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The primary market drivers for steel fiber have been identified as supporting and expanding government regulations and advanced infrastructure. The market for steel fiber is competitive and mostly dominated by big Key Players.
JERSEY CITY, N.J. , Sept. 14, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Steel Fiber Market" By Type (Hooked Steel Fiber, Straight Steel Fiber, Deformed Steel Fiber, and Crimped Steel Fiber), By Manufacturing Process (Cut Wire/ Cold Drawn, Slit Sheet, Melt Extract, Others), By Application (Concrete Reinforcement, Composite Reinforcement, Refractories, Others), and By Geography.
According to an extensive study conducted by Verified Industry Research on the Steel Fiber Market, the market was valued at USD 2.15 billion in 2021 and is anticipated to reach USD 3.19 billion by 2030, expanding at a CAGR of 4.51% from 2022 to 2030.
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Global Steel Fiber Market Overview
When used with concrete, steel fibers are a form of reinforcing material that has several advantages over more traditional reinforcement. Fibers are designed to sustain weight and are frequently referred to as structural fibers. These steel fibers are used in some non-structural applications in place of traditional reinforcement to lessen or even totally eliminate early and late age cracking. Steel fibers offer a number of benefits like high resistance, strong ductility, high load-bearing capacity after being broken, and many more. The type of steel fiber to utilize is determined by the specific application.
Steel fiber needs to be thoroughly incorporated into reinforced concrete. If the distribution of steel fibers in the concrete mixture is uneven, the strength of the resulting reinforced concrete will be reduced. The steel fiber needs to be appropriately blended in order to provide reinforced concrete its tensile and hardness properties.
Steel fibers are used to strengthen concrete as an alternative to regular steel bars and to stop fractures from forming. The benefits that steel fibers offer over competing materials, growing infrastructure, and government incentives for construction projects have all contributed to the growth of the steel fiber market. Steel fiber also exhibits enhanced matrix anchoring under substantial deformation. It is also used to convert brittle materials into ductile ones.
Government expenditures in building initiatives and the growth of infrastructure in emerging nations are fueling the industry's progress. It is superior to others due to features including the high impact cost, enhanced fatigue survival, and cheap maintenance cost.
The steel fibers market is segmented into type, manufacturing process, application, and geography. Under the type segment, steel fiber is predicted to acquire the largest market share. On the other hand, the cut wire segment is expected to earn the largest share under the manufacturing process segment. Concrete reinforcement is the leading segment under the application. Geographically, Asia Pacific is the dominant region.
The major players in the market are Fibrometals, Bekaert, Nippon Seisen Co., Ltd., Green Steel Group, Ugitech S.A., IntraMicron, Inc., Ribbon Technology Corporation, HuNan HuiTong Advanced Materials Co., Ltd., R. STAT SAS , Fibercon International Inc.
Verified Market Research has segmented the Global Steel Fiber Market On the basis of Type, Manufacturing Process, Application, and Geography.
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