The steel fiber market is valued at USD 2.0 billion in 2018 and is expected to reach USD 2.5 billion by 2023, at a CAGR of 5.0% between 2018 and 2023. The major factor driving the market is the increasing use of steel fiber in concrete reinforcement applications.
APAC is the largest steel fiber market, in terms of both value and volume. China, India, and Japan are the fast-growing economies that contribute to the growth of the market in the region. There are many large steel fiber manufacturers in the APAC region, such as Stewols India (India), Hunan Sunshine Steel Fiber (China), and Yuthian Zhitai Steel Fiber Manufacturing (China)). The demand for steel fiber is expected to increase in the region during the forecast period with the increasing demand from infrastructure, construction, textile, and other industries.
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The major manufacturers of steel fiber are Arcelor Mittal (Luxembourg), Bekaert (Belgium), Fibrometals (Romania), Nippon Seisen Co. Ltd. (Japan), Zhejiang Boean Metal Products Co. Ltd. (China), Green Steel Group (Italy), Spajic Doo (Serbia), Hunan Sunshine Steel Fiber Co. Ltd. (China), Yuthian Zhitai Steel Fiber Manufacturing Co. Ltd. (China), and R. STAT (Saint-Jean-Bonnefonds). These players have adopted various growth strategies, such as expansions and joint ventures, to expand their presence in the global market. Expansions and joint ventures were the most dominating strategies adopted by the major players from 2014 to 2018. These strategies helped them to innovate their product offerings and broaden their customer base.
Arcelor Mittal is one of the prominent players in the steel fiber market. As a part of its growth strategy, the company is highly focused on expansions. In June 2017, the company announced a three-year investment program worth USD 1 billion for Mexico. At the completion of this investment program, the optimized production will be 5.3 million tons per year, which will result in the growth of the Mexican domestic market. This strategy will be beneficial for Arcelor Mittal and make its foothold in the steel fiber market stronger.
Bekaert is one of the leading players in the steel fiber market. The company provides high-grade steel fiber, which is extensively used in the construction industry. As a part of its growth strategy, the company is highly focused on expansions and joint ventures. In April 2014, the company had established a steel plant for manufacturing steel fiber under the brand Dramix. This expansion helped the company to cater to the increasing demand from infrastructure and construction sectors in Latin America. Also, the company entered into a joint venture with Maccaferi for establishing sales and distributing facilities. This development has helped the company to promote its steel fiber products in underground construction applications.
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