Fiber Reinforced Concrete (FRC) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fiber Reinforced Concrete (FRC) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Fiber Reinforced Concrete (FRC) Market is projected to register a CAGR of over 8% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, various mining, building, and construction activities across the globe were temporarily stopped during lockdown imposed by respective countries' governments, such that to curb the spread of new cases of COVID-19. Moreover, workforce shortages due to illness and preventative quarantines negatively affected the commercial, infrastructural, institutional, and other construction sectors, thus, had decreased the demand for the fiber-reinforced concrete market. However, as the lockdowns were removed, these construction activities are picked up the pace, in order to meet the growing demand for infrastructure from various end-user markets.

Key Highlights

• Over the short term, the growing construction activities in Asia-Pacific and the rising demand for transport infrastructure projects are expected to drive the market's growth.
• On the flipside, the availability of ready-to-use concrete, and high production cost are likely to hinder the growth of fiber reinforced concrete (FRC) market.
• Transport infrastructure segment dominated the market and is likely to grow during the forecast period, with increasing public and private investments into transport infrastructure.
• The introduction of new alkaline-resistant synthetic fibers is likely to provide opportunities for the studied market during the forecast period.

Key Market TrendsInfrastructure Segment to Dominate the Market

• The infrastructure segment dominates the demand for fiber reinforced concrete, globally.
• Fiber-reinforced concrete is majorly required in the infrastructure for making roads and bridges. They enhance the toughness and post-crack load-carrying capacity of the roads Moreover, this concrete is also required in the construction of railways infrastructure, ports, and airports.
• Specifically, in Highways, Roadways, and Bridges, FRC is used for various applications, including, conventional concrete paving, white-toppings, barrier rails, curb, and gutter work, pervious concrete, and sound attenuation barriers, among others. Moreover, in Ports and Airports, they find their applications in runways, taxiways, seawalls, dock areas, packing, and loading ramps.
• With the growing population, demand for transport infrastructure has been increasing across the world, which has been leading to an increase in investments into transport infrastructure.
• For instance, according to the Ministry of Transport of China, the total length of public roads in China accounted for 5.2 million kilometers in 2020, witnesssing a growth rate of 3.79% compared to 5.01 million kilometers in 2019, thus had increased the demand for fiber reinforced concrete used in construction of road infrastructure.
• In India, according to the India Brand Equity Foundation (IBEF), in Union Budget 2020-21, the government has allocated INR 1,69,637 crore (~USD 24.27 billion) to enhance the transport infrastructure, which is likely to enhance the demand for fiber reinforced concrete from transport infrastructure sector of country.
• Moreover, as per IBEF, the investments in key infrastructure sectors, including, Manufacturing, Mining, Power, Power distribution. Railways, Real Estate, and Roads in India accounted for USD 92.7 billion in FY20, registering a decline rate of around 59% compared to USD 229.1 billion in FY19, thereby had decreased the demand for market studied.
• Furthermore, various infrastructure projects are on streamline or to be started in 2021 in United States, which is likley to positively impact the demand for market studied.
• California High-Speed Rail: The California High-Speed Rail megaproject is underway to complete 119 miles of construction in the Central Valley that will connect 6 of the 10 largest cities in California. After completion of Phase 1 of the project, which will connect San Francisco to San Jose to Merced to Fresno to Bakersfield to Palmdale to Burbank to Los Angeles to Anaheim, Phase 2 will be started which will connect Sacramento to Merced, and Los Angeles to San Diego. The cost of the project was estimated to about USD 77 billion.
• UBS Arena: The UBS Arena at Belmont Park, is a redevelopment megaproject (~USD 1.5 billion) in Elmont, New York, of a live entertainment, concert, and sports venue. The project is developed in partnership with Oak View Group, the New York Islanders, and Sterling Project Development, and is projected to open in November 2021.
• Project Connect: Project Connect is a transit plan for Austin, Texas, which was approved on November 3, 2020. The USD 7.1 billion megaproject will consist of a new rail system, a downtown transit tunnel, an expanded bus system, and a transition to an all-electric fleet.
• Alaska - Alberta Railway Project: In October 2020, the US government finalized Alberta Railway Corporation to construct USD 17 billion worth Alaska - Alberta railway project, which is scheduled to be completed by 2025.
• Hence, all such infrastructure projects and investments are likely to significantly impact the demand for fiber-reinforced concrete (FRC) market in the coming years.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific dominated the studied market during. The consumption levels of fiber reinforced concrete in Asia-Pacific countries, such as China, India, and Indonesia, are expected to rise at a robust rate, owing to the increasing demand from the transportation, and building and construction industry.
• The transport infrastructure and construction projects have been increasing in the countries, such as China, India, and Japan, which are likely to drive the demand for fiber reinforced concrete market in the region during the forecast period.
• According to the National Railway Administration (China), the fixed asset investments in China's rail infrastructure accounted for CNY 781.9 billion in 2020, compared to CNY 802.9 billion in 2019, thereby had decreased the demand for market studied.
• Moreover, as National Railway Administration (China), the length of China Railways' rail network, including, electrical railroad embankment and double-track railroad embankment, accounted for 193.56 thousand kilometers in 2020, compared to 183 thousand kilometers in 2019, which had increased the demand for FRC used in various railways infrastructure during rail network expansion in the country.
• As of March 2021, China to complete longest and widest underwater highway tunnel, the Taihu tunnel, will open to traffic before the end of the year 2021. The tunnel will stretch for almost 11 km under Lake Taihu, near Shanghai.
• Moreover, in China, the construction industry grew at a strong pace in 2020, but the growth was restricted due to the pandemic situation. The construction sector has supported the economic growth in the country whenever major slowdowns occurred. The country has the largest construction market in the world, encompassing 20% of all construction investments, globally. China is expected to spend nearly USD 13 trillion on buildings by 2030.
• According to the National Bureau of Statistics of China, the output value of the construction works in the country accounted for CNY 23.27 trillion in 2020, compared to CNY 21.87 trillion in 2019, thereby had increased the demand for FRC used in exterior and interior floors, polished concrete, slabs, driveways, sidewalks, pool construction with shotcrete, basements, and others from building and construction industry.
• Furthermore, in India, the Indian railway sector have been looking forward to capacity addition and modernization, which requires an investment of about INR 35.3 trillion (i.e. ~USD 545.26 billion) by 2032. Therefore, the country is likely to witness an increase in capital expenditure by about 92% annually.
• As of January 2021, the National Capital Region Transport Corporation (NCRTC) has awarded a contract to Shanghai Tunnel Engineering Company Limited, for the construction of a 5.6 km underground stretch, from New Ashok Nagar to Sahibabad, of the Delhi-Meerut Rapid Rail Transit System (RRTS) project. Moreover, the 17-km priority corridor of the Delhi-Meerut RRTS from Sahibabad to Duhai will be operational in 2023 and the entire corridor will be operational in 2025.
• Therefore with all such investments and an increasing number of infrastructure and construction projects, the demand for fiber reinforced concrete is likely to increase at a robust rate in the region during the forecast period.

Competitive Landscape

The fiber reinforced concrete (FRC) market is consolidated in nature, where few players account for significant share of the market demand. Some of the major players in the market include Sika AG, Bekaert, GCP Applied Technologies Inc., BASF SE, and Owens Corning, amongst others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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