Fiber-reinforced Concrete (FRC) Market Expected to Reach $4.6 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Fiber-reinforced Concrete (FRC) Market," The fiber-reinforced concrete (frc) market sizewas valued at $2.2 billion in 2022, and is estimated to reach $4.6 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032.

Fiber reinforced concrete (FRC) stands at the forefront of modern construction substances, blending traditional concrete additives with reinforcing fibers. The inclusion of those fibers, whether metal, synthetic, or natural, transforms the concrete into a resilient and durable composite. FRC excels in mitigating the results of tensile forces, lowering cracks, and bolstering the general structural integrity. This progressive material is pivotal in addressing the evolving desires of the construction enterprise, imparting sustainable and high-overall performance across diverse application.

The surge in population and urban expansion stands as pivotal forces propelling the demand for various structures, both residential and non-residential, such as apartments, offices, and institutional buildings. These structures commonly incorporate fiber reinforced concrete, a factor positively impacting the fiber-reinforced concrete (frc) market growth. Countries such as UAE, New Zealand, Australia, Japan, Brazil, India, Denmark, Sweden, Jordan, Israel, and Qatar have witnessed more than 85% of urbanization. This has led to the overpopulation of the major cities of the world. Thus, the upgradation and development of infrastructure has become a necessity for most cities in the world.

The market thrives on commercial and residential real estate sector growth, construction industry resurgence, and amplified spending on home renovations and maintenance. The Mexican government has announced a major scheme for infrastructural development in the country. For instance, the government announced the National Private Sector Infrastructure Investment Agreement. It is a $44.3 billion plan, comprising 147 projects that will be carried out between 2020 and 2040. A big portion of this investment will go towards the development of transport and tourism infrastructure, road development, and other similar projects in the country. Such instances are expected to improve the construction outlook of the country and increase the implementation opportunities for fiber-reinforced concrete (frc) market.

The absence of standardized testing techniques and specs for FRC poses demanding situations in ensuring constant quality throughout projects. Standardization efforts are critical to setting up FRC as a reliable and broadly popular construction material. Such factors restrain the market growth.

Ongoing studies and development efforts geared toward creating greater cost-effective, sustainable, and excessive-performance formulations of FRC open possibilities for market expansion. Innovations in material formulations can drive adoption by using addressing price constraints and enhancing overall performance. Such factors play a significant role in presenting lots of growth opportunities for fiber-reinforced concrete (frc) market.

The year 2022 saw the Asia-Pacific region dominating the global fiber-reinforced concrete (frc) market share in revenue, closely followed by Europe and North America. Meanwhile, the MEA region anticipates the highest Compound Annual Growth Rate (CAGR) due to an increase in commercial building construction.

Asia-Pacific is anticipated to experience expansion in the construction sector due to increased expenditure on constructing infrastructure development in nations such as China and India, which is expected to propel market growth during the forecast period. For instance, the governments of Dubai and India determined in October 2021 to construct infrastructure together with industrial parks, multipurpose towers, logistics centers, a medical college, and a specialized medical institution within the territories of Jammu and Kashmir in India. Thus, the surge in production initiatives across special regions across the globe is predicted to enhance the boom of the fiber-reinforced concrete (frc) market.

In addition, In May 2022, Sika, a major manufacturer of concrete including fiber reinforced concrete opened a brand-new manufacturing facility in Stafford, Virginia. Thus, high rate of construction opens increased opportunities for utilization of fiber reinforced concrete; thereby, positively influencing the growth of the fiber-reinforced concrete (frc) industry.

Rapid urbanization and population increase necessitate enormous investments in infrastructure. FRC's advanced power and sturdiness make it an attractive desire for infrastructure tasks like bridges and tunnels. The multiplied focus on resilient and lengthy-lasting systems propels the growth for fiber-reinforced concrete (frc) market, aligning with the robust growth in infrastructure development worldwide.

Moreover, significant increase in trend of residential improvement and repair is expected to fuel the market growth in the region. According to the U.S. Census Bureau, in 2022, rise in authorization for the construction of private houses increased by 1.4% from June 2021 to June 2022. In addition, in February 2023, the Vietnam-Singapore Industrial Park (VSIP) Group received the approval from the Vietnamese government to set up its second and Vietnam’s 13th industrial park in the north-central province of Nghe An. Thus, an increase in new construction and infrastructure projects is expected to create lucrative opportunities for fiber-reinforced concrete (frc) market players.

Key Findings of the Study

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fiber-reinforced concrete (frc) market analysis from 2022 to 2032 to identify the prevailing fiber-reinforced concrete (frc) market opportunity.
• The report provides an extensive fiber-reinforced concrete (frc) market analysis of the current and emerging fiber-reinforced concrete (frc) market trends and dynamics.
• In-depth analysis of the fiber-reinforced concrete (frc) market forecast segmentation assists to determine the prevailing market opportunities.
• On the basis of type, the steel fiber segment was the largest revenue generator in 2022.
• On the basis of process, the sprayed segment is expected to exhibit the highest CAGR during the forecast period.
• On the basis of application, the infrastructure segment generated the highest revenue in 2022.
• On the basis of region, Asia-Pacific is anticipated to dominate the market throughout the study period.