COVID19: STEEL FIBER MARKET TO REACH USD 3.1 BILLION BY 2027 | CAGR 5.8% — FORENCIS RESEARCH
Global Steel Fiber Market: Key Highlights
- According to the new market research report “Steel Fiber Market by Type (Hooked Steel Fiber, Straight Steel Fiber, Crimped Steel Fiber, Deformed Steel Fiber), by Processing Method (Cut Wire/ Cold Drawn, Slit Sheet, Melt Extract), by Application (Concrete Reinforcement, Composite Reinforcement, Refractories), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2020 to 2027)”, the global Steel Fiber market is estimated to reach USD 3.1 Billion by 2027 at a CAGR of around 5.8% during the review period.
- Steel fibres are added to mortar, Portland cement concrete or refractory concrete, to increase the flexural strength from 25% to 100% depending on the proportion of fibres added and the mix design
- Steel Fiber is composed of steel, steel-coated plastic, plastic-coated steel, or a steel core covered with other metals
- The superior physical and electrical properties of the steel fibers are high corrosion and thermal resistance, good electric and heat conductivity, and excellent Electromagnetic Interference (EMI) shielding capabilities
Global Steel Fiber Market: Key Market Dynamics
- The increasing infrastructural activities in the developing and developed region, along with favourable government supportive policies is expected o drive the global steel fiber market.
- In addition, the superior properties possed by the steel fiber make it useful for several a0plication also boosting the demand form various end-use industries
- However, synthetic fibers replacing steel fibers in certain applications act as a major restraining factor for the growth of the steel fiber market
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Global Steel Fiber Market: Regional Overview
Asia-Pacific is expected to account for the largest share in the global steel fiber market during the forecast period, owing to development in the building and construction sector coupled with an increased focus on public infrastructure is the key regional growth driver. Infrastructure spending in India and China is expected to witness rapid growth wherein the construction of expressways, airports, and rails are projected to register a high demand for steel fiber products. Moreover, there are multiple large steel fiber manufacturers, which are present in the Asia-Pacific region, such as Nippon Seisen, Zhejiang Boean Metal Products, Hunan Sunshine Steel Fiber, and Yuthian Zhitai Steel Fiber Manufacturing which is likely to drive Asia-Pacific steel fiber market.
- North America
North America is expected to accounting second-largest share in the global Steel Fiber market cowing to continuously growing reconstruction activities and mining industry in this region is expected to drive the regional market growth during the forecasted period.
Global Steel Fiber Market: Key Players Overview
ArcelorMittal is a holding company together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. The company operates through four business segments namely NAFTA, ACIS, Brazil, and Europe. The company has 209,000 employees across 60 countries globally. In July 2020, ArcelorMittal and Nippon Steel’s joint venture, namely AM/NS India, won the Deal of the Year Award from the S&P Platts 2020 Global Metals Awards for completing the $5.7 billion acquisition of Essar Steel India Limited last year, a fully integrated steel producer in India that entered insolvency in 2017.
Bekaert is a Belgium-based company that operates in the field of market and technology solutions for steel wire transformation and coatings. Its products are applied in the automotive, construction, energy and utilities, agricultural, consumer goods, basic materials and equipment industries. In July 2020, Bekaert announced to move its US production activities to a larger, modern facility in Wilkes-Barre, Pennsylvania to To meet the growing demand for Dramix steel fiber concrete reinforcement.
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