Global Steel Fibre Market: Industry Analysis, Application& Forecast to 2020-2027
Global Steel Fibre Market is valued approximately at USD 37.6 billion in 2019 and is anticipated to grow with a CAGR of more than 6.10% over the forecast period 2020-2027. Steel fibre is a metal reinforcement with concrete which is used as an alternative for the provision of welding fabrics or conventional steel bar applications. Steel fibre enhances the strength of the material and shift the material property from brittle to being more ductile. Some of the benefits of steel fiber are longer useful work life, less maintenance cost, high impact resistance, and stronger joints. Steel fibres are also affordable substitute to fill the crack positions in the walls or floor of the building. Further, steel fibre enables load bearing and high resistance which enhances its use in the construction sector.
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It is highly used in tunnel construction due to its property to provide additional strength, less permeability and less shrinkage cracking. Steel fibres are used across various verticals such as chemical, pharmaceuticals, aircraft and aerospace, measurement instruments, etc. Due to rise in industrialization Global steel fibres market observes and inclination. Rapid urbanization and infrastructure development are the major factors which are driving the growth of the market. In 2018, as per United Nations 55% of the world's population reside in urban areas which is estimated to increase up to approximately 68% by 2050. The emergence of various economics and innovative cost reduction processes create tremendous market opportunities during the forecasted period. However higher operating cost and high margins of new market players are the restraining factors for the market growth over the forecast period of 2020-2027.
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Last Update : Aug 04, 2020
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