According to the new market research report "Steel Fiber Market by Type (Hooked, Straight, Deformed, Crimped), Application (Concrete, Composite, Refractories), Manufacturing Process (Cut Wire/Cold Drawn, Slit Sheet, Melt Extract), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Steel Fiber Market is projected to grow from the estimated USD 2.0 billion in 2018 to USD 2.5 billion by 2023, at a CAGR of 5.0% between 2018 and 2023. The market is growing due to the high demand from infrastructure and construction industries. Steel fiber is used in these industries as they exhibit properties such as superior tensile strength, crack resistance, durability, corrosion resistance, and high shear strength. The steel fiber industry encompasses the production, distribution, and application of steel fibers. These fibers are utilized in a wide range of industries, including construction, infrastructure, industrial flooring, mining and tunneling, geotechnical engineering, precast and prestressed concrete, refractories, and automotive and aerospace. Steel fibers enhance the strength and durability of materials like concrete, soil, and composites, making them suitable for various applications. The industry continues to grow as new uses and technologies emerge. 

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The hooked segment accounted for the largest share of the overall Steel Fiber Market in 2018.    

Hooked steel fiber is the most commonly used type of steel fiber. Hooked steel fiber is used in concrete reinforcement in hydraulic structures, airport and highway paving, industrial floor, refractory concrete, bridge decks, shotcrete linings, and explosion resistant structures. This steel fiber type is affordable and easily available. Hooked steel fiber substantially enhances initial crack strength and provides post-crack strength. Hooked steel fiber forms stronger joints, which results in low maintenance of the concrete structure.

Concrete reinforcement application is expected to register the highest CAGR in the Steel Fiber Market during the forecast period. 

Flooring, roof slab, bridges, water tanks, sports stadium, conference halls, tunnel lining, dams, canal lining, and blast-resistant structures come under the concrete reinforcement application. Steel fiber is widely used in concrete reinforcement application in tunnel lining and flooring. Reinforced concrete is used widely as they have high resistance to tensile and shear stresses caused by natural calamities such as earthquakes, winds, and vibrations.

APAC is expected to be the largest market for steel fiber during the forecast period.  

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.

The major players in the Steel Fiber Market include Arcelor Mittal (Luxembourg), Bekaert (Belgium), Fibrometals (Romania), Nippon Seisen (Japan), Zhejiang Boean Metal Products (China), Green Steel Group (Italy), Spajic Doo (Serbia), Hunan Sunshine Steel Fiber (China), Yuthian Zhitai Steel Fiber Manufacturing (China), and R. STAT (Saint-Jean-Bonnefonds).

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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.