Fiber Reinforced Polymer (FRP) Rebars Market Size

FRP Rebars Rebars Market Size

Global FRP Rebars Market size was over USD 590 million in 2015, and will witness CAGR over 8.5% from 2016 to 2024.

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.