The global steel fibre market was valued at approximately $37.6 billion in 2019 and is estimated to reach $60.3 billion by 2027. The market is expected to grow at a CAGR of more than 6.10% during the forecast period of 2020 to 2027.
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The global steel fibre market is driven by various factors such as rapid industrialization, urbanization, and robust infrastructural development. For instance, as per the United Nations, world’s population residing in urban area is expected to increase from 55% in 2018 to 68% by 2050. Furthermore, the excellent properties of steel fiber is expected to boost the demand of steel fiber, as it enhance the strength of material and shift its property to ductile from brittle, less maintenance cost, strong joints, long work life, load bearing, and high impact resistance. Moreover, innovative processes of cost reduction, and emergence of various economics are some key factors expected to fuel the growth of the global market during the forecast period. However, high margins for market player and high operating cost are hampering the growth of the global market during the forecast period of 2020 to 2027.
The global steel fibre market is segmented on the basis of type, manufacturing process, application, and region. By type, the global steel fibre market is sub-segmented into crimped steel fiber, straight steel fiber, hooked steel fiber and deformed steel fiber and others. By manufacturing, the global steel fibre market is sub-segmented into silt sheet, cut wire or cold drawn, melt extract, and others. By application, the global steel fibre market is sub-segmented into refractories, composite reinforcement, concrete reinforcement, and others.
By geographical region, the global steel fibre market is studied among North America (US, Canada, Mexico), Europe (Germany, France, Italy, Spain, UK, rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa, rest of LAMEA). Among which, North America is anticipated as the fastest growing global steel fibre market during the forecast period owing to the presence of various market players in the region. On the other hand, Asia-Pacific is expected to exhibit highest CAGR during the forecast period of 2020 to 2027 attributed to factors including rapid industrialization and emergence of economies such as China, India, and Japan for the steel fibre market across this region.
Major market player included in research study of global steel fibre market are ArcelorMittal S.A. (Luxemburg), Green Steel Solana S.r.l. (Italy), Sika AG (Switzerland), Fibrometals SRL (Romania), Hunan Sunshine Steel Fiber Co., Ltd. (China), IntraMicron, Inc. (US), Zhejiang Boean Metal Products (China), N.V. Bekaert S.A. (Belgium), Nippon Seisen Co., Ltd. (Japan), and Spajic doo (US).
Recent Developments in the Global Steel Fibre Market
In March 2020, ArcelorMittal S.A. and Nippon Steel Corporation joined hands and signed a term loan agreement of worth $5.14 billion (approx. Rs 38,000 crore) in order to refinance a loan taken to acquire the erstwhile Essar Steel India.
In December 2017, Liberty House, a steel maker invested $883.05 million (£700m) in new ‘green steel’ strategy in order to launch a massive green investment campaign.
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