Fiber Reinforced Polymer (FRP) Rebar Market to hit $1.25bn by 2024
Published Date: March 30, 2017 Authors: Kiran Pulidindi, Soumalya Chakraborty
FRP Rebar Market size is set to exceed USD 1.25 billion by 2024; according to a new research report by Global Market Insights, Inc.
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.
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.
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.
Browse key industry insights spread across 200 pages with 194 market data tables & 15 figures & charts from the report, “Fiber Reinforced Polymer (FRP) Rebar 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” in detail along with the table of contents:
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.
MEA FRP rebar will witness growth exceeding 8.5%. Presence of large-scale construction spending accompanied by regulatory compliance particularly in UAE and Saudi Arabia will fuel the industry growth.
Europe led by Germany and UK will witness CAGR over 6.5%. Increasing renovation in commercial and residential buildings will escalate the regional demand. Additionally, rising demand from magnetic and electric isolation applications including MRI rooms, high-voltage substations, cable ducts, and radio frequency sensitive areas should fuel the industry growth.
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.
FRP rebar market research report includes in-depth coverage of the industry with estimates & forecast in terms volume in kilo tons revenue in USD million from 2013 to 2024, for the following segments:
- FRP Rebar Market By Resin
- Vinyl ester
- FRP Rebar Market By Product
- Glass fiber composites
- Aramid fiber composites
- Basalt fiber composites
- Carbon fiber composites
- FRP Rebar Market By Application
- Marine structures & waterfronts
- Highways, bridges & buildings
- Water treatment plants
- MRI Rooms
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America (LATAM)
- Middle East and Africa
- Saudi Arabia
- South Africa