According to the recent research report titled ‘Global Steel Fibre Market Size study, by Type (Hooked Steel Fiber, Straight Steel Fiber, Crimped Steel Fiber, Deformed Steel Fiber, Others), by Manufacturing Process (Cut Wire/ Cold Drawn, Slit Sheet, Melt Extract, Others), by Application (Concrete Reinforcement, Composite Reinforcement, Refractories, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global steel fibre market was worth USD 37.6 billion in 2019 and is projected to expand with a CAGR of 6.10% during 2020-2027.
 

Rapid industrialization, swift urbanization, and ongoing infrastructural development are the key factors driving the growth of global steel fibre market.
 

For those uninitiated, steel fibre metal reinforcement along with concrete is used as an alternate option for provision of welding fabrics or traditional steel bar applications. It improves the material strength and makes it more ductile. Its benefits include stronger joints, enhanced impact resistance, low maintenance cost, and longer work lifespan. It is also an inexpensive substitute to fill cracks in the floor or walls of the building.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2730811/
 

According to United Nations, in 2018, 55% of worldwide population occupied the urban areas which is projected to reach 68% by the year 2050. Economic emergence of several nations along with innovative cost reduction processes will further create lucrative growth prospects for this industry.
 

Moreover, steel fibres allow high resistance and load bearing capacity which improves its usage in construction sector. It is widely utilized in tunnel construction owing to its properties such as low shrinkage cracking, less permeability, and better strength. They are used in various industries like measurement instruments, aircraft & aerospace, pharmaceuticals, chemical, etc.
 

Based on type, the market is segmented into deformed, crimped, straight, hooked steel fibre, and others. Speaking of manufacturing process, the industry is divided into melt extract, silt sheet, cold drawn/cut wire, and others. Moving on to application spectrum, the market is bifurcated into concrete reinforcement, composite reinforcement, refractories, and others.
 

Citing the regional landscape, global steel fibre market is segmented into Latin America, North America, Asia-Pacific, Europe, and Rest of the world. The report states that North America dominates the global market currently owing to concentration of leading players in the region.
 

Meanwhile, Asia Pacific steel fibre industry is slated to grow substantially over the forecast timespan owing to rapid industrialization as well as emergence of nations such as Japan, China, and India.
 

Leading organizations in global steel fibre market are IntraMicron Inc., Spajic d.o.o., Hunan Sunshine Steel Fiber Co. Ltd., Nippon Seisen Co. Ltd., Fibrometals SRL, N.V. Bekaert S.A., Sika AG, Zhejiang Boean Metal Products, ArcelorMittal S.A., and Green Steel Solana S.r.l.