The global Steel Fiber market is forecast to reach USD 2.90 Billion by 2027, according to a new report by Reports and Data. Increasing demand for steel fiber to be used with mesh and steel reinforcing bars due to its benefits, including optimization in actual savings, steel consumption, and faster construction for various building applications, is fostering the demand for the market.

Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of construction sectors over a broad aspect, thus, augmenting the demand for the market product. Substitutes like synthetic fiber are replacing the steel fiber in a variety of applications due to key features, including durability, waterproofing, and stain resistance, which are restraining the market demand.

Steel Fibers can reduce the cost of construction as they can be used to substitute traditional reinforcement products, which are much heavier, and require more energy, resources, and time to produce. Funds are also saved due to the lower maintenance and labor requirement. Furthermore, the safety conditions of the construction site will be improved, as it causes an increase in the flexural strength, eliminating the strength difference between cast and printed concrete fibers. The only disadvantage of steel fibers in comparison to steel reinforcement is that it is vulnerable to corrosion, which may lead to degradation and deterioration of the parent material.

Top Companies Operating in the Global Steel Fiber Market:

Yutian Zhitai Steel Fiber Manufacturing, Zhejiang Boean Metal Products, Kosteel Co. Ltd., Nippon Seisen, Green Steel Group, ArcelorMittal, Fibrometals, Sunshine Steel Fiber, Bekaert, and Hanson

Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/3070

Further key findings from the report suggest

• Based on type, the deformed type is expected to grow with a CAGR of 8.0% over the forecast period, owing to its fundamental characteristics, which include great abrasion and impact resistance with better post crack strength, thereby making it appropriate to use for a variety of applications.
• Based on the manufacturing process, Slit Sheet process generated a revenue of USD 0.37 billion in 2017 and is expected to grow with a CAGR of 7.4% in the forecast period, owing to increased market demand for its ability to be used on both ferrous and nonferrous metals, and high productivity process designed for controlling metal coil width.
• Based on application, concrete reinforcement is the major contributor to the Steel Fiber market, which generated a revenue of USD 0.89 billion in 2017 and is forecasted to grow at a rate of 6.6% in the forecast period. The concrete reinforcement sector of the Asia Pacific region is the major shareholder of the steel fiber market in the region and held around 59.0% of the market in the year 2019.
• The Asia Pacific dominated the market for Steel Fiber. The consistent focus of the region on cost-effective and innovative procedures adopted in the construction sector is driving the market. The Asia Pacific region held approximately 45.8% of the market, followed by Europe, which contains around 24.8% market in the year 2019.

The global Steel Fiber market is segmented into:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Type Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)

• Straight
• Deformed
• Hooked
• Others

Manufacturing Process Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)

• Cold Drawn
• Slit Sheet
• Melt Extract
• Others

Application Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)

• Concrete Reinforcement
• Composite Reinforcement
• Refractories
• Others

Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/3070

Thank you for taking the time to read our article. The report can be tailored to the needs of the client. Please contact us for more details, and our team will tailor the report to your specific requirements.

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

Contact Us:

John W

Head of Business Development

Reports and Data | Web: www.reportsanddata.com

Direct Line: +1-212-710-1370

E-mail: sales@reportsanddata.com

Blog: https://www.reportsanddata.com/blogs