Covid-19 Impact Analysis on Macrosynthetic Fiber Market

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    Macrosynthetic Fiber: Introduction

     

    • Macrosynthetic fiber, also known as structural synthetic fibers, are generally made from polymers such as polypropylene. It is extensively employed as an alternative to steel fibers reinforcements in concrete. Macrosynthetic fiber possess a high tensile strength of 600 MPa and a relatively high modulus of elasticity (say 10GPa) same as steel fibers. However, steel fibers are considerably expensive and difficult to handle.
    • Macrosynthetic fibers are typically 38 – 50mm in length with dosage rates varying from 8 – 9.0 kg/m3, depending on the product and application. Macrosynthetic fibers not only provide resistance to plastic shrinkage but also provide toughness, impact, and fatigue-resistance to concrete.
    • Macrosynthetic fibers, as concrete reinforcement, are a cost-effective solution in comparison to steel fibers. They are also lighter in weight and a non-corrosive substitute to steel fibers.

     

    Key Drivers of Macrosynthetic Fiber Market

     

    • Housing demand has been increasing year-on-year in India and China owing to a rise in population in these countries. Several countries such as China, India, Bahrain, Kingdom of Saudi Arabia, and Vietnam have launched government schemes to provide homes for their lower income citizens. In 2015, the Government of India launched its affordable housing scheme called “Housing for All by 2022” with an overall objective of providing housing for slum dwellers with participation of private developers using land as a resource, and promoting affordable housing for weaker sections through credit-linked subsidy. Moreover, the scheme is focusing on partnership with public & private sector for affordable housing, and providing subsidy for house construction or enhancement. Additionally, on March 2020, the Government of Bahrain announced a plan to build 1705 residential units, comprising 1402 flats, under the Salman City Social Housing Project. Furthermore, the Bahrain Housing Ministry has issued a tender of 132 residential homes on government land in Al-Lawzi. According to the statement made by Bahrain Housing Minister Al-Hamar, "This project will come up as a pilot project and if the project goes successful, similar type of tenders of additional 15,000 residential homes will be issued across the other governorates over the next 10 years". These strategic initiatives by the government to build high quality homes for its poorer section in the near future are likely to boost the demand for macrosynthetic fiber globally.

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    • Several oil-rich countries such as Kingdom of Saudi Arabia, Bahrain, Qatar, Iran, and the UAE are depend heavily on exports of its crude oil. However, the COVID-19 pandemic has negatively impacted the demand for crude oil, which led to a huge decline in prices of crude oil. The Government of Saudi Arabia launched 'Saudi Vision 2030' in order to counter the country’s slowing economy growth due to its dependence on exports of crude oil, wherein Saudi Arabia has planned to diversify its economy and reduce its dependence on oil. As per 'Saudi Vision 2030,' the government would be focusing on development of sectors such as infrastructure, tourism, health, and education. This scheme would augment the demand for macrosynthetic fiber and boost the construction industry in the country in the near future.
    • In 2019, National Development and Reform Commission of the People's Republic of China approved 26 infrastructure projects with total expected investment of US$ 142 Bn. The Government of China plans to diversify its economy in order to counter the country’s slowing economy growth due to its dependence on exports and the manufacturing sector, by building infrastructure projects in all provinces of the country. Moreover, an investment of US$ 142 Bn was made by National Development and Reform Commission on the infrastructure development projects. Beijing Municipal Commission of Development and Reform also announced upcoming infrastructure projects worth US$ 36 Bn. This rise in construction activities in China is boosting the construction industry, thereby boosting the demand for macrosynthetic fiber as construction material.
    • Low prices of macrosynthetic fiber, as compared to its alternatives such as steel fibers, are driving the demand for this product as concrete reinforcement. It helps to improve crack control, while reducing the amount of steel required. Economic advantages are achieved by the high durability of the polymer fiber, savings in materials, and weight reduction (saving in transport).

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    Covid-19 Impact on Macrosynthetic Fiber Market

     

    • The COVID-19 pandemic has had a severe impact on end-use industries of macrosynthetic fiber. The construction industry of China witnessed a contraction of 28.1% in the first quarter of the current fiscal year, due to the lockdown triggered by the COVID-19 pandemic. Several Infrastructure projects such as Chongqing-Kunming high-speed railway and Xianyang International Airport expansion plan have been delayed due to COVID-19.
    • However, governments of several countries have started to ease restriction on construction activities, which is estimated to revive the demand for macrosynthetic fiber to the pre-COVID level in the construction industry.

    Key Players Operating in Global Market

    Key players operating in the global macrosynthetic fiber market include:

    • GCP Applied Technologies
    • BASF SE
    • ABC Polymer Industries, LLC
    • Kordsa Teknik Tekstil A.?.
    • FORTA Corporation
    • The Euclid Chemical Company
    • Sika AG
    • Normet
    • BarChip Pty Ltd

     

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