Reinforcement Material Market Recent Trends, In-depth Analysis, Size and Forecast 2024 to 2031 | Teijin Limited, Toray Industries, Inc.

The Reinforcement Material Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Reinforcement materials are used in concrete and other construction materials to add tensile strength, impact resistance, ductility and durability. Key reinforcement materials include rebar, fibers, meshes and laminates.

Market Dynamics:

The reinforcement material market is expected to witness significant growth over the forecast period owing to increasing infrastructure development activities around the world. The demand for better and stronger construction materials is increasing with growing investments in roads, bridges, buildings and other infrastructure projects. Reinforcement materials like steel rebar and fibers add strength and durability to concrete and help meet industry standards and building codes. Additionally, the growing use of composites as reinforcement is also fueling market growth. Composites offer advantages like lightweight, flexibility and resistance to corrosion and are increasingly used in infrastructure and construction applications.

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Top Key Players are Covered in this Report:

★ Teijin Limited
★ Toray Industries Inc.
★ Cytec Industries Inc.
★ Honeywell International Inc.
★ Bast Fiber LLC
★ AgroFiber SAS
★ NFC Fibers GmBh
★ E. I. du Pont de Nemours and Company
★ 3B-The Fiberglass Company
★ Owens Corning
★ BASF SE
★ Jushi Group Co., Ltd.,
★ Mitsubishi Rayon Co. Ltd.
★ Hyosung Corporation
★ NJR Steel Holdings (PTY) Ltd.

Market Segmentation:

By Material:

★ Carbon fiber
★ Glass fiber
★ Natural fiber
★ Aramid fiber
★ Steel rebar

By End Use Industry:

★ Automotive
★ Aerospace
★ Consumer goods
★ Construction
★ Transportation

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Major Driver: Increasing Demand for Construction Activities Boosting the Usage of Reinforcement Materials

The construction industry across the globe has experienced significant growth over the past few years. Both residential as well as commercial construction activities have increased substantially. Mega construction projects related to buildings, bridges, roads, and other infrastructure development works require large quantities of reinforcement materials like rebars, welded meshes, etc. for strengthening concrete structures. The growing urbanization and rising population have amplified the need for more residential and commercial buildings. Additionally, heavy investments by various governments in public infrastructure are also driving the demand for reinforcement materials market. Furthermore, initiatives such as development of smart cities and investment in transportation infrastructure are anticipated to drive the consumption of reinforcement materials in the coming years.

Major Driver: Rising Usage of Reinforcement Materials in Precast Concrete Structures

Precast concrete has emerged as a popular construction material owing to advantages like cost-effectiveness, high quality, less construction time, and minimal wastage. Precast concrete elements require internal reinforcement to enhance their durability, load bearing capacity, and structural integrity. Therefore, reinforcement materials play a vital role in manufacturing precast concrete elements. The growing acceptance of precast concrete technology for construction of buildings, tunnels, bridges, and other structures is fueling the usage of reinforcement bars, welded wire meshes, and FRP rebars. Manufacturers are developing customized reinforcement solutions tailored for precast components. Additionally, investments in transport infrastructure where precast concrete finds extensive usage will further propel the demand for reinforcement materials in the precast concrete segment.

Major Restrain: Volatility in Prices of Raw Materials

The prices of key raw materials used for producing reinforcement materials such as steel and fibers experience significant fluctuations depending on global demand-supply and economic conditions. Steel is the primary raw material utilized by manufacturers for making rebars, welded wire meshes, and other steel-based reinforcement products. Any change in steel prices directly impacts the production cost of reinforcement materials. Over the past few years, steel prices exhibited high volatility owing to changes in import duties, rising freight costs, and unstable economic environment aggravated by the pandemic. Similarly, prices of carbon and glass fibers that are used to manufacture fiber-reinforced polymer rebars also demonstrated volatility. Frequent variations in raw material costs add unpredictability to the overall pricing of reinforcement materials, thereby hampering procurement decisions of buyers. It also squeezes margins of reinforcement material producers. Hence, instability in raw material costs poses a major challenge for the healthy growth of the reinforcement materials industry.

Major Opportunity: Advancements in Fiber Reinforced Polymer Rebars

Fiber reinforced polymer (FRP) rebars are emerging as an attractive alternative to traditional steel rebars due to their numerous advantages such as higher strength-to-weight ratio, corrosion resistance, non-magnetic & non-electric properties, and ease of installation. Ongoing research & development activities are helping improve the mechanical properties and cost-effectiveness of FRP rebars. Advanced FRP rebar formulations using carbon, glass, and aramid fibers are exhibiting enhanced bond strength and load-bearing capabilities. This has widened their application scope in marine structures, sewage and wastewater facilities, infrastructure in aggressive environments. Manufacturers are also focused on optimizing the production processes to reduce the costs. With greater acceptance, standardized testing protocols, and supportive building codes & standards, demand for FRP rebars is expected to rise at a higher pace, opening up new revenue streams for reinforcement material providers globally. Wide-scale adoption of FRP rebars can reshape the market dynamics in the coming decade.

Major Trend: Growing Focus on Developing Eco-Friendly Reinforcement Materials

With rising environmental consciousness, the reinforcement materials industry is oriented towards introducing greener and sustainable product options. Manufacturers are engaged in active research & development of bio-based and recycled content reinforcement materials. For instance, reinforcement bars partially or fully made from industrial waste materials, post-consumer recycled steel, and agricultural residues. Similarly, natural fiber reinforced polymer rebars using jute, hemp, flax fibers are gaining traction. Use of bio-based resins is also expanding. Such eco-friendly reinforcement materials have lower embodied carbon footprint. They also help construction industry meet its sustainability goals. Given the push for clean and circular economy, the demand for sustainably-sourced reinforcement products is expected to pick up notably.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Reinforcement Material market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Reinforcement Material market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Reinforcement Material Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.