April 18, 2024

Fiber Reinforced Concrete Market Driven By Increasing Demand For Durable Construction Materials

Fiber reinforced concrete consists of short discrete fibers that are uniformly distributed and randomly oriented. It helps improve the structural integrity of concrete by bridging cracks. Fiber reinforced concrete provides higher strength, flexibility, ductility, modulus of rupture, and impact resistance as compared to normal concrete. It is widely used in industrial floors, pavements and overlays, precast products, tunnels, bridges, and marine structures owing to its excellent durability and reduced maintenance costs.

The global Fiber Reinforced Concrete Market is estimated to be valued at US$ 2707.95 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends
According to United Nations, around 68% of world population will live in urban areas by 2050. This is prompting governments in developing countries to focus on infrastructure development which is fueling demand for fiber reinforced concrete and acting as a key trend in the market.

Porter’s Analysis
Threat of new entrants: Low capital requirements and established competitive strategies by existing players make entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, unique properties provide some bargaining power to producers.
Bargaining power of suppliers: Suppliers of raw materials like fibers and concrete have low bargaining power due to availability of substitute materials.
Threat of new substitutes: Substitutes exist but none can match properties like high strength and durability. Properties help minimize threat from substitutes.
Competitive rivalry: Intense competition exists among existing players due to low product differentiation. Players focus on price and quality to gain higher market share.

Key Takeaways

The Global Fiber Reinforced Concrete Market Size is expected to witness high growth.

Regional Analysis: The Asia Pacific region currently dominates the market and is expected to continue its dominance during the forecast period. Increasing construction activities coupled with growing population in countries like China and India are driving the growth of fiber reinforced concrete in the region.

Key players operating in the fiber reinforced concrete market are First Cash Financial Services Inc., EZCORP, INC., DFC Global Corp., Picasso Pawn, Buckeye Pawn Shop, Borro Private Finance, Welsh Pawn, Luxury Asset Capital, Beverly Loan Company, and Big Store Pawn Shop. These players are focusing on new product launches and expansions to gain higher market share. For instance, in 2022 First Cash Financial Services Inc. announced plans to open 50 new pawn shops across US to strengthen its market presence.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it