Press release
Fiber Reinforced Polymer (FRP) Rebars Market size is forecast to surpass USD 90 million by 2024, growing at more than 11% CAGR
Increasing composites demand from construction and transportation sectors owing to strong outlook towards truck & tailors production and commercial infrastructure are expected driving factors to stimulate global fiber reinforced polymer rebars market size growth.
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Major FRP rebars projects in North America includes Sierrita de la Cruz Creek Bridge, Pierce Street Bridge, Taylor Bridge Manitoba, Lima OH, Quebec, and Wotten. In addition, it is also used in decks for top or bottom mat. As per National Bridge Inventory (NBI), in the U.S. approximately 145,000 bridges were physically deficient in 2010. FRP rebars adoption in the construction application enhances service life and reducing cycle costs.
North America FRP rebars market size is set to witness significant growth, particularly for panel & sheets due to increase in demand from recreational construction, truck & trailers, and vehicles. Moreover, abundant raw material availability, manufacturing industry growth, plant capacity expansion, and penetration in non-residential construction are key factors fueling regional industry growth.
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Construction industry expansion in China and India owing to economy growth and increase in manufacturing capacities is projected to foster APAC FRP rebars market size growth. Europe, driven by Germany, France, and UK FRP rebars market, may witness significant gains owing to acceptance from public infrastructure authorities are potential factors influence regional demand.
MEA is noted to be a potential region for industry growth due to presence of large scale construction activities. Saudi Arabia, UAE, and Qatar are predicted to be the major contributing countries. FRP rebars are ideal for bridges, highways, & buildings application owing to their excellent strength-to-weight ratio which is superior to any traditional rebar.
Fiber reinforced polymer rebars market application includes highways, buildings & bridges, marine structures & waterfronts, and water treatment plants. Highways, buildings & bridges is set to witness fastest growth, rising need for construction and restoration due to insufficient maintenance, harsh environmental conditions, and architecturally deficient structure.
Global FRP rebars market share is driven patents, mergers & acquisitions, and agreements. Major industry players include Pultrall, Hughes Brothers, Marshall Composites Technologies, BP Composites, Pultron Composites, Armastek, Dextra Group, A.T.P., Firep International, Sireg, and International Grating.
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