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Fiber Reinforced Polymer (FRP) Rebars Market size is forecast to surpass USD 90 million by 2024, growing at more than 11% CAGR

11-22-2016 05:29 PM CET | Industry, Real Estate & Construction

Press release from: Global Market Insights, Inc.

Fiber Reinforced Polymer (FRP) Rebars Market size is forecast

Fiber Reinforced Polymer (FRP) Rebars Market size was over USD 45 million in 2015, and 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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Global Market Insights, Inc.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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