Latest TMR Report Explores Impact of COVID-19 Outbreak on Steel Fiber Market

Steel Fiber: Introduction

• Steel fibers that are mixed into the concrete can provide alternatives to conventional steel bars or welded fabric in some applications. Steel fiber is used where control of crack propagation is most prominent in design. Steel fiber exhibits better matrix anchorage at high deformations and large crack widths. Longer, heavily deformed fiber provides better post-crack strength. Steel fiber transforms a brittle material into a more ductile one. It offers various advantages such as reduced spalling joint edges, stronger joints, high impact resistance, greater fatigue endurance, reduced maintenance costs, and longer useful working life. Steel fibers provide optimal load bearing, superior crack control, high fatigue resistance, and excellent impact resistance.

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Key Drivers and Restraints of Global Steel Fiber Market

• The steel fiber market has developed significantly in the recent years. This can be primarily ascribed to the high performance and increasing global recognition of steel fiber. Steel fiber plays an important role in addressing several issues associated with cracking and crack propagation. Rise in usage of steel fiber in polymer, chemical, and pharmaceutical sectors is expected to propel the steel fiber market during the forecast period.
• Increase in usage of steel fiber in various end-use industries and rise in urbanization are major factors driving the global steel fiber market. High operating costs is the key restraining factor of the steel fiber market. Cost reduction through new production process, economy of scale, and high entry barriers for new players are the challenges facing the steel fiber market. High cost of production is also hindering the steel fiber market.

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Steel Fiber: Type Segment

• In terms of type, the global steel fiber market can be segmented into cloth, belt, mat, knitting, and others
• The cloth segment is expected to account for significant share of the global steel fiber market during the forecast period. It is anticipated to be followed by the belt segment.
• The mat segment is likely to expand at a rapid pace during the forecast period, due to expansion of the automotive industry around the globe

Steel Fiber: Application Segment

• In terms of application, the global steel fiber market can be segregated into concrete, composite, and refractory
• The concrete segment is expected to account for significant share of the global steel fiber market during the forecast period. It is anticipated to be followed by the composite segment.

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Steel Fiber: End-use Industry Segment

• In terms of end-use industry, the global steel fiber market can be classified into polymer, chemical, pharmaceutical, aircraft/maritime/machine, measuring & instrumentation devices, and others
• The polymer segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the pharmaceutical segment.
• The aircraft/maritime/machine segment is likely to expand at a healthy CAGR during the forecast period, owing to superior resistance of steel fiber to cracking and crack propagation

Covid-19 Impact on Steel Fiber Market

• On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.

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