Steel Fiber Market Report

Market Insights

“The steel fiber market value was US$ 4.4 Billion in 2023 and is likely to grow at a decent CAGR of 3.7 % in the long run to reach US$ 6.2 Billion in 2032.”

Market Dynamics

Introduction

Steel fiber, as the name suggests is a fiber manufactured from steel and used for reinforcing concrete and for other composite materials. These fibers are tiny particles of steel that are included in concrete to enhance its physical characteristics such as tensile strength, toughness, and resistance to fracture.

Some of the key drivers fuelling the steel fiber market include the demand for effective construction materials across different industries. Another factor that can be attributed to the rising demand for infrastructures is the global infrastructure growth especially in the emerging markets due to the development of urbanization and industrialization. This has led to the development of new roads and, the construction of new bridges, tunnels, and tall buildings all of which need high-strength concrete. Also, the increasing use of steel fiber in industrial flooring as they have better load-bearing and durability properties than conventional structures is setting up the market for more growth. Construction industries such as mining and tunneling are also users of steel fiber because they significantly improve the structural performance of infrastructures that are built underground. In addition, improvements in manufacturing technologies and the availability and convenience of modern steel fiber products are constantly reducing the cost and increasing the efficiency of their use in a variety of applications. Other than that, the increasing demand for sustainable and long-term construction solutions further drives the market for steel fiber.

Recent Market JVs and Acquisitions:

A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• in December 2023, Sika AG bought approximately 30% of Concria OY and cooperated with a highly innovative concrete floor company.
• In November 2023, ArcelorMittal and Schneider Electric signed a deal, whereby ArcelorMittal will provide Schneider Electric with XCarb recycled and renewably produced steel as well as steel fiber for its floor-standing enclosures.
• In April 2023 ArcelorMittal partnered with BP2; the company that produces complete solutions for house constructions and common residential buildings; as the exclusive supplier of low carbon emissions steel and steel fiber for the new product SOLROOF – the integrated photovoltaic covering roof.

Segment Analysis

By Type

“Hooked is expected to remain the dominant type in the market during the forecast period”.

• The steel fiber market is segmented into hooked, straight, deformed, crimped, and others.
• Hooked-end fibers offer better mechanical engagement between the fibers and concrete matrix for better load transfer and overall structural performance.
• The hooked shape assists in crack control in the concrete structures and inhibits crack widths as the cracks progress further.
• They provide better tensile strength which is important in cases where one needs to make high-performance and durability items.
• Applicable for use in areas like industrial flooring, tunnel lining, pavement, and precast concrete elements.

By Manufacturing Process

“Cold drawn is expected to remain the dominant and fastest-growing manufacturing process in the market during the forecast period”.

• The market is segmented into cut wire, cold drawn, slit sheet, melt extract, and others.
• The cold drawing process entails high degrees of accuracy in the formation of steel fibers, which enhances their effectiveness as reinforcement for concrete structures.
• Cold-drawn steel fiber also has better tensile strength and elongation than the ones that are produced by other methods, which allows for better reinforcement of concrete structures.
• This feature of cold-drawn fibers makes them have a smoother surface finish which increases their adhesion to concrete thus increasing the strength and durability of the composite.
• This in turn makes cold-drawn fibers cheaper to produce as more people can afford to buy them hence increasing their market demand.
• Cold drawing process is convenient for scaling up, so manufacturers can increase production to meet the growing demand, without negatively affecting the quality of the final product.

By Application

“Composites are expected to remain the dominant application in the market during the forecast period”.

• The steel fiber market is segmented into concrete, composites, refractories, and others.
• Steel fiber enhances the tensile strength, fracture toughness, and durability of composite materials and hence they are desirable for various uses.
• The concrete with steel fiber can be incorporated into various fields, such as construction, automotive, aerospace, and other industrial applications due to the improved mechanical properties.
• Steel fiber reinforced composites also exhibit excellent crack control and fatigue resistance, which translates to the durability of the final products.
• Steel fiber gives the required strength without largely increasing the mass which plays an important role in transportation and aerospace fields.
• They also mentioned that the incorporation of steel fiber in composites eliminates the need for other forms of reinforcement hence making the composites more economically viable.

Regional Analysis

“The Asia-Pacific is expected to remain the largest market for steel fiber market during the forecast period”.

• It is evident that the Asia-Pacific region is undergoing urbanization growth causing high construction activities consequently driving the demand for construction materials like steel fiber.
• For example, there are several projects for the construction of roads, bridges airports, etc which are ongoing in countries like China, India, and Southeast Asia; and these are resulting in the escalated demand for steel fiber.
• To add to this, the region has enjoyed rapid economic growth thus driving investments across various fields such as construction, industrial, and transportation industries where steel fiber-reinforced materials are used.
• This is due to the increasing population in the area and the development of industrialization in the specific region which has created a high demand for steel fiber used in producing industrial flooring and other materials that require high performance.
• The construction industry is rapidly expanding across the Asia-Pacific nations, and an increasing demand for products with high tensile strength is experienced for the construction of residential, commercial, and industrial structures.

Key Players

 The following are the key players in the steel fiber market.

Here is the list of the Top Players (Based on Dominance)

• Amcor Group GmbH
• Bekaert
• ArcelorMittal
• Nippon Seisen
• Fibrometals
• Sika AG
• Jiangsu Shagang Group
• Zhejiang Boen Metal Products Co., Ltd.
• Green Steel Group
• Spajic Doo

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at [email protected]

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The global steel fiber market is segmented into the following categories. 

Steel Fiber Market, by Type

• Hooked (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Straight (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Deformed (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Crimped (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Steel Fiber Market, by Manufacturing Process

• Cut Wire (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Cold Drawn (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Slit Sheet (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Melt Extract (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Steel Fiber Market, by Application

• Concrete (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Composites (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Refractories (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Steel Fiber Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s steel fiber market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]