Steel Fiber Market intelligence with Major Leaders & Key Revenue Pockets till 2023

[103 Pages Report] The Steel Fiber Market is projected to grow from USD 2.0 billion in 2018 to USD 2.5 billion by 2023, at a CAGR of 5.0% between 2018 and 2023. The market is growing due to the high demand from infrastructure and construction industries. Steel fiber is used in these industries as they exhibit properties such as superior tensile strength, crack resistance, durability, corrosion resistance, and high shear strength. 

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Drivers & Opportunities in global industry

·         Development of Infrastructure With Supportive Government Policies
·         Superior Properties of Steel Fibers
·         Growing Infrastructure in Developing Countries

Steel fiber comes in five types – hooked steel fiber, crimped steel fiber, straight steel fiber, deformed steel fiber, and others. The hooked steel fiber segment is expected to lead the overall steel fiber market during the forecast period. Hooked steel fiber is used in concrete reinforcement in hydraulic structures, airport and highway paving, industrial floor, refractory concrete, bridge decks, shotcrete linings, and explosion resistant structures. Hooked steel fiber substantially enhances initial crack strength and provides post-crack strength. Hooked steel fiber forms stronger joints, which results in low maintenance of the structure.

Steel fibers are being increasingly used in the construction industry as it is used in flooring, tunnel lining, precast, shotcrete, and so on. Steel fiber is used in concrete reinforcement, composite reinforcement, refractories, and others. They are majorly used in concrete reinforcement application. Steel fiber offers high tensile strength, durability, corrosion resistance, crack resistance, and high shear strength. Owing to these properties, they are used in the construction of flooring, tunnel lining, heavy duty pavements, precast, shotcrete, and others.

APAC is the biggest steel fiber market. The region is witnessing high growth of the steel fiber market. Majority of the steel fiber manufacturers across the region are constantly involved in improving the quality of the product. The manufacturers are adopting various growth strategies to strengthen their position in the market. The region has some of the prominent steel fiber manufacturers such as Yuthian Zithai Steel Fiber Manufacturing Co. Limited.

The major manufacturers of steel fiber are Arcelor Mittal (Luxembourg), Bekaert (Belgium), Fibrometals (Romania), Nippon Seisen Co. Ltd. (Japan), Zhejiang Boean Metal Products Co. Ltd. (China), Green Steel Group (Italy), Spajic Doo (Serbia), Hunan Sunshine Steel Fiber Co. Ltd. (China), Yuthian Zhitai Steel Fiber Manufacturing Co. Ltd. (China), and R. STAT (Saint-Jean-Bonnefonds). These players have adopted various growth strategies, such as expansions and joint ventures, to expand their presence in the global market. Expansions and joint ventures were the most dominating strategies adopted by the major players from 2014 to 2018. These strategies helped them to innovate their product offerings and broaden their customer base.

Arcelor Mittal is one of the prominent players in the steel fiber market. As a part of its growth strategy, the company is highly focused on expansions. In June 2017, the company announced a three-year investment program worth USD 1 billion for Mexico. At the completion of this investment program, the optimized production will be 5.3 million tons per year, which will result in the growth of the Mexican domestic market. This strategy will be beneficial for Arcelor Mittal and make its foothold in the steel fiber market stronger.

Bekaert is one of the leading players in the steel fiber market. The company provides high-grade steel fiber, which is extensively used in the construction industry. As a part of its growth strategy, the company is highly focused on expansions and joint ventures. In April 2014, the company had established a steel plant for manufacturing steel fiber under the brand Dramix. This expansion helped the company to cater to the increasing demand from infrastructure and construction sectors in Latin America. Also, the company entered into a joint venture with Maccaferi for establishing sales and distributing facilities. This development has helped the company to promote its steel fiber products in underground construction applications.

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