The global FRP Rebar market size is likely to attain over USD 400 million by the year 2028. Besides, it is likely to project a CAGR of nearly 12.7% during the forecast years 2021-2028. 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%.
The present and future FRP Rebar market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the FRP Rebar market opportunities during the forecast years are the increasing demand from the highways, bridges & buildings applications. However, low acceptance of FRP rebars among construction professionals is hampering the market growth. Furthermore, growing construction industry in emerging markets is likely to provide lucrative development opportunities for the FRP Rebar market in the forthcoming years.
The report also emphasizes several distinctiveness of the global FRP Rebar industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the FRP Rebar industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The FRP Rebar market has tough competition among the new emerging and pre-established market vendors. Besides, the FRP Rebar industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the Fiber Type, the market is categorized 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 rebars 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.
Asia Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the FRP Rebar market in this region is mostly ascribed to the construction industry expansion coupled with the stimulating properties including corrosion resistance, lightness and high strength. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increase in number of approved projects for bridge & highway repair.
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., and Kodiak Fiberglass Rebar LLC. 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. 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.
Segment Overview of Global FRP Rebar Market
Fiber Type Overview, 2019-2028 (USD Million)
- Glass Fiber
- Carbon Fiber
- Basalt Fiber
Resin Type Overview, 2019-2028 (USD Million)
- Vinyl Easter
Application Overview, 2019-2028 (USD Million)
- Highway, Bridges & Buildings
- Marine Structurers & Waterfronts
- Water Treatment Plant
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America