A new report According to Energias Market Research projects, the Fiber Reinforced Concrete (FRC) market demand is expected to reach $3.2 billion by 2025, growing at an estimated CAGR of 6.2% from 2019 to 2025.
FRC is a re-engineered structural material that has gained increasing importance in the civil and construction sector, as the addition of reinforcing fibers in discrete form helps to improve many of the technical properties of concrete. The use of fibers improves the mechanical properties and durability of concrete, making FRC the material of choice in a variety of applications such as mass concrete structures, tiles, bridge decks, airport runways , tunnel linings, panels, pavements, defense installations, tunnel linings, precast products.
Additionally, FRC offers a more cost effective solution than a conventional concrete system by reducing the cost of construction and increasing the life of the construction.
The report expects steel fiber to be the most widely adopted reinforced concrete. It held the majority of market share in 2018.
The prefab product is expected to register the highest CAGR over the forecast period, owing to its durability, long service life, insulation capabilities, and aesthetic versatility.
While North America held the majority of the global market share in 2018, the Asia-Pacific region is also expected to show a high CAGR during the forecast period.