Composite Rebar Market Size, Share, Growth, and Industry Analysis, By Type (GFRP Rebar, BFRP Rebar, CFRP Rebar, and Others) By Application (Bridges & Port, Underground Construction, Road Building, and Others) Regional Forecast (2022-2027)

REPORT OVERVIEW

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The global composite rebar market size was USD 456 million in 2020. As per our analysis, the market is expected to reach USD 837.1 million by 2027, exhibiting a CAGR of 9.3% during the forecast period.

Composite rebar is a material made up of fiberglass that is used to repair railways, automobiles, and bridges and in construction activities. It is also known as GFRP and FRP It is an extremely lightweight and strong material that replaces iron rods in construction because of its resistance against damages and anti-corrosiveness. It is stronger compared to normal steel welded rods and enhances the construction quality. It is effective against harsh environments and useful for developing high-quality buildings. It is an extremely cost-efficient material that provides excellent resistance against damages and offers an excellent lifespan. 

The rising demand for quality construction and the rapid development of infrastructure in several countries is likely to boost its adoption. Governments invest heavily in the development of quality construction to improve infrastructure in their respective countries. As per the India Brand Equity Foundation (IBEF), the Indian government plans to invest approximately USD 1.4 trillion in the development of infrastructure from 2019-2023. The development of infrastructure facilities and the development of advanced infrastructure facilities is likely to boost the composite rebar market growth.

COVID-19 Impact: Restrictions on Construction Activities to Impede Market Growth

The COVID-19 pandemic has negatively affected several markets globally. The sudden spike in cases has provoked governments to impose strict restrictions against construction activities. As a result, the demand for the product is declining rapidly. The halt on manufacturing and transport is likely to disrupt the supply chain and availability of raw materials and components. The closure of manufacturing and construction activities has negatively affected several manufacturers. It has led to the permanent shutdown of several companies. However, the adoption of reduced capacities, part-time shifts, medical gear, and production machinery enables companies to balance their costs and recover the loss. Further, lockdown relaxations have enabled industries to function as per the government regulations. Therefore, these factors are expected to facilitate the growth of the composite rebar market during the pandemic. 

LATEST TRENDS

"Extensive Demand for Composite Rebar from Construction Industry to Boost Sales"

The rising adoption of the product from the construction industry may bolster its demand. The material strengthens the building structure and reinforces the strength and durability of the construction. It is extremely resistant to harsh weather and damages. The emergence of several high-quality construction projects is likely to boost product sales. The rising population and increasing construction of green buildings are expected to boost product demand. Its resistance, lightweight, and easy installation reduce construction times and improve productivity. It is a cost-effective option compared to a steel-based counterpart and increases the quality of the construction. It is used in several commercial, residential, and bridge constructions because of its strength and superior resistance. It is used in bridges to reinforce the strength of the construction and avoid accidents.

It is lower in cost and extremely weather-resistant, which, in turn, increases its adoption from the construction industry. It is used in the construction of bridges because of its reduced weight, corrosion resistance, and durability. Therefore, these factors can bolster the composite rebar industry growth.  

SEGMENTATION

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• By Type Analysis

By type, the market is segmented into GFRP rebar, BFRP rebar, CFRP rebar, and others. 

GFRP rebar is the leading segment because of the rising demand for high-quality and anti-corrosive properties. It is stronger than steel and provides excellent strength against damages. It is used extensively in construction projects because of the rising demand for superior quality components. It provides excellent quality and prevents environmental damage. Therefore these factors can influence industry growth. 

• By Application 

Based on application, the market is classified into bridges & ports, underground construction, road building, and others.

Bridges & port is the leading segment because of the rising adoption of high quality and durable material. Composite rebar is lighter in weight and enhances the safety of drivers. It possesses excellent strength and resistance, gains pressure and harsh environmental conditions. It is used in ports because of its strength and durability against damages. Therefore, these factors are likely to propel the market growth during the upcoming years. 

DRIVING FACTORS

"Increasing Adoption of the Material in Underground Constructions to Foster Market Growth "

Composite rebar is a useful alternative to several underground construction projects because of its strength and anti-corrosive properties. The adoption of high-quality materials is essential to construct underground tunnels to prevent accidents and crashes. A tunnel is responsible for holding an entire load on top of itself, thereby boosting demand for the product. It provides excellent resistance to harsh environments inside a tunnel. It is resistant to heat, dust, and other impurities under the ground. It reinforces the tunnel's strength and improves the effectiveness of the construction. It holds weight effectively and is resistant to bends because of its excellent tensile strength. It is different in structure as compared to normal steel and is denser. It is extremely lightweight and withstands pressures and vibrations created by trains and vehicles. The rising tunnel constructions in the United States are expected to boost its adoption significantly. Therefore, these factors can influence industry growth. 

"Increasing Demand for High-Quality Components from the Automotive Sector to Fuel Growth"

Carbon fiber reinforced polymers (CFRP) rebar is used extensively in automobile manufacturing because of their strength and excellent durability. It is used to cover automotive parts to increase its resistance against crashes and harsh environments. It reinforces the vehicle's strength and improves the driver's safety. It is a lightweight and flexible material that reduces the vehicle's weight and strength. The rising demand for safety features in vehicles is expected to increase its adoption in the automobile manufacturing industry. CFRP rebar is used in automotive components to improve strength and enhance the safety of vehicles. It prevents the parts from corrosion, bends, and damages against environments. Therefore, these factors are likely to drive the composite rebar market growth. 

RESTRAINING FACTORS

"Higher Material and Installation Costs to Hinder Progress of the Market"

The higher installation costs of the material compared to alternative materials are likely to restrain the product demand. It is more costly compared to metal counterparts, which, in turn, shall provoke small industries to adopt steel, metal alloys, and other counterparts. Additionally, the lack of awareness regarding the product's benefits is expected to hamper the market growth.

REGIONAL INSIGHTS

"Developed Infrastructure Facilities in the U.S. to Propel Market Growth in North America"

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North America is expected to dominate the composite rebar market share because of developed infrastructure in the U.S. Rapid development in infrastructure facilities is expected to increase the demand for high-quality components. Increasing construction activities and the presence of major players such as slan FRP, Pultrall, BP Composites (TUFF-Bar), and others are expected to boost the market growth in the region.

Europe holds approximately 40% market share because of the emergence of several manufacturing facilities. Composite rebar's adoption in automotive and building constructions is likely to fuel its demand. Evolving consumer lifestyles and the adoption of high-quality residential amenities are expected to boost the composite rebar market progress in the region.

In Asia Pacific, rapid development in the developing and developed countries such as India, Japan, South Korea, and China is expected to fuel demand for several commercial and residential projects. The rising demand and adoption of better quality components and materials in the construction, automobile, and manufacturing industry is expected to develop market growth. 

KEY INDUSTRY PLAYERS

"Adoption of Key Strategies for Increasing Adoption of the Material to Help Companies Grow"

Prominent companies operating in the market adopt research and development to improve material quality. The adoption of better production processes and composites can enable companies to increase the product's effectiveness and increase their sales drastically. The adoption of advanced production technologies enables companies to improve their operational efficiency. It enables them to reduce labor costs, increase consistency, improve quality of operations and enable companies to achieve their goals. Additionally, companies observe the recent trends and study the competitors to undertake successful ventures and improve their brand presence globally. 

List of Market Players Profiled

• Aslan FRP

• Schoeck

• Armastek

• Galen

• Dextra Group

• FiReP

• BP Composites (TUFF-Bar)

• Pultrall

• Pultron Composites

• Hubei Yulong

• Fusite

• Fiberline

• Marshall Composite Technologies

• Sireg Geotech

• Technobasalt

• Kodiak Fiberglass Rebar

• Tribeni Fiber

• Captrad

• B&B FRP Manufacturing Inc

• Neuvokas Corporate

• Mateenbar

• Nycon

• SFTec Inc

• Nanjing Fenghui Composite

• Yuxing

• Shanghai KNP

INDUSTRY DEVELOPMENT

• April 2021: Owens Corning Infrastructure Solutions announced its latest MATEENBAR™ Fiberglas™ Rebar. It is a lighter and more durable composite rebar that provides excellent strength and resistance against harsh environments and damages. 

REPORT COVERAGE

The report provides an analysis of the recent market trends and the top segments. It comprehensively discusses the impact of COVID-19 and the driving and restraining factors. The report examines the regional developments and strategies devised by the market's prominent players. It informs readers about the market aspects and factors that are responsible for the industries' progress.