Steel Fiber Market

Updated on : June 27, 2024

Global Steel Fiber Market

Steel Fiber Market was valued at USD 1.96 billion in 2024 and is projected to reach USD 2.44 billion by 2029, growing at 4.5% cagr from 2024 to 2029. Increasing construction and infrastructural development across Asia Pacific, Middle East & Africa is increasing the demand for steel fibers.

Steel fibers are thin, elongated steel strands measuring 0.5-1.5mm in diameter and up to 50mm in length. They are added to concrete, mortar, or shotcrete mixtures to increase their tensile strength, toughness, and crack resistance. The fibers are randomly distributed throughout the matrix, generating a three-dimensional network of reinforcement that minimizes crack propagation and increases the overall durability and load-bearing capability of the composite material.

Attractive Opportunities in Steel Fiber Market Trends

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Steel Fiber Market Dynamics

Driver: Increasing demand for steel fibers in construction & building industry

China, India, and other Southeast Asian countries are seeing steady population growth. The need for residential and commercial structures rises in tandem with population growth. Steel fiber reinforced concrete is an ideal choice for high-rise buildings and other constructions that demand more structural strength and crack resistance than conventional materials. As a result, it has become a preferred option for such constructions.

Builders, architects, and engineers are adopting sustainable construction methods. Steel fibers manufactured from recycled steel are a better alternative to synthetic fibers. Steel fibers require fewer repairs, which reduces resource use.

Restraint: Surge in use of glass and synthetic fibers

The usage of conventional materials like synthetic and glass fibers, which have been around for a while and are well-known to engineers and contractors for use in concrete reinforcement, is one of the main factors restricting the expansion of the steel fiber trade. This familiarity may cause one to favor different kinds of reinforcing materials. Because the benefits of steel fibers over conventional materials are not well known, traditional materials are being used in construction projects.

Opportunity: Research and development of new manufacturing techniques

Research & development spending in the fields of manufacturing technologies and material science is expanding quickly. This opens up new possibilities for improving the mechanical characteristics of steel fibers.

A current research focus is on the investigation of high-performance steel fibers in combination with silica fumes or fly ash. It is anticipated that this combination will improve the concrete's flowability and mechanical qualities. Furthermore, it has been demonstrated that adding nano-silica enhances the mechanical qualities of steel fiber reinforced concrete even more.

Challenge: Susceptibility of steel fibers to corrosion

Despite efforts to increase their resilience, steel fibers are susceptible to corrosion. Their corrosion resistance may be impacted by the manufacturing method; melt extract or cold-drawn wire are less resistant to corrosion than mill-cut fibers. Corrosion can also be caused by the kind of steel fiber that is utilized, the existence of chloride ions, and the surface and size of the fibers. Important players in the steel fiber industry must make significant investments in R&D to create new and enhanced corrosion-resistant steel fibers in order to address this problem.

Steel Fiber Market Ecosystem

Based on the Application, the composite reinforcement application segment is estimated to account for the highest CAGR in the Steel fiber market share during the forecast period.

The use of steel fiber in composite reinforcement aims to improve the mechanical characteristics of composite materials, including their toughness, strength, and stiffness. Because steel fibers offer better anchoring between fibers and the matrix, they are frequently utilized in composite reinforcement, which improves pull-out resistance and structural performance. Specialized steel fibers with hooks are preferred because of their anchoring systems. Due to the importance of this application segment in a variety of industries needing high durability and tensile strength, steel fiber demand in composite reinforcement applications has expanded. Applications for reinforced composite are found in the sports and leisure and textile industries. It has a very low water-absorbent quality and is recyclable. Stainless steel fiber is utilized for reinforcing in composites.

Based on type, Hooked type is anticipated to register the highest CAGR in the Steel fiber market.

Numerous end-use industries, including refractories, composite reinforcement, and concrete reinforcement, use hooked end steel fibers. In these application areas, the product's overall structural integrity is improved through the employment of hooked end steel fiber. These fibers find employment in a variety of settings, including equipment foundations, blast-resistant concrete, airport pavements, and industrial slabs. Generally, hooked end steel fiber has a density of 7.8 g/cm3. Depending on the production technique and the alloy used to create the hooked steel fiber, the density may change slightly.

Based on manufacturing process,  cold drawn is anticipated to register the highest CAGR in the Steel fiber market.

Pulling steel wire through a die reduces the diameter of the wire, producing higher mechanical properties, dimensional accuracy, and surface finish in cold-drawn steel fiber. Excellent surface finishes and precise tolerances are provided by this cost-effective technique for a range of applications. Cold drawing provides better dimensional tolerance, surface finish, and precision than alternative manufacturing processes like hot extrusion. Hooked steel fibers are often made from cold-drawn fibers due to their excellent pullout behavior and bonding.

Asia Pacific to hold the largest market share during the forecast period.

The major markets for steel fiber are in Asia Pacific, followed by North America and Europe. The rising urbanization and industrialization of the Asia Pacific region, coupled with significant expenditures in the building and construction sector, are the primary drivers of market expansion. An additional driver of economic expansion is the growing populace of China and India. The purchasing power parity (PPP) measure of the global gross domestic product (GDP) places the region at nearly one-third of the total.

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Steel Fiber Market Players

The Steel fiber market is dominated by a few globally established players. The major active players in the market are Bekaert (Belgium), ArcelorMittal (Luxembourg), Nippon Seisen Co., Ltd. (Japan), Fibrometals (Romania), Sika AG (Switzerland), Jiangsu Shagang Group Co., Ltd. (China), Zhejiang Boen Metal Products Co., Ltd. (China),  Green Steel Group (Italy),  Spajic Doo (Serbia),  Kosteel Co., Ltd. (South Korea), Severstal (Russia), Enviromesh Pty Ltd. (Australia), Hunan Shuanxing Steel Fiber Co., Ltd., and Kerakoll SPA (Italy), among others, are the main producers who have won significant contracts recently. Since global requirements are changing, contracts and new product development have received the majority of attention.

These companies are attempting to establish themselves in the Steel fiber market by employing a range of inorganic and organic approaches. A thorough competitive analysis of these major Steel fiber market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.

Read More: Steel Fiber Companies

Steel Fiber Market Report Scope

The study categorizes the steel fiber market based on Type, Application, Manufacturing Process, and Region.

Steel Fiber Market by Type

• Hooked
• Straight
• Deformed
• Crimped
• Others (Arched, Corrugated, Double Arched, etc.)

Steel Fiber Market by Manufacturing Process

• Cut Wire
• Cold Drawn
• Slit Sheet
• Melt Extract
• Others

Steel Fiber Market by Application

• Concrete
• Composites
• Refractories
• Others

Steel Fiber Market by Region

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Recent Developments

• In December 2023, Sika AG acquired a stake of 30% in Concria OY, specializing in highly innovative concrete floors.
• In November 2023, ArcelorMittal and Schneider Electric announced a partnership whereby ArcelorMittal will supply Schneider Electric with XCarb recycled and renewably produced steel and steel fiber for its floor-standing enclosures.
• In April 2023, ArcelorMittal joined forces with BP2, the manufacturer of complete solutions for residential construction, to supply low carbon emissions steel and steel fiber for BP2’s latest product, the SOLROOF integrated photovoltaic roof.
• In March 2023, Arcelor Mittal completed the acquisition of Companhia Siderúrgica do Pecém (‘CSP’) in Brazil for an enterprise value of approximately USD 2.2 billion.

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