Steel Fiber Market Size

Global Steel Fiber Market Overview

Steel Fiber Market Size was valued at USD 4.48 Billion in 2023. The Steel Fiber industry is projected to grow from USD 4.67 Billion in 2024 to USD 6.25 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.71% during the forecast period (2024 - 2032). The need for the goods is growing in end-use sectors such as construction & building, electrical power, shipping, and mining, and rising requirements for steel fibers are the key market drivers contributing to overall market growth and development.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Steel Fiber Market Trends

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  Growing requirements for steel fibers are driving the market growth

  
  

The rising requirements for steel fibers drive the market CAGR for steel fiber. Steel fiber consumption is predicted to increase due to the construction of infrastructural facilities in developing nations. Governments are substantially investing in the development of buildings, interstate roads, and other amenities to improve residents' living circumstances. Steel fibers, noted for their fracture resistance and high yield strength, are widely used in building homes and businesses. The construction industry's expansion is likely to drive the expansion of the steel fiber market. The construction industry is concerned with constructing residences, connections, and other structures.

Additionally, the increasing use of steel fibers in the construction of infrastructure facilities is predicted to increase product demand, which will drive the expansion of the steel fiber market. With the worldwide trend of urbanization continuing, the need for excellent building supplies will likely expand even more. The steel fiber market is well-positioned to satisfy this need and will likely increase in the future.

The covid-19 epidemic has reduced the output of several goods in the steel fiber sector and has impacted equipment sales. This has greatly hampered the expansion of the steel fiber business in recent years and is expected to continue in 2022. Volatile markets for finance, rising trade conflicts, tightening regulatory surroundings, and more pressure to incorporate environmental concerns into financial decisions will add to the difficulty of the issues ahead. Most markets, shareholders, and consumers are anticipated to have a difficult year in 2023. Nonetheless, opportunities exist for organizations and individuals who can map a course forward with endurance and adaptation. The post-Pandemic scenario will revitalize all market sectors, increasing demand in the upcoming years.

For instance, according to World Bank and McKinsey predictions, worldwide construction investment would increase by 47% by 2025, reaching $14 trillion. As a result, the steel fiber market is driven by the building industry's rapid rise. Thus, it is anticipated that demand for Steel Fiber will increase throughout the projected timeframe due to the rising requirements for steel fibers. Thus, driving the Steel Fiber market revenue.

Steel Fiber Market Segment Insights

Steel Fiber Type Insights

The Steel Fiber market segmentation, based on type, includes Hooked Steel Fiber, Straight Steel Fiber, and Deformed Steel Fiber. The hooked steel fiber segment dominated the market, accounting for 46% of the market share and revenue (USD 2 billion) in 2022. Hooked-type items are in high demand due to their capacity to strengthen resilience and the durability of bonds in development. These compounds can also generate strong bindings, resulting in low structural maintenance and boosting overall market demand.

Steel Fiber Application Insights

The Steel Fiber market segmentation, based on Application, includes Concrete reinforcement and Composite Reinforcement. The concrete reinforcement category generated the highest market revenue of about 51% (USD 2.2 billion) in 2022. Concrete reinforcement will be used frequently in slabs and floors, precast, roadways, and tunneling operations. The potential of steel fiber to deliver superior tensile strength to bolstered pavement has led to an increase in demand for steel fiber in concrete reinforcing applications.

Figure 1: Steel Fiber Market by Application, 2022 & 2032 (USD Billion) Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Steel Fiber End-Use Insights

The Steel Fiber market segmentation, based on End-Use, includes Buildings & Construction, and Transportation. The buildings & construction segment dominated the market, accounting for 49% of the market share and revenue (USD 2.1 Billion) in 2022. The continuous need for non-structural slab and architectural elements in the building & construction sectors is expected to fuel overall market growth throughout the projected period.

Steel Fiber Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Steel Fiber market area accounts for the second-highest market share during the projected timeframe, owing to the growing need for steel fiber and continually developing reconstruction operations. The mining industry in this region is likely to drive the market's expansion during the projected timeframe.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Steel Fiber Market Share by Region 2022 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe region’s Steel Fiber market is expected to grow and expand significantly during the projected timeframe due to the growing usage of steel fiber in commercial floors, warehouses, driveways, highways, and other end-use sectors has fueled market expansion in European nations. Further, the German Steel Fiber market holds the largest market share, and the UK Steel Fiber market is expected to grow and expand rapidly in the European region during the projected timeframe.

The Asia-Pacific Steel Fiber Market will dominate the market share during the projected timeframe. This is because the building industry is rapidly expanding. Furthermore, technical developments in the manufacturing industry as the outcome of government initiatives and fast expansion in the transport and power industries are projected to be major drivers driving APAC market growth in the projected timeframe. Moreover, China’s Steel Fiber market dominates the market share, and the Indian Steel Fiber market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Steel Fiber Key Market Players & Competitive Insights

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and product lines, which will help the Steel Fiber market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with important market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Steel Fiber industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the key business strategies organizations use in the Steel Fiber industry to benefit customers and capture untapped market share and revenue. The Steel Fiber industry has recently offered significant advantages to the building & construction industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Steel Fiber market, including Fibrometals (Romania), Bekaert (Belgium), Nippon Seisen Co., Ltd. (Japan), Green Steel Group (Italy), Ugitech S.A. (France), IntraMicron, Inc. (US), Ribbon Technology Corporation (US), HuNan HuiTong Advanced Materials CO., LTD. (China), R. STAT SAS (France), and Fibercon International Inc. (US), is attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

Nippon Steel Corporation is a technology and manufacturing leader. Fuji Iron & Steel and Yawata Iron & Steel merged to form the company in 1970. The firm provides total textile solutions, from material creation to apparel and home fashion manufacturing and sales. Nippon Steel Corporation paid $763 million for G.J. Steel and G. Steel in January 2022. They want to create value through this purchase by combining experience and resources in bringing existing and new steel fiber goods and services to the marketplace. GJ Steel Public Corporation Limited is a Thai corporation that manufactures and sells hot-rolled steel plates in bundles.

Bekaert is a market share and technological pioneer in steel wire modification and finishing technologies. Its corporate offices are in Zwevegem, Belgium. Steel wire transformation and coverings are its core businesses. Bekaert Dramix® steel fibers lower the carbon footprint of the building sector by October 2021 - Bekaert's dedication to sustainability is exemplified through Dramix® steel fibers. The firm has set a lofty goal for sustainability.

In February 2024 Toshiba Energy Systems and Solutions Corporation ("Toshiba") and Bekaert have arrived at a worldwide collaboration that includes a deliberate cooperation agreement and a production technology license for Membrane Electrode Assemblies (MEA), a prime part for Proton Exchange Membrane (PEM) electrolyzers, that will assist in boosting the development to green hydrogen production. The agreement solemnizes a new partnership to use both parties' technological, commercial, and manufacturing strengths since signing an MoU in September 2023*. PEM electrolyzers utilize electricity to split water into its component elements of hydrogen and oxygen. When energy is produced from a renewable energy source, hydrogen is generated without any greenhouse gas emissions. The catalyst in PEM anode electrodes utilizes iridium, one of the scarcest traded metals. As a result, solutions that lower iridium content offer a substantial breakthrough in the adoption of these technologies. As per the deal, Bekaert's prominent knowledge in Porous Transport Layers (PTL), a prime component in the MEA of water electrolyzers, will be teamed with Toshiba's innovative iridium-saving technology for MEA, which will allow a 90% lowering in iridium use in the manufacturing of PEM electrolyzers. The lowering in iridium will allow a more stable supply of MEA and back the scale expansion of green hydrogen production. Bekaert will commence commercialization of MEA production, using its global network and well-established production base in Belgium to cater to its hydrogen customers. Toshiba will authorize its iridium-saving MEA technology to Bekaert, permitting them the capability to produce and supply MEAs. At the same time, Toshiba will concentrate on further improving its technical performance of the technology. The agreement is global, with the exclusion of Japan-related projects, which will be subject to a separate agreement.

Key Companies in the Steel Fiber market include

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  Fibrometals (Romania)

  
  


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  Bekaert (Belgium)

  
  


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  Nippon Seisen Co. Ltd. (Japan)

  
  


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  Green Steel Group (Italy)

  
  


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  Ugitech S.A. (France)

  
  


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  IntraMicron Inc. (US)

  
  


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  Ribbon Technology Corporation (US)

  
  


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  HuNan HuiTong Advanced Materials CO LTD

  
  

Steel Fiber Industry Developments

March 2022: Nippon Steel Corporation paid $763 million for G.J. Steel and G. Steel in January 2022. They want to create value through this purchase by combining experience and resources in bringing existing and new steel fiber goods and services to the marketplace. GJ Steel Public Corporation Limited is a Thai corporation that manufactures and sells hot-rolled steel plates in bundles.

October 2021: Bekaert Dramix® steel fibers lower the carbon footprint of the building sector by October 2021 - Bekaert's dedication to sustainability is exemplified through Dramix® steel fibers. The firm has set a lofty goal for sustainability.

September 2021: Tesalia Tunnel strengthened with Bundrex steel fibers to be delivered in September 2021 in Colombia.

Steel Fiber Market Segmentation

Steel Fiber Type Outlook

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  Hooked Steel Fiber

  
  


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  Straight Steel Fiber

  
  


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  Deformed Steel Fiber

  
  

Steel Fiber Application Outlook

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  Concrete Reinforcement

  
  


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  Composite Reinforcement

  
  

Steel Fiber End-Use Outlook

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  Buildings & Construction

  
  


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  Transportation

  
  

Steel Fiber Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America