Steel Fiber Market, 2022 by Type (Hooked, Straight, Deformed, Crimped), Application (Concrete, Composite, Refractories), Manufacturing Process (Cut Wire/Cold Drawn, Slit Sheet, Melt Extract)

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Dublin, Feb. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.

The steel fiber market size is estimated at USD 2.0 billion in 2018 and is projected to reach USD 2.5 billion by 2023, at a CAGR of 5.0%.

Steel fiber is defined as distinct, short length of steel which can be randomly and easily mixed in fresh concrete. Steel fibers are available in hooked, crimped, straight, deformed, or other forms. The selection of the type of steel fiber depends on the specific application. Proper mixing of steel fiber is important in reinforced concrete. If steel fibers are not evenly distributed in the concrete mixture, the resulting reinforced concrete will lack strength. Proper mixing of the steel fiber is necessary to impart toughness and tensile properties to the reinforced concrete. Based on type, the steel fiber market is segmented as hooked steel fiber, crimped steel fiber, straight steel fiber, deformed steel fiber, and others. The hooked steel fiber segment accounted for the biggest share of the overall market in 2017. This is due to the large-scale use in the construction industry. Hooked steel fibers are widely used in flooring, tunnel lightweight void fill, structural fill, and construction repair of existing tunnel, metro underground stations, railway tunnels, and others. The steel fiber market is divided into four segments based on the manufacturing processes, namely, cut wire/cold drawn, slit sheet, melt extract, and mil extract. Cold drawn is the most-widely adopted manufacturing process of steel fiber.In terms of application, the market is divided into four segments, namely, concrete reinforcement, composite reinforcement, refractories, and others. Concrete reinforcement is the biggest consumer of steel fiber. It is also projected to be the fastest-growing application. Steel fiber finds wide applications in the construction industry due to its properties such as high tensile strength, durability, and corrosion resistance. In 2017, APAC was the fastest-growing steel fiber market, both in terms of value and volume. The increasing demand for steel fiber from the emerging economies and increasing government spending on infrastructural projects are the main factors contributing to the growth of the market in APAC.In terms of manufacturing process, the market is divided into four segments, namely, cut wire/cold drawn, slit sheet, melt extract, and others. The most widely used manufacturing process of steel fiber is cut wire/cold drawn. Cold drawn manufacturing process accounts for 60% of the overall steel fiber market share. It is widely used for manufacturing hooked steel fiber. This process is used for manufacturing good quality steel fibers having properties such as high tensile strength, durability, corrosion resistance, crack resistance, and enhanced shear strength.The key drivers identified for the steel fiber market are growing infrastructure and supportive government policies. The restraining factor identified is the replacement of steel fibers with synthetic fibers in certain applications and increasing cost. The market for steel fiber is competitive and is mainly dominated by the established players. The setting up of a manufacturing unit requires high investment, which makes the entry of new players difficult. The threat of substitutes is high some substitute materials are available which can match steel fibers, in terms of performance and cost.

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Globe Newswire: 11:30 GMT Monday 11th February 2019

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