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Hemp Rebar Market Size, Top Key Players, Growth, Trend Analysis And Forecast To 2033
Hemp Rebar Market
According to The Business Research Company's, The hemp rebar market size has grown strongly in recent years. It will grow from $62.65 billion in 2023 to $67.57 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to sustainable construction practices, environmental regulations and standards, renewable resource utilization, durability and strength properties, increasing demand for sustainable products.
The hemp rebar market size is expected to see strong growth in the next few years. It will grow to $86.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing sustainable construction practices, regulatory support for sustainable building, rising construction industry awareness, global hemp market expansion, demonstration projects and case studies. Major trends in the forecast period include construction industry collaboration, advancements in hemp processing technologies, innovation in construction material, consumer preference for natural materials, diversification of applications.
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Market Drivers and Trends:
The increasing demand for green buildings is expected to propel the growth of the hemp rebar market. A green building, sustainable building, or high-performance building is designed and constructed to minimize its negative impact on the environment and maximize its positive impact on occupants. Hemp rebar is used in green buildings to offer a potential alternative to traditional steel rebar with numerous environmental and performance advantages. Growing hemp sequesters carbon and the manufacturing process requires less energy, to a smaller overall carbon footprint for the final product. For instance, in October 2022, according to the U.S. Green Building Council, a US-based membership-based non-profit organization, in China, the LEED-certified projects increased from 1,077 in 2021 to 1,121 in 2022, and certified square foot area increased from 152,325,125.75 in 2021 to 180,347,421.08 in 2022. Therefore, the increasing demand for green buildings is driving the growth of the hemp rebar market.
Increased infrastructure projects are expected to propel the growth of the hemp rebar market going forward. Infrastructure projects refer to large-scale construction or development initiatives that are undertaken to build, upgrade, or maintain the foundational facilities and systems necessary for the functioning of a society or economy. Hemp rebar can help infrastructure projects by providing a low-cost, non-corroding alternative to steel. For instance, according to the USAFacts, a US-based not-for-profit, nonpartisan civic initiative, in 2021, the Federal Government spent $40.6 billion directly on transportation, excluding federal transfers to states. Further, State and local governments spent $358.1 billion in 2021, including expenditures paid for with federal transfers, such as the Federal-Aid Highway Program and the Airport and Airway Trust Fund, representing a significant increase from the $211.8 billion in 2020. Therefore, increased infrastructure projects are driving the growth of the hemp rebar market.
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Major Key Players of the Market:
Major companies operating in the hemp rebar market report are Sunstrand Corporation, ArmComposites Ltd., Lime Technology Ltd., HempTraders, HempWood, Hemp Fortex Industries Ltd, All American Hemp Company, HempFlax Group B.V., Bastcore, Dunagro, Hempitecture, IsoHemp, Hemp Technologies Global, Vital Hemp, Hemp Direct, Hemp Plastic Company, Just Bio Fiber, American Hemp LLC, Hemp Angel Products, UK Hempcrete
Hemp Rebar Market 2024 Key Insights:
• The hemp rebar market is expected to grow to $86.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Surging Demand For Sustainable Construction Materials Propels Growth In The Hemp Rebar Market
• Rising Infrastructure Investments Fueling Hemp Rebar Market Growth
• North America was the largest region in the hemp rebar market in 2023
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