Fiber Reinforced Concrete Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Fiber Reinforced Concrete Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Global Fiber Reinforced Concrete (FRC) Market size is estimated at USD 2.64 billion in 2023, and is expected to reach USD 3.48 billion by 2028, growing at a CAGR of 5.72% during the forecast period (2023-2028).

The COVID-19 outbreak negatively impacted the market in 2020. With the COVID-19 pandemic's beginning, construction work stopped worldwide, especially in major construction hubs like China and India. However, the market was projected to grow steadily in the forecast period due to global construction sector growth.

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 flip side, the availability of ready-to-use concrete and high production cost will likely hinder the growth of the fiber-reinforced concrete (FRC) market.
• Introducing new alkaline-resistant synthetic fibers will likely provide opportunities for the studied market during the forecast period.
• During the forecast period, the Asia-Pacific region is expected to dominate the global market due to the exponentially increasing construction activities in the region.

Fiber Reinforced Concrete Market Trends

Infrastructure Segment to Expand at a Lucrative Rate

• Fiber-reinforced concrete is required in the infrastructure segment for making roads and bridges. They enhance the toughness and post-crack load-carrying capacity of the roads. Moreover, this concrete is also required to construct railways infrastructure, ports, and airports.
• According to World Bank, private investment in infrastructure projects in low- and middle-income countries totaled USD 76.2 billion in 2021, almost 49% more than the previous year.
• Repair, growth, and infrastructure modernization have become critical in the United States, with its infrastructure fueling the country's construction business for decades. The Department of Transportation's FY 2023 Budget proposal of USD 105 billion will advance safety and modernize the nation's infrastructure in the area. The Department's overall budget for FY 2023 will be USD 142 billion, including the additional USD 37 billion in guaranteed advance appropriations given by the Bipartisan Infrastructure Legislation (BIL).
• According to the US Census Bureau, the energy and power category accounted for around one-third of the entire value (~USD 114 billion) in the infrastructure segment, followed by highway and street (~USD 100 billion) and transportation (~USD 56 billion) during the year 2021.
• With the business's global growth, several high-value infrastructure projects have been launched or are scheduled to begin in the upcoming months. For instance, according to the Gateway Development Commission, the Hudson Tunnel Project, connecting New Jersey and New York beneath the Hudson River, will cost more than USD 2 billion.
• Many other railway and highway projects are in the pipeline or have been initiated along with significant investments in the expansion and modernization of existing airports to increase the capacity of the aviation industry, owing to a significant increase in the number of passengers.
• Hence, all such infrastructure projects and investments will likely significantly impact the demand for the fiber-reinforced concrete (FRC) market in the coming years.

Asia-Pacific Region to Dominate the Market in the forecast period

• The consumption levels of fiber-reinforced concrete in Asia-Pacific countries, such as China, India, and Indonesia, are expected to rise robustly, owing to the increasing demand from the transportation, building, and construction industries.
• Asia-Pacific is the fastest-growing region for road and highway construction projects. China has increased its road construction and maintenance spending. Further, the country has many ongoing and upcoming road and highway construction projects.
• For instance, the Zengcheng-Foshan Expressway is a USD 2,376 million project that involves constructing a 38.4km expressway in Guangdong, China, from Zengcheng to Tianhe Section. The construction of the expressway began in the third quarter of 2021 and is expected to be completed in the fourth quarter of 2025. The project aims to expand the highway network while reducing traffic, travel time, and distance.
• Moreover, the Indian infrastructure industry is also blooming at a high pace. The private sector is emerging as a key player across various infrastructure segments, from roads and communications to power and airports. Private investment into physical and social infrastructure is key to putting India in a high growth trajectory, making it a USD 5 trillion economy by 2024-25, as stated by the India Brand Equity Foundation.
• Along with this, In Union Budget 2022-23, the government gave a massive push to the infrastructure sector by allocating INR 10 lakh crore (~USD 130 billion) to enhance the infrastructure sector in the country.
• Several major projects commenced in the country after major investments in the segment. For instance, in September 2022, the government approved rail-cum-road bridge across the Brahmaputra River near the existing Saraighat bridge at Guwahati at the cost of INR 996.75 crore (~USD 122 million), which NHAI & Ministry of Railways will share.
• Therefore, with all such investments and an increasing number of infrastructure and construction projects, the demand for fiber-reinforced concrete will likely increase at a robust rate in the region during the forecast period.

Fiber Reinforced Concrete Industry Overview

The Fiber Reinforced Concrete (FRC) Market is consolidated in nature, with few players accounting for a significant share of the market demand. Some of the major players (not in any particular order) in the market include CEMEX SAB de CV, Sika AG, Bekaert, GCP Applied Technologies Inc., and MBCC Group, amongst others.

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