At a compound annual growth rate of 10.2%, the size of the worldwide FRP Rebar market is projected to reach USD 421.02 Million in 2028.
FRP rebar is a lightweight spiral wrapped fiberglass rod manufactured using glass, carbon, aramid, or basalt along with resin. It is a non-corrosive alternative over steel developed concrete reinforcement applications. Global rebar market includes steel reinforcement accounting for 97% and premium products reinforcement having anti-corrosion applications accounting for 3%. Large availability, low cost and proven strength have influenced the steel consumption. The premium reinforcement products comprise stainless steel, epoxy coated, galvanized steel, and FRP rebar.
The global FRP Rebar market size is predicted to reach over USD 400 million by 2028. This can be ascribed to the rapid infrastructure development along with increase in construction spending. Increasing corrosion issues in conventional reinforcement techniques has enhanced the product penetration in the infrastructure repairing industry. Resistance to corrosion & abrasion, low weight and high tensile strength are major supporting factors stimulating industry growth. Besides, increasing government spending on highways, bridges & buildings construction and renovation of deficient structures are also the key factors driving the market growth for FRP Rebar.
However, environmental impact of FRP Rebar, shortage of skilled labor, and high labor cost are hampering the market growth. Furthermore, welding techniques such as laser welding and ultrasonic welding are witnessing increasing adoption, which is likely to provide lucrative development opportunities for the FRP Rebar market in the forthcoming years. These techniques are becoming increasingly popular in end-use industries where precision and accuracy of the joints have high importance, such as electric appliances, robotic appliances, and moving automotive parts.
Frp Rebar Market Scope
|Revenue forecast in 2028
|USD 421.02 Million
|CAGR of 10.2% during 2018-2028
|Based on application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Owens Corning; KODIAC Fiberglass Rebar; MARSHALL COMPOSITE TECHNOLOGIES, LLC; TUF-BAR; Armastek USA; Pultron Composites; FiRep Inc.; PULTRALL, Inc.;
Key Segments of the Global FRP Rebar Market
Fiber Type Overview USD Million)
- Glass Fiber
- Carbon Fiber
- Basalt Fiber
Resin Type Overview (USD Million)
- Vinyl Easter
Application Overview (USD Million)
- Highway, Bridges & Buildings
- Marine Structurers & Waterfronts
- Water Treatment Plant
Regional Overview (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global FRP Rebar market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global FRP Rebar market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the FRP Rebar industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Fiber Type, Resin Type, and Application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global FRP Rebar market. The report will benefit Every stakeholder involved in the FRP Rebar market.
- Managers within the FRP Rebar industry looking to publish recent and forecasted statistics about the global FRP Rebar market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global FRP Rebar market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
Over the past few decades, increasing government budgets on construction and repairing in the emerging economies has positively influenced FRP rebar market share. Rapid urbanization and industrialization leading to upgraded infrastructure and manufacturing facilities will support the product demand. High initial costs due to the expensive processing and raw material prices may impact FRP rebar manufacturers profitability. Low adoption among the construction professionals and preference for cost efficient project will restrain the industry growth.
Increasing corrosion issues in conventional reinforcement techniques has enhanced the product penetration in the infrastructure repairing industry. Resistance to corrosion & abrasion, low weight and high tensile strength are major supporting factors stimulating industry growth. Over 25% of the overall construction failures are due to corrosion. Inefficiency pertaining to steel reinforcement causing concrete failures will positively influence the upgraded non-corrosive construction material adoption.
Furthermore, water treatment plants are subjected to a continuous exposure of chloride content in water causing steel corrosion. Corrosion resistant FRP rebar are broadly used in the water treatment plants including potable water tanks, refinery reservoirs, sewage treatment facilities, acid ponds, and gold & salt mines. The products, unlike corroded reinforcement, prevent harmful materials leaching into soil and groundwater.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Fiber Type Segment
Based on the Fiber Type segment, the market is bifurcated into Glass Fiber, Carbon Fiber, and Basalt Fiber. In 2020, the Glass Fiber FRP Rebar segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. The market for FRP rebar has recently grown due to their huge advantage over traditional substitutes, i.e., steel rebar. They are highly resistant to corrosion and are resistant to acidic and alkaline attacks. Thus, they reduce the need for anti-shrink additives, extra concrete cover, and cathodic protection. They maintain the structural stability of the structure due to their high strength and anti-corrosion properties and increase the lifespan of any project.
Resin Type Segment
Based on the Resin Type, the market is segmented into Vinyl Easter, Epoxy, and Others. The Vinyl Easter segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. Excellent corrosion resistance against fuels, vapors, or chemicals along with high durability and tensile strength are the stimulating properties enhancing the vinyl ester resin demand. Large formulations availability by varying resin, reinforcement, and additive types will create new avenues for industry growth.
Based on the Application, the market is segmented into Highway, Bridges & Buildings, Marine Structurers & Waterfronts, Water Treatment Plant, and Others. The Bridges & Buildings segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. Rising demand for restoration and strengthening of the existing deficient structures will drive the industry growth. Increasing transportation accompanied by rapid urbanization and industrialization in the emerging economies have positively influenced the product penetration in highways, bridges & buildings.
U.S FRP rebar market accounted for a maximum share of the global market owing to the Increasing construction spending due to rapid infrastructure development. Moreover, stable growth is observed in Europe FRP rebar market, owing to potential outlook in MRI rooms, marine structures, waterfronts and electrical isolation applications. However, Asia Pacific region is likely to gather noteworthy growth through the forecast years 2021-2028. High tensile strength and lightweight properties have resulted in increasing product consumption in construction of earthquake resistant buildings and restoration of old structures particularly in Japan. Construction industry expansion coupled with the stimulating properties including corrosion resistance, lightness and high strength will trigger the demand.
The major players of the global FRP Rebar market are Composite Group Chelyabinsk, Schöck Bauteile GmbH, Dextra Group, Pultron Composites, Pultrall Inc., Owens Corning, Sireg Geotech S.r.l., Kodiak Fiberglass Rebar LLC, BP Composites Ltd, and Marshall Composites Systems. These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. Renowned companies are offering new and modern FRP Rebar. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the FRP Rebar industry. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.