NEWARK, Del, April 25, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global market size for FRP bridges is estimated to be around US$ 573.30 Million in 2024. It is projected to exhibit a CAGR growth of 6.10% over the forecast period, with an estimated market size of US$ 1 Billion in 2034.
Infrastructure development projects are on the rise globally, particularly in countries like India, China, and the United Kingdom. These projects require sturdy and durable bridge materials that can withstand the test of time. This has opened new doors for FRP bridges, which have numerous advantages over traditional bridges made from materials like steel and concrete.
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Governments worldwide are promoting the use of sustainable and durable construction materials due to the rising awareness of the environmental impact on the surroundings. Engineers and architects are also recognizing the benefits of FRP bridges in terms of longevity and cost-effectiveness. This is why, there is a growing demand for FRP bridges in the construction and infrastructure development sector.
Urbanization and modernization are also expanding in countries like Japan, China, and India, leading to the construction of new bridges and the renovation of existing ones, leading to lightweight bridge solutions being in demand, particularly in areas with challenging terrain or environmental conditions. Innovations in FRP technology have also led to enhanced strength and durability of bridge structures, making them ideal for these projects.
“Product development and keeping up with the latest innovations in the industry is very essential in this market. Companies in the FRP bridge market must invest in research and development to innovate new FRP bridge solutions, such as modular systems, pedestrian bridges, and trail bridges. This will help them enhance durability, ease of installation, and performance in various environmental conditions,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- The glass fiber segment dominates the global FRP bridge market with a CAGR of 5.80%.
- On the basis of the resin type, the vinyl ester segment leads the FRP bridge market with a CAGR of 5.70%.
- The FRP bridge market in the United States is anticipated to grow at a CAGR of 6.30% through 2034.
- The FRP bridge market in China is estimated to rise at a 6.40% CAGR through 2034.
- The FRP bridge market in Japan has the potential to increase at 7.50% CAGR through 2034.
- The United Kingdom's chemical vapor deposition market is predicted to rise by 6.90% CAGR through 2034.
- The chemical vapor deposition market in South Korea is very likely to grow at a CAGR of 7.10% through 2034.
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Competitive Landscape:
- FRP bridges are becoming increasingly popular due to their lightweight, durable, and corrosion-resistant nature.
- The market for FRP bridges is highly competitive, with many companies worldwide vying for a share of the market.
- Some of the most prominent companies in this market include B&B FRP Manufacturing Inc., Bedford Reinforced Plastics, Composite Advantage, LLC., Creative Pultrusions, Inc., CTS Bridges Ltd, etc.
- Key players in the market often collaborate with government bodies and defense entities to develop innovative solutions that meet specific infrastructure and defense requirements.
Key Companies Profiled:
- B&B FRP Manufacturing Inc.
- Bedford Reinforced Plastics
- Composite Advantage, LLC.
- Creative Pultrusions, Inc.
- CTS Bridges Ltd
- Strongwell Corporation
- Hughes Brothers, Inc.
- Fibrelite
- Exel Composites
- RS Technologies Inc.
- Tuf-Bar
- Diversified Structural Composites
- Kenway Corporation
- Ten Cate
- Martin Marietta Composites
- Owens Corning
- AIT Bridges
- ACE Advanced Composite Engineering GmbH
- Sireg Geotech Srl
- Molded Fiber Glass Companies
Recent Developments:
- The Greenway Bridge Deck Improvement Project, completed in January 2024, saw the upgrade of bridges along the Neuse River Trail at mile markers 2.75 and 11.5 with FRP decking. Meanwhile, the House Creek Trail's bridge at mile marker .25 was outfitted with concrete decking, enhancing safety through improved non-slip surfaces.
- In May 2023, CCG's FRP panels played a pivotal role in rehabilitating the historic Northampton Street Bridge, addressing weight concerns while offering expanded shared-use paths. Executed by the Delaware River Joint Toll Bridge Commission, this project extended the bridge's lifespan significantly, thereby reducing maintenance requirements.
- In May 2021, Bedford Reinforced Plastics introduced its FRP pedestrian and trail bridge line, featuring the ReadySpan system. Crafted from premium-grade FRP, these bridges were engineered for seamless installation and long-lasting resilience, promising decades of low-maintenance service even in challenging environments.
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FRP Bridge Market Segmentation Analysis:
By Type:
- Glass Fiber
- Carbon Fiber
By Resin Type:
- Vinyl Ester
- Polyester
- Others
By Manufacturing Process:
- Pultrusion
- Hand Lay-Up
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
About the Industrial Automation Division at Future Market Insights (FMI)
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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