Fiber Reinforced Polymer (FRP) Rebars Market Size By Resin (Polyester, Vinyl Ester), By Product (Glass Fiber Composites, Aramid Fiber Composites, Basalt Fiber Composites, Carbon Fiber Composites), By Application (Marine Structures & Waterfronts, Highways, Bridges & Buildings, Water Treatment Plants, MRI Rooms), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, South Korea, Brazil, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Mar 2017 | Report ID: GMI698 | Authors: Kiran Pulidindi, Soumalya Chakraborty
Global FRP Rebars Market size was over USD 590 million in 2015, and will witness CAGR over 8.5% from 2016 to 2024.
U.S. FRP Rebar Market Size, By Application, (USD Million), 2013-2024
Get more details on this report - Request Free Sample PDF
Rapid infrastructure development along with increase in construction spending are the key trending factors driving FRP rebar market size. Increasing corrosion issues in conventional reinforcement techniques has enhanced the product penetration in the infrastructure repairing industry. Resistance to corrosion & abrasion, low weight and high tensile strength are major supporting factors stimulating industry growth. Over 25% of the overall construction failures are due to corrosion. Inefficiency pertaining to steel reinforcement causing concrete failures will positively influence the upgraded non-corrosive construction material adoption.
Increasing government spending on highways, bridges & buildings construction and renovation of deficient structures will drive the industry growth. As per the U.S. Department of Transportation (DoT), the total number of structurally deficient bridges in the U.S. was 58,791 in 2015. Advanced FRP rebar structure along with high strength and polymer resin matrix transferring load between fibres are among the key properties influencing the product penetration.
Strong outlook in water treatment plants, marine structures, and MRI rooms application will propel the business growth. Prevention from concrete cracks on the marine pillars caused due to alkali and chlorine content sea water occurrence will enhance product demand from marine structure. Highly durable FRP rebar with leakage control and crack control properties acts as ideal reinforcement for underwater applications.
Increasing government budgets on construction and repairing in the emerging economies has positively influenced FRP rebar market share. For instance, China spent over 1.7 trillion in 2015 on construction, while Japan spending registered over USD 738 billion in the same year. Rapid urbanization and industrialization leading to upgraded infrastructure and manufacturing facilities will support the product demand. High initial costs due to the expensive processing and raw material prices may impact FRP rebar manufacturers profitability. Low adoption among the construction professionals and preference for cost efficient project will restrain the industry growth.
|Historical Data for:||2013 to 2015||Forecast Period:||2016 to 2024|
|Pages:||200||Tables, Charts & Figures:||209|
|Geographies covered (16):||U.S, Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, South Korea, Brazil, Saudi Arabia, UAE, South Africa|
|Segments covered:||Resin, Product, Application and Region|
|Companies covered (20):||Hughes Brothers, Inc., Marshall Composites Systems, LLC., PULTRALL INC., BP Composites Ltd., B&B FRP Manufacturing Inc, Sanskriti Agencies Pvt. Ltd, CSK Technologies, Schock International, Armastek USA, Neuvokas Corp., Dextra Group, FiReP, Inc., Sireg Geotech Srl, Fibrolux GmbH, KODIAK Fiberglass Rebar, ARC Insulations & Insulators (P) Ltd, Technobasalt, Pultron Composites, Meera Group, Composite Rebar Technologies (CRT), Strategic Landscape|
FRP Rebars Market, By Resin
Polyester resin FRP rebar market size was worth over USD 460 million in 2015. Development of the polyester resin as a superior alternative over epoxy, galvanized, or stainless steel reinforcement has fuelled the industry growth. Extensive polyester usage in construction of new structures as well as fixing structural deficiency in degraded heritage buildings superior mechanical properties, ease-of-handling, chemical resistance, and dimensional stability enhanced the product demand.
Vinyl ester resin FRP rebar market will witness growth over 9% up to 2024. Excellent corrosion resistance against fuels, vapours, or chemicals along with high durability and tensile strength are the stimulating properties enhancing the vinyl ester resin demand. Large formulations availability by varying resin, reinforcement, and additive types will create new avenues for industry growth.
FRP Rebar Market, By Product
Glass fiber composites FRP rebar market dominates the overall industry catering for more than 85% in 2015. Lightweight, ease in handling along with reduced chances for alkali and acid attacks are the significant properties driving the FRP rebar market growth. Production capacity limitation imposed by China on glass fiber will result in to high FRP rebar market price trend. However, emergence of low cost substitute including basalt due to its large availability and easy extraction will open new avenues in the industry.
Basalt fiber composites FRP rebar market will CAGR around 9 % up to 2024. Less price, high penetration and substantial properties including lightweight, magnetic transparency and resistance to hostile environment are the key factors positively influencing industry growth. The composite being the latest technology will witness increased consumption in construction of earthquake resistant buildings.
Carbon FRP rebar market will observe gains at over 8% by 2024. Increasing usage constructing bridges, decks & railings, floor slabs, columns, parking garages, and parapets due to its extreme strength and lightweight properties are driving factors. Imperviousness to chloride ions and chemical outbreaks, higher tensile and ability to withstand greater weight will propel the product demand.
FRP Rebars Market, By Application
Highways, bridges & buildings were worth over USD 460 million for the 2015 FRP rebar market. Rising demand for restoration and strengthening of the existing deficient structures will drive the industry growth. Increasing transportation accompanied by rapid urbanization and industrialization in the emerging economies have positively influenced the product penetration in highways, bridges & buildings.
Water treatment plants are subjected to a continuous exposure of chloride content in water causing steel corrosion. Corrosion resistant FRP rebar are broadly used in the water treatment plants including potable water tanks, refinery reservoirs, sewage treatment facilities, acid ponds, and gold & salt mines. The products, unlike corroded reinforcement, prevent harmful materials leaching into soil and groundwater.
Marine structures are highly prone to harsh environments, steel corrosion, abrasions and sulphate attacks. FRP rebar market will witness notable growth from marine structures & waterfronts in the forecast period, owing to high fatigue endurance, prevention from ruptures and high strengthening properties. High corrosion resistance, leakage control and crack control properties enabled the product development in the applications exposed to seawater.
FRP rebar market from MRI rooms will witness CAGR over 6.5% up to 2024. The electromagnetic field generated due to conventional steel reinforcement may interfere MRI machine functionality. Magnetic transparency, thermal and electricity resistance are the notable properties enhancing the product usage in electric and magnetic isolation applications.
FRP Rebar Market, By Region
U.S FRP rebar market size generated over USD 270 million business in 2015. Increasing construction spending due to rapid infrastructure development will drive the industry growth. The country observed over USD 1 trillion construction spending in 2015.
Stable growth is observed in Europe FRP rebar market, owing to potential outlook in MRI rooms, marine structures, waterfronts and electrical isolation applications. High government spending on infrastructure development, for instance the construction of the world's tallest road bridge: the Millau Viaduct in France has supported the product consumption in this region.
Asia Pacific will witness growth over 8% up to 2024. High tensile strength and lightweight properties have resulted in increasing product consumption in construction of earthquake resistant buildings and restoration of old structures particularly in Japan. Construction industry expansion coupled with the stimulating properties including corrosion resistance, lightness and high strength will trigger the demand.
MEA FRP rebar market will witness CAGR over 8.5% up to 2024. High infrastructure development in the recent years particularly in UAE with significant projects has enhanced the product penetration. Government initiatives for advanced infrastructure with enhanced safety regulations will create notable opportunities for industry growth.
Competitive Market Share
Global FRP rebar market share is at development stage, with focus on technological advancement. Hughes Brothers Inc, Marshall Composites Systems and BP Composites Ltd are the key industry players. Price benchmarking among the manufacturers is the key strategy to maximize the revenue gains.
Product development, product portfolio expansions and supply agreements are the major strategies adopted by the key players to expand geographical coverage. Other manufacturing companies include Schock international, Pultrall Inc., Neuvokas Corp, Composite Rebar Technologies (CRT), Technobasalt Invest LLC, Sireg Geotech Srl, and Fibrolux GmbH.
FRP Rebar Industry Background
FRP rebar is a lightweight spiral wrapped fiberglass rod manufactured using glass, carbon, aramid, or basalt along with resin. It is a non-corrosive alternative over steel developed concrete reinforcement applications. Global rebar market includes steel reinforcement accounting for 97% and premium products reinforcement having anti-corrosion applications accounting for 3%. Large availability, low cost and proven strength have influenced the steel consumption. The premium reinforcement products comprise stainless steel, epoxy coated, galvanized steel, and FRP rebar.
Why Global Market Insights, Inc.?
- GMI is unparalleled when to comes to the quality of research and information provided to clients. Our unique methodology is designed to ensure a minimum of 90% accuracy to give our clients excellent value on their investment.
Over 200 experts are available across various time-zones, ready to serve clients for their research needs. Our industry experts help clients to design reports customized to their needs.