Fiber Reinforced Concrete (FRC) Market to Reach $4,553.13 million, Globally, by 2032 at 7.8% CAGR: Allied Market Research
Rapid urbanization & industrialization and surge in residential & non-residential construction activities drive the growth of the fiber reinforced concrete (FRC) market.
Wilmington,Delaware, March 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled,* “Fiber Reinforced Concrete (FRC) Market by Type (Natural Fiber, Synthetic Fiber, Glass Fiber, Steel Fiber, Others), Process (Premix, Sprayed, Hybrid, Others), and Application (Infrastructure, Building and Construction, Mining and Tunnel, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 ". *According to the report, the global fiber-reinforced concrete (FRC) market was valued at $2,169.2 million in 2022, and is projected to reach $4,553.13 million by 2032, registering a CAGR of 7.8% from 2023 to 2032.
*Prime determinants of growth *
Asia-Pacific stands out as a primary user of fiber reinforced concrete, mainly owing to the expansion of the construction industry and increased demand of fiber reinforced concrete. The escalation of urban development in emerging nations like India, China, and Brazil has notably propelled the market for fiber reinforced concrete. Furthermore, a surge in the demand for fiber reinforced concrete within the infrastructure segment plays a pivotal role in fostering market growth. Growth in construction sector also drives the fiber reinforced concrete (FRC) market.
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*Report coverage & details: *
*Report Coverage* *Details*
Forecast Period 2023–2032
Base Year 2022
Market Size in 2022 $2,169.2 million Market Size in 2032 $4,553.13 million
CAGR 7.8%
No. of Pages in Report 220
Segments covered Type, Process, Application, and Region.
Drivers Rapid urbanization & industrialization. Surge in residential & non-residential construction activities.
Restraints Fluctuating raw material prices.
Opportunities Government investments in the building infrastructure sector.
*Covid-19 Scenario* · The outbreak of the Covid-19 pandemic had a negative impact on the fiber reinforced concrete (FRC) market, owing to the temporary closure of manufacturing firms during the lockdown.
· Not only the production but also the sale of fiber reinforced concrete was hampered due to the closure of transportation, construction, and other industries across the world, especially in the initial period of the pandemic.
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*The steel fiber segment to maintain its leadership status throughout the forecast period *
Based on type, steel fiber segment held the highest market share in 2022, accounting for nearly one half of the fiber reinforced concrete (FRC) market revenue and is estimated to maintain its leadership status throughout the forecast period and glass fiber segment is projected to manifest the highest CAGR of 8.9% from 2023 to 2032, owing to high demand and their associated benefits such as prolonged durability, resistance to fire, easy availability and cost effectiveness.
*The sprayed segment to **maintain** its leadership status throughout the forecast period*
Based on process, the sprayed segment held the highest market share in 2022, accounting for more than two-fifths of the fiber reinforced concrete (FRC) market and is estimated to maintain its leadership status throughout the forecast period and premix segment is projected to manifest the highest CAGR of 8.4% from 2022 to 2032. This is attributed to advancement in premix fiber reinforced concrete and increase in demand for fiber reinforced concrete for quick and efficient application which covers complex & irregular shapes.
*The infrastructure segment to **maintain** its lead position during the forecast period*
Based on application, the infrastructure segment accounted for the largest share in 2022, contributing to nearly two-fifths of the fiber reinforced concrete (FRC) market revenue, and mining and tunnel segment is expected to portray the largest CAGR of 9% from 2023 to 2032. Growth in developing countries such as China, Japan, India, Africa and others are driving the commercial and industrial segment for fiber reinforced concrete (FRC) market. Such factors are having positive impact on the fiber reinforced concrete (FRC) market.
*The Asia-Pacific region to **maintain** its leadership status throughout the forecast period*
Based on region, the Asia-Pacific region held the highest market share in 2022, accounting for nearly three-fifths of the fiber reinforced concrete (FRC) market revenue and is estimated to maintain its leadership status throughout the forecast period, and Middle East and Africa is projected to manifest the highest CAGR of 8.6% from 2023 to 2032. This is owing to the rise in urbanization and industrialization in developing countries of Africa and Middle East.
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*Leading Market Players: *
· Fibrex Construction Group
· Clark Pacific
· Ultratech Cement Ltd.
· Formglas Products Ltd.
· Willis Construction Co. Inc.
· Stromberg Architectural
· BB Fiberbeton
· Generale Prefabbricati S.P.A.
· BarChip Pty Ltd
· GRCUK
The report provides a detailed analysis of these key players in the fiber reinforced concrete (FRC) market. These players have adopted different strategies such as investments, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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