Global Steel Fiber Market -2024-2031

Overview

Global Steel Fiber Market reached US$ 2.5 billion in 2023 and is expected to reach US$ 3.4 billion by 2031, growing with a CAGR of 4.1% during the forecast period 2024-2031.

Initiatives to construct infrastructure, rising demand for high-performance building materials and rapid urbanization are the main factors propelling the steel fiber market's growth globally. Strict building standards and regulations that put safety and sustainability first have further increased demand for steel fiber.

Steel fiber-reinforced concrete is being used in more construction projects as a result of technological developments in building methods and materials. The compatibility and efficacy of steel fibers with concrete have been increased by innovations in the manufacturing processes, such as better surface treatments and form design, which have further fueled market expansion.

For instance, on February 27, 2024, the world's first bendable composite reinforcement has been developed by Arkema and Sireg Geotech, offering an innovative substitute for conventional steel reinforcement. Sireg's Glasspree TP bars, which are based on Arkema's Elium resin, are a construction industry first.

The Elium thermoplastic resin used in Sireg's fiberglass bars offers them double the tensile strength of steel. In addition to being completely recyclable, they are significant for their exceptional light weight roughly 75% lighter than steel corrosion resistance, chemical resistance and structural stability in the face of severe temperature fluctuations. It considerably lessens the carbon impact of maintenance operations and improve the energy efficiency of buildings. Hence, the concrete reinforcement application segment generates the significant revenues in the global product market.

Dynamics

Steel Fiber's Growing Usage in Flooring Applications

Industrial floors are frequently subjected to demanding, wide-ranging loading conditions in addition to extensive, severe use. The life cycle costs of a particular structure are favorably and considerably impacted by well-designed and built floors. The floors offer lower maintenance costs and operational downtime, which boosts the client's revenues. ArcelorMittal stated that , Steel fiber reinforced concrete has established itself as the most dependable and appropriate building material for standard industrial floors over the past thirty years.

For instance, ArcelorMittal offers TAB-Floor, which has better crack management and ductile behavior than typical systems, allows one to minimize slab thickness. A steel profile protects the joint edges, lessening the effect of spalling under high usage. Since there is no exposed concrete, the use of steel fibers increases the floor's resilience to impact. The breadth of shrinkage cracks in concrete is restricted because of the high number of fibers in the material.

Reduction of Carbon Footprint in Construction Sector

A steel fiber maintains and improves the performance and longevity of concrete floors while reducing thickness by 10-25% and using 30-50% less steel than traditional reinforcement systems. In the construction industry, reducing back on steel and concrete usage directly lowers carbon emissions.

For instance, in October 2021, Bekaert has proven its outstanding sustainability credentials by obtaining an environmental product declaration for its Dramix steel fibers, which are used in the construction of concrete reinforcement in Petrovice, Czech Republic. Anyone involved in construction, from developers to architects, will be able to compare Dramix with conventional concrete reinforcement options using the EPD, assisting them in selecting the best long-lasting and sustainable option for their project.

The construction industry may significantly reduce the environmental and carbon footprint of their structures by utilizing Dramix steel fibers. Furthermore, as government rules for shotcrete applications for subsea tunnels increasingly demand, Dramix steel fibers offer a micro-plastic pollution-free option. subsequently, because they are packed so tightly, the amount of fuel needed for transportation is far less per unit weight than when shipping steel mesh, which also reduces CO2 emissions.

Regulatory Constraints and Standards

Regulations and specifications about building materials, such as steel fibers, can differ between countries and regions. The absence of mutual recognition agreements or harmonization among regulatory bodies may impede the ability of steel fiber producers to enter markets and engage in trade. Businesses may have to negotiate a challenging regulatory environment, which could cause administrative headaches and hold up their entry into the market.

It could be necessary for steel fiber products to go through several approval procedures to ensure that they adhere to legal requirements. Testing for durability, mechanical qualities and compatibility with various concrete mixtures are a few examples of this. Growth potential for steel fiber manufacturers might be impeded by delays in getting permits or certifications, which can slow down the introduction of new products and their penetration of the market.

Competition from Alternative Materials

Alternative materials for reinforcement, like carbon, glass and synthetic fibers, might provide particular performance benefits over steel fibers in some situations. For instance, synthetic fibers might offer superior resistance to chemical corrosion or environmental deterioration, while carbon fibers might give greater tensile strength or stiffness than steel fibers. Due to these performance benefits, end-users may find alternative materials more appealing, which could favor non-steel fiber solutions and slow the growth of the steel fiber market.

The cost competitiveness of alternative materials in comparison to steel fibers can influence market demand. Some alternative reinforcement materials may be less expensive or provide better value in terms of performance-to-price ratios. End users may choose alternate materials to decrease construction costs or fulfill budget limits, diminishing the market share of steel fibers.

Segment Analysis

The global steel fiber market is segmented based on product, application, manufacturing process and region.

Enhanced Performance and Market Dominance: End-Hooked Steel Fibers in Fiber-Reinforced Concrete

Concrete with end-hooked steel fibers helps limit crack widths and regulate the spread of cracks under compressive stresses. The lowers the possibility of structural failure brought on by cracking while also extending the longevity and service life of concrete structures. Due to this, end-hooked steel fibers are being utilized more frequently in important infrastructure projects where durability and fracture control are crucial, which is fueling the expansion of the hooked goods market.

The structural behavior of reinforced concrete has recently become more brittle due to the growth in demand for high-strength concrete. Steel fiber-reinforced concrete has emerged as a practical way to achieve ductility during post-cracking behavior under tension as well as post-peak softening behavior under compression, hence reducing this adverse effect. Steel fibers have only been used as a non-structural material for tunnel lining or crack control in concrete slabs for the past few decades. Therefore, hooked product captures the majority of the market shares in the total global market.

Geographical Penetration

China's Infrastructure Investment Spurs Growth

China is a major contributor to the global steel fiber market's growth, owing to its strong production capabilities, infrastructure development programs and tactical market placement. For instance, steel fiber demand is driven by China's ambitious infrastructure projects, including the Belt and Road Initiative and urbanization initiatives, which are building high-rise buildings, bridges, highways and airports.

China allocated local governments a quota of RMB 3.65 trillion (US$ 573 billion) in SPBs in 2021; by December 15, 2021, 97% of the allotted amount had been distributed. A newsletter on the central government website states that all the revenue obtained through the issuance of SPBs was used in "key areas determined by the Party Central Committee and the State Council." About half of the money raised went towards the infrastructure of industrial parks, transportation and local government. Therefore, the demand for steel fibers in China is continuously increasing.

COVID-19 Impact Analysis

The pandemic has impacted steel fiber industry with substantial drop in the demand for steel fiber, especially from industries that use steel fiber including manufacturing & building and automobile industry. The demand for steel fiber declined as a result of slower economic growth, postponed building projects and weaker consumer expenditure.

The COVID-19 pandemic and related lockdown measures, according to the World Steel Fiber Association, have had a major impact on global steel fiber manufacturer' output volumes. In April 2020, China reported producing 85.0 million Tons of crude steel fiber. Nothing has changed from the manufacturing in April 2019. Furthermore, 5-7% of vehicles produced globally are produced in Asia. In April 2020, South Korea's automobile output fell by 22% year over year, while car exports fell by 44%. Car shipments from the nation to US fell by 28% in April compared to the same month the previous year.

Russia-Ukraine War Impact Analysis

Russia and Ukraine collectively export over 40 million Tons of steel to the world market each year. Europe and the Middle East and North Africa region are the primary destinations for these exports. The rift between Russia and Ukraine has given the Indian steel industry more opportunity. Year before, nearly one-third of India's exports of iron ore and steel went to Europe. India exported 20.63 million Tons in 2021, mostly to Italy, Belgium, Turkey and Vietnam.

One of the top producers of steel in India anticipates that the demand resulting from supply disruptions from Russia and Ukraine will drive its exports from their current 25% of sales to 40% as it attempts to capitalize on historically high steel prices. It is anticipated that the additional export market may persist for the next six to nine months at the very least, considering the state of the global economy, the volatility of the market and the need for steel. India is in a better geographic location than China, which is likely an opponent in this capacity-supply pattern.

By Product

• Hooked
• Straight
• Deformed
• Crimped
• Others

By Application

• Concrete Reinforcement
• Composite Reinforcement
• Refractories
• Others

By Manufacturing Process

• Cut Wire/Cold Drawn
• Slit Sheet
• Melt Extract
• Mill Extract
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On October 19, 2021, The construction industry's carbon footprint is decreased using Bekaert Dramix steel fibers. Bekaert has proven its outstanding sustainability credentials by obtaining an environmental product declaration for its Dramix steel fibers, which are used in the production of concrete reinforcement in Petrovice, Czech Republic.
• In December 2023, Twintec employs steel fiber-reinforced concrete to create more environmentally friendly buildings.
• On February 27, 2024, with the development of the first bendable composite rebar in the past, Arkema and Sireg Geotech have created an innovative substitute for conventional steel reinforcement. Sireg's Glasspree TP bars are a construction industry first, built on Elium resin from Arkema.

Competitive Landscape

The major global players in the market include ArcelorMittal, Bekaert Corporation, Nippon Seisen Co., Ltd., Fibro Metals, Green Steel Group, Spajic doo, Precision Drawell Pvt. Ltd., R. STAHL Aktiengesellschaft, Hunan Sunshine Steel Fiber Co., Ltd. and Zhejiang Born Metal Products Co., Ltd.

Why Purchase the Report?

• To visualize the global steel fiber market segmentation based on product, application, manufacturing process and region, as well as understands key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of steel fiber market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global steel fiber market report would provide approximately 61 tables, 57 figures and 171 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies