
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Market Drivers and Trends:
Growth in the construction industry is expected to propel the growth of the steel fiber market. The construction industry deals with the building of houses, bridges, and other buildings. Steel fiber is widely used in construction and civil engineering materials due to its superior properties such as high impact resistance, greater fatigue survival, long lifespan, and reduced maintenance costs. It is used in many applications, such as parking lots, playgrounds, airport runways, taxiways, maintenance hangars, access roads, and workshops. According to the World Bank and McKinsey estimates, the global expenditure from the construction industry is expected to grow by 47%, reaching $14 trillion by 2025. Therefore, rapid growth in the construction industry drives the steel fiber market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Arcelor Mittal SA, N. V. Bekaert S. A., Fibro Metals SRL, Nippon Seisen Co. Ltd., Zhejiang Boean Metal Products Co. Ltd., Green Steel Poland Sp. z o. o., Spajic Doo, Hunan Sunshine steel fiber co. Ltd., Yuthian Zhitai Steel fiber Manufacturing Co. Ltd., R. STAT, Ugitech S. A, Intra Micron Inc., Kosteel Co. Ltd., Junwei Metal Fiber Co. Ltd., Maccaferri SpA, The Euclid Chemical Company, Henan Green Polymer Co. Ltd., Nycon Corp., Jiangsu Daqi Metal Surface Treatment Co. Ltd., Fabpro Polymers Inc., Cangzhou Daye Metal Fiber Co. Ltd., Onward Chemicals Pvt. Ltd., Ribbon Technology Corporation, Fibercon International Inc., Stewols India Ltd., Bekaert Corporation, Euclid Chemical Co., Steelcon Pty Ltd., Hengyang Steel Fiber Co. Limited, Steel Wire Corporation of America, Zibo Tenran Steel Fiber Co. Ltd
Steel Fiber Market 2024 Key Insights:
• The steel fiber market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Construction Industry Growth Fuels Expansion Of The Steel Fiber Market
• Innovative Solutions Transform The Steel Fiber Market
• Asia-Pacific was the largest region in the steel fiber market in 2023
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