Indian concrete reinforcing fiber market is estimated to grow at a CAGR of 6.4% during the forecast period. Growing industrialization is a key factor accelerating market growth. In September 2014, the Indian government introduced the Make in India initiative to make the country a global manufacturing hub, by supporting both domestic as well as multinational firms to manufacture their products in the country. The initiative is supported by the Department of Industrial Policy and Promotion, which is intended to enhance the support of the manufacturing sector to 25% of the GDP by 2025 from 16% in 2014.
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Under the initiative, the Indian government revealed several new initiatives, implementing intellectual property rights, encouraging foreign direct investment, and developing the manufacturing sector. Make in India targets 25 sectors which range from automobile to Information Technology (IT) & Business Process Management (BPM). This initiative is supporting the development of industrial infrastructure in the country. This, in turn, is expected to support the demand for fiber reinforced concrete. which is increasingly gaining interest among the concrete community as it supports to decrease labor costs and construction time. Owing to these benefits, several structural elements are reinforced with steel fibers as a total or partial substitution of conventional reinforcement (welded or rebars mesh).
It is well suited for concrete applications that need protection from drying shrinkage and plastic, reduced construction costs, improved durability, and enhanced service life. The fibers use in concrete can minimize the consumption of total energy of a construction project and thereby supports green building practices. BASF is one of the key players with operations in the country that offers MasterFiber, a part of BASF’s Master Builders Solutions brand. It is a synthetic fiber that is a new alternative concrete-reinforcement solution to conventional steel leading to increased crack control and durable structure service life.
Scope of the Indian Concrete Reinforcing Fiber Market
Market Coverage
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID forecast
o Most affected segment
Indian Concrete Reinforcing Fiber Market-Segmentation
By Type
By Application