Press release
Fiber Reinforced Polymer (FRP) Rebars Market Showing 4% CAGR Growth to 2024: Company Profiles & Trends Analysis
Potential outlook in highways, bridges & buildings along with water treatment plants will propel the FRP rebar market growth. Increasing renovation projects on functionally deficient structures has encouraged the product demand in the market. Shift in trend towards non-corrosive, lightweight, durable reinforcements coupled with thermal & electric insulation are some of the significant factors fueling the industry growth.
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FRP Rebar Market size is set to exceed USD 1.25 billion by 2024; according to a new research report.
Technological advancement in product design, and material are the factors enhancing product penetration. Growth in construction of decks & railings, floor slabs, columns, parking garages, and walls will propel industry demand.
FRP rebar market from highways, bridges & buildings was valued over USD 460 Million in 2015. Increasing manufacturing facilities, infrastructure development along with global construction industry expansion will fuel the revenue growth. Regulatory compliance for product usage in restoration of bridges particularly in North America will trigger the demand.
Penetration of innovative materials including basalt and aramid fiber composites have boosted industry growth, owing to its significant properties including low weight and improved handling. Increasing infrastructure spending mainly in emerging economies including India, China, and Japan, will fuel the FRP rebar demand. Emergence of glass fiber composite as an alternative to galvanized and stainless steel reinforcements has resulted in the robust growth of the product development.
Basalt fiber composite FRP rebar market will witness CAGR around 9% by 2024. Easy availability, resistance to hostile environment, magnetic transparency, insubstantial, and corrosion resistance are the key properties driving product demand.
Polyester FRP rebar are extensively used to fix structural or functional deficiency in degraded heritage buildings. Chemical and mechanical resistance, cost efficiency, easy-to-use along with superior dimensional and electrical properties are the other major factors surging the market growth.
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Vinyl ester is the fastest growing resin in FRP rebar market owing to its numerous substantial properties including exceptional corrosion resistance to chemicals, fuels, or vapors, heat insulation, durability, and high tensile strength. High initial costs and low consumer awareness about the product are the major restraining trends.
FRP rebar demand from marine structures & waterfronts will grow over 7%. Development of ports & waterfronts including temporary walls, wharfs, coastal seaports, and submarine camels are the growing opportunities for this industry. Increasing development of inner waterway channels for transportation of goods within the country will drive the demand.
Global FRP rebar market revenue from water treatment plants was over USD 50 million in 2015. Increase in construction of desalinization plants, waste and water treatment plants are key drivers of the FRP rebar market growth. Increase in the infrastructure development pertaining to plants including railing systems, grating, stair treads, ladders, platforms, safety cages, trench and vault covers will fuel the industry demand in this segment.
North America led by U.S., is expected to grow over 7%. Favorable regulations and increasing construction of new structures accompanied by the structural strengthening projects will propel the FRP rebar market in this region. APAC will witness CAGR over 8%. Increasing infrastructure spending particularly in emerging economies including China and India will drive the demand. The region accounted for 40% of the global construction spending in 2015.
Global FRP rebar market share is at a developing stage with greater focus on new product innovations. Companies are expanding their geographical coverage with supply agreements and developing their product portfolio. The key industry players include Hughes Brothers Inc, BP Composites Ltd and Marshall Composites Systems. Other industry participants include Technobasalt Invest LLC, Composite Rebar Technologies (CRT), Schock international, Pultrall Inc., Fibrolux GmbH., Sireg Geotech Srl, and Pultrall Inc.
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