New York, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to our new research study on Reinforced Polymer (FRP) Rebars Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Resin Type, Fiber Type, Application, and Geography," includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments. Fiber reinforced polymer (FRP) rebars are a strong, lightweight construction material valued for their corrosion resistance. FRP rebars are essentially spirally twisted structural reinforcing rods and are also called a composite made of a combination of different substances, including polymer resin and fibers. The blend of these two materials results in the production of FRP rebar that never reacts to the chloride-rich environment and acts as an alternative to corrosion-prone iron and steel. Moreover, FRP rebars are approximately four times stronger than steel, making them a better option for construction applications.
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Reinforced Polymer (FRP) Rebars Market - Strategic Insights
| Report Coverage | Details |
| Market Size Value in | US$ 215.88 Million in 2021 |
| Market Size Value by | US$ 421.02 Million by 2028 |
| Growth rate | CAGR of 10.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 160 |
| No. Tables | 111 |
| No. of Charts & Figures | 80 |
| Historical data available | Yes |
| Segments covered | Resin Type, Fiber Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Reinforced Polymer (FRP) Rebars Market: Competitive Landscape and Key Developments
Owens Corning; KODIAC Fiberglass Rebar; MARSHALL COMPOSITE TECHNOLOGIES, LLC; TUF-BAR; Armastek USA; Pultron Composites; FiRep Inc.; PULTRALL, Inc.; Schock Bauteile GmbH; and Dextra Group are among the major players operating in the global fiber reinforced polymer (FRP) rebars market. The leading players adopt strategies such as mergers and acquisitions and product launches to expand their geographic presence and clientele. For instance, Pultron Composites established a partnership with Saudi Aramco, Saudi Arabia's leading oil company, to increase its glass fiber reinforced polymer (GFRP) rebar production facilities in the country.
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The corrosion of reinforcing and prestressing steel within concrete is one of the primary reasons for the failure of concrete structures. An innovative approach to combat this significant issue is to replace traditional steel bar and strand reinforcement with FRP bars and strands. FRP rebars and strands are made from filaments or fibers held in a polymeric resin matrix binder. Fiber reinforced polymer reinforcing can be made from various types of fibers, such as glass fiber reinforced polymer (GFRP), basalt fiber reinforced polymer (BFRP), and carbon fiber reinforced polymer (CFRP). A surface treatment is typically provided that facilitates a bond between the reinforcing and the concrete.
The fiber reinforced polymer (FRP) rebars market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2021, North America dominated the global market. Increased construction activities and growing adoption of anti-corrosion materials in the construction industry led to the dominance of the fiber reinforced polymer (FRP) rebars market.
Based on application, the fiber reinforced polymer (FRP) rebars market is segmented into highway bridge and construction, marine structures and waterfronts, water treatment plants, and others. The highway bridge and construction segment held the largest share in the market in 2021. The increasing highway construction projects have boosted the sales of construction material across the globe and created an opportunity for the fiber reinforced polymer (FRP) rebars market. Many more advanced countries rely on green construction methods to save resources and provide buildings with long service life. Thus, fiber-reinforced polymer rebars are becoming increasingly popular in constructing infrastructure, large structures, and commercial buildings.
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Fiber reinforced polymer (FRP) rebars are a strong, lightweight construction material valued for their corrosion resistance. Increasing government spending on highways, bridges and renovation of deficient structures are expected to drive the FRP rebars industry growth. Negative thermal conductivity also offers zero stress while responding to temperature changes, which is expected to positively influence the fiber reinforced polymer (FRP) rebars adoption over the forecast period. For instance European Fund for Strategic Investments (EFSI) Germany has invested US$ 10.4 billion in infrastructure development.
Due to advantageous material properties of FRP rebars such as high strength, tolerance for frost and de-icing salts, and short installation times with minimum traffic interference, fiber reinforced polymers have matured to become valuable substitute building materials for bridge structures. Such initiatives of the governments of different countries are expected to boost the growth of the fiber reinforced polymer (FRP) rebars market.
The fiber reinforced polymer (FRP) rebars market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2021, North America dominated the global fiber reinforced polymer (FRP) rebars market. However, APAC is expected to register the highest CAGR during the forecast period.
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In 2021, North America accounted for the largest share of the global fiber reinforced polymer (FRP) rebars market. Increasing government spending on infrastructure development and increased adoption of FRP rebars in construction led to the dominance of North America in 2021.
In 2021, the vinyl ester segment held the largest market share. Vinyl ester resins have high strength, high resistance to corrosion, and resistance to fuels, mechanical toughness, chemicals, or vapors. They have great durability, heat resistance, and high tensile elongation strength. This resin can be impregnated with short glass fiber or carbon fiber to produce FRP rebars. The majority of FRP rebar manufacturers use vinyl ester resin. The cost-effectiveness of vinyl ester has led to the segment's dominance in 2021.
In 2021, the highway bridge and construction held the largest market share. Growing demand for restoration and strengthening of the existing deficient structures, along with increasing transportation accompanied by rapid industrialization and urbanization in the emerging economies, has positively influenced the product penetration leading to the dominance of the highway bridge and construction segment in 2021.
During the forecast period, the basalt fiber composites segment is expected to be the fastest-growing segment. Basalt fiber composite is a new alternative to conventionally used fibers such as glass fiber composite, and some extent, carbon fiber composite. These are characterized by superior resistance against low and high temperatures. Moreover, an increase in the use of natural fiber composites such as basalt fiber in automotive & transportation, construction & infrastructure, electrical & electronics, and other end-use industries is expected to propel the growth of the basalt fiber composites demand.
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Impact of COVID-19 Pandemic on Fiber Reinforced Polymer (FRP) Rebars
The COVID-19 pandemic adversely affected the fiber reinforced polymer (FRP) rebars market growth in 2020 due to the shutdown of manufacturing facilities and restrictions on transportation and logistics. Disruptions in supply chains also hampered the supply of FRP rebars. Manufacturers introduced extensive modifications to their processes to comply with national and regional guidelines to protect employees from the SARS-CoV-2 infection. Many global manufacturers temporarily discontinued their operations or allowed production processes with a limited workforce.
As per a survey conducted by the Associated General Contractors (AGC) of America, since March 2020, 30% of construction projects of various companies have been delayed due to government orders, 37% were stopped due to owners’ requests, and 67% projects were delayed or cancelled due to funding issues. However, businesses started recovering as governments of various countries announced relaxation in social restrictions. Moreover, successful vaccination drives have eased the current scenario, leading to a rise in business activities across the world. The recovery of various end-use industries is also driving the fiber reinforced polymer (FRP) rebars market growth.
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