Massive demand for light weight and corrosion resistant materials across the construction sector will fuel Fiber Reinforced Polymer Rebars Market globally. Driven by prominent features such as high tensile strength, thermal insulation, durability, and electrical cushioning, this reinforced material is deployed heavily for the construction of bridges, run-down buildings, decks, retaining walls, roadways, etc. For instance, the Floodway Bridge in Manitoba, Canada, was constructed using concrete fortified with glass fiber reinforced polymer rebars that were supplied by Hughes Brothers Inc., one of the prime participants operating in global fiber reinforced polymer rebar industry.
Rebar – rather, reinforcing bar, is basically a network of steel wires that supports concrete to withstand high tension forces. Fiber reinforced polymer rebars possess unique properties such as high corrosion resistance, cracking resistance, and high mechanical strength, owing to which they are cast in concrete or used as a substitute to withstand high tensile loads. Fiber reinforced polymer rebars market will be driven primarily by increased government spending on infrastructural development and renovation projects. According to Global Market Insights, Inc., “Global Fiber Reinforced Polymer Rebars Industry, worth more than USD 590 million in 2015, is anticipated to observe a y-o-y growth rate of 8.5% over 2016-2024.”
U.S. FRP Rebar Market Size, By Application, (USD Million), 2013-2024
The penetration of basalt composites in fiber reinforced polymer rebars market has significantly boosted the overall industry share. High resistance to hostile environments, easy availability, affordable costs, and magnetic transparency are the key factors driving basalt fiber composites industry over 2016-2024. It is expected that this market will observe an annual growth rate of 9% over 2016-2024, powered by its utilization in the construction of calamity resistant buildings, water treatment plants, and marine structures & waterfronts.
Marine structures need to be protected against abrasions, steel corrosion, and harsh chemical attacks. Fiber reinforced polymer rebars industry from marine structures and waterfronts is anticipated to witness a noticeable growth of 7% over 2016-2024, driven by product features such as high tensile strength, fatigue resistance, crack endurance, and leakage control. Additionally, the development of waterfront properties such as jetties, decks, waterway channels, and ports will further influence the market dynamics.
Glass fiber composites dominated the product landscape by accounting for more than 85% of the overall fiber reinforced polymer rebars industry in 2015. High chemical resistance, high tensile strength, and increasing preference of glass fiber composites over galvanized steel in the construction of highways and bridges will drive glass fiber composites market in the years to come.
Fiber reinforced polymer rebars industry size from highways and bridges & buildings was worth more than USD 460 million in 2015. This application segment is poised to generate massive revenue over 2016-2024, owing to the rapid expansion of the global construction sector coupled with favorable regulations regarding product utilization.
Polyester resin being a high-caliber alternative over stainless steel or epoxy resin will be extensively used in restoration of old heritage buildings. Fiber reinforced polymer rebars market share from polyester resin was more than USD 460 million in 2015. Vinyl ester fiber reinforced polymer rebars industry will grow lucratively at a CAGR of 9% over 2016-2024.
Geographically, APAC fiber reinforced polymer rebars market will witness tremendous gains of more than 8% over 2016-2024, spurred by the ever-growing construction sector in countries such as India, China, and Japan. High construction spending will also drive U.S fiber reinforced polymer rebars industry, which registered a value of more than USD 270 million in 2015, and will grow at a CAGR of 7% over 2016-2024.
Driven by supportive government initiatives and high budget allocations for infrastructural development, MEA fiber reinforced polymer rebars market share will increase at a CAGR of more than 8.5% over 2016-2024.
Considering that this industry is still in the development stage, market players are currently concentrating on technological innovations and cost criterion for generating profits. Key participants operating in fiber reinforced polymer rebars industry include Hughes Brothers Inc., Neuvokas Corp, Marshall Composites Systems, Fibrolux GmbH, Pultrall Inc., BP Composites Ltd., Technobasalt Invest LLC, Schock international, Sireg Geotech, and Composite Rebar Technologies.