Fiber Reinforced Polymer (FRP) Rebars Market REPORT OVERVIEW
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The global fiber reinforced polymer (FRP) rebars market size is expected to be worth 684.9 million in 2022. As per our research, the market is projected to touch USD 908.4 million by 2028 with a CAGR of 4.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Fiber Reinforced Polymer (FRP) rebars are a revolutionary alternative to traditional steel reinforcement in construction. Composed of high-strength fibers such as glass, carbon, or aramid embedded in a polymer matrix, FRP rebars offer remarkable advantages. They are exceptionally lightweight, corrosion-resistant, and non-conductive, making them ideal for infrastructure projects in harsh environments or areas with electrical sensitivity.
FRP rebars also boast impressive tensile strength and durability, providing longevity and reducing maintenance costs. Their non-corrosive nature eliminates the risk of concrete spalling, ensuring safer and longer-lasting structures. FRP rebars are thus transforming the construction industry by enhancing structural integrity and longevity. All of these factors have played an important role in fiber reinforced polymer (FRP) rebars market growth.
COVID-19 impact: Disruption in Construction Projects During Pandemic Decreased Market Growth
The COVID-19 pandemic has had an impact on the utilization of fiber reinforced polymer (FRP) rebars in construction. On one hand, disruptions in global supply chains affected the availability of materials and delayed construction projects, potentially slowing FRP rebar adoption. However, the pandemic has also highlighted the advantages of FRP rebars.
Their resistance to corrosion, especially in healthcare infrastructure and other critical facilities, became more critical as the need for rapid construction and reduced maintenance grew. As construction projects adapt to the "new normal," the demand for FRP rebars may increase, driven by the desire for more resilient and durable structures in a post-pandemic world.
LATEST TRENDS
"Development of Eco-friendly FRP Materials to Increase Market Growth"
The latest trends in Fiber Reinforced Polymer (FRP) rebars reflect a growing emphasis on sustainability and innovation. One notable trend is the development of eco-friendly FRP materials, using recycled fibers and resins to reduce the environmental footprint of construction. Additionally, advancements in nanotechnology are enhancing the strength and durability of FRP rebars, making them even more competitive with steel.
Integrated sensor technology is also gaining traction, allowing real-time monitoring of structures for safety and maintenance. As infrastructure resilience becomes a priority, FRP rebars are increasingly being used in critical applications like bridges and earthquake-prone regions, reflecting a dynamic shift towards high-performance, sustainable construction solutions.
Fiber Reinforced Polymer (FRP) Rebars Market SEGMENTATION
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- By Price:
The market can be divided on the basis of price into the following segments:
Vinyl ester, polyester, and, others.
The vinyl ester segment is projected to hold the dominant market share through 2028 the forecasting period.
- By Application:
The market can be divided on the basis of application into the following segments:
Marine structures & waterfronts, highways bridges & buildings, water treatment plants, MRI rooms, and, others.
The marine structures & waterfronts segment is predicted to dominate the market through 2028.
DRIVING FACTORS
"Long-lasting Infrastructure Due to Corrosion Resistance of these Rebars to Amplify Market Growth"
Several driving factors are fueling the growing adoption of Fiber Reinforced Polymer (FRP) rebars in construction. Firstly, their corrosion resistance ensures long-lasting infrastructure, reducing maintenance costs and enhancing durability, especially in harsh environments. The lightweight nature of FRP rebars eases transportation and installation, making them more cost-effective.
Additionally, the sustainability aspect aligns with the global focus on environmentally friendly construction materials. As infrastructure resilience gains importance, FRP rebars are sought after in earthquake-prone areas. Furthermore, their non-conductive property meets the need for electrical insulating materials. These driving factors collectively promote the use of FRP rebars as a versatile, durable, and sustainable alternative to traditional steel reinforcement and fuel fiber reinforced polymer (FRP) rebars market share.
"High Tensile Strength Offered by These Rebars to Drive Market Growth"
Beyond corrosion resistance, weight savings, and sustainability, other driving factors behind the increasing popularity of Fiber Reinforced Polymer (FRP) rebars include their exceptional strength-to-weight ratio. These rebars offer high tensile strength, reducing the need for additional steel reinforcements and simplifying construction.
Moreover, their non-magnetic properties make them ideal for projects in sensitive environments like hospitals and MRI facilities. The ease of cutting and shaping FRP rebars on-site further streamlines construction processes. As regulations for seismic and construction standards evolve, FRP rebars are also favored for their compliance with modern building codes, promoting their use in an expanding range of structural applications.
RESTRAINING FACTOR
"Concerns About Long-term Performance and Durability to Deteriorate Market Growth"
Despite their advantages, fiber reinforced polymer (FRP) rebars face several restraining factors. One significant challenge is their higher upfront cost compared to traditional steel reinforcements, which can deter cost-conscious projects. Limited awareness and established practices among contractors can impede their adoption. Concerns about long-term performance and durability in certain applications, particularly in aggressive chemical environments, also contribute to resistance. Standardization and regulatory hurdles need to be addressed to encourage wider use. Moreover, the lack of recycling infrastructure for FRP materials raises concerns about environmental impact. To overcome these challenges, ongoing education, cost-effective production methods, and research into recycling solutions are essential.
Fiber Reinforced Polymer (FRP) Rebars Market Regional Insights
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"North America to Dominate the Market owing to Robust Infrastructure Projects "
The leading region in the adoption of fiber reinforced polymer (FRP) rebars is North America. The U.S. and Canada have been at the forefront of FRP rebar usage in construction. This dominance can be attributed to their robust infrastructure projects, stringent corrosion-resistant requirements, and a focus on sustainability.
Furthermore, North American building codes have incorporated FRP rebar standards, fostering confidence in its structural performance. The region's construction industry has recognized the benefits of FRP rebars in terms of longevity and reduced maintenance costs, making North America a prominent hub for FRP rebar innovation and application.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profile
- Hughes Brothers (U.S.)
- Schoeck International (Germany)
- Dextra Group (Thailand)
- Pultron Composites (New Zealand)
- Pultrall (Canada)
- Sireg SpA (Italy)
- Kodiac Fiberglass Rebar LLC (U.S.)
- Marshall Composite Technologies LLC (U.S.)
- ATP Srl (Italy)
- AL-Arfaj Group (Saudi Arabia)
- Fibrolux GmbH (Germany)
- International Grating (U.S.)
- BP Composites (U.K.)
- Armastek (Russia)
- Firep (Spain)
Report Coverage
The report provides an insight into industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The report also lists the key industry players to understand the competition.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 684.9 Million in 2022 |
Market Size Value By |
US$ 908.4 Million by 2028 |
Growth Rate |
CAGR of 4.8% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global fiber reinforced polymer (FRP) rebars market expected to touch by 2028?
The global fiber reinforced polymer (FRP) rebars market is expected to touch 908.4 million by 2028.
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What CAGR is the global fiber reinforced polymer (FRP) rebars market expected to exhibit during 2022-2028?
The fiber reinforced polymer (FRP) rebars market is expected to exhibit a CAGR of 4.8% over 2022-2028.
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Which are the driving factors of the fiber reinforced polymer (FRP) rebars market?
Long-lasting infrastructure due to corrosion resistance of these rebars and high tensile strength offered by these rebars to drive fiber reinforced polymer (FRP) rebars market growth.
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Which are the top companies operating in the fiber reinforced polymer (FRP) rebars market?
Hughes Brothers, Schoeck International, Dextra Group, and, Pultron Composites are some of the top companies that are operating in the fiber reinforced polymer (FRP) rebars market.
