#frp rebars market

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The report “FRP Rebars Market in the Construction Industry, By Type (GFRP & BFRP), By Construction Application (Roads, Bridges & Tunnels, Electrical Isolation, Marine Structures & Waterfronts, Water Treatment Plants, MRI Rooms & Others) & By Region - Global Trends & Forecast to 2019”, defines and segments the global FRP rebars market in the construction industry with an analysis and forecast by value.

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Fiber Reinforced Polymer Rebars Market Size and Share Report 2031

Global fiber reinforced polymer rebars market is projected to witness a CAGR of 10.1% during the forecast period 2024-2031, growing from USD 111 million in 2023 to USD 239.67 million in 2031. The building and construction industry held the leading share in the global fiber reinforced polymer rebars market. According to the latest forecast period published by the Construction Products Association, the construction industry at the global level registered a significant annual growth rate of 2.8% in 2022.

The increasing regulatory standards for the superior quality of fiber reinforced polymer (FRP) rebars will accelerate product adoption, thereby driving the market growth. For illustration, in May 2023, ASTM International, an international standard organization, approved the D8505 standard to integrate FRP rebar into infrastructure applications.

The growth of the building and construction activities is attributed to determinants such as the rising development of high-rise buildings, increasing emphasis on replacing aging infrastructure, technological innovations, and surging investments in commercial construction projects. Thus, the booming construction activities are boosting the adoption of fiber reinforced polymer rebars, such as glass (GFRP) rebar and carbon (CRFP) rebar, to ensure chemical resistance, thereby accelerating the market growth. Moreover, the rise in international trade has increased demand for various commercial vessels, such as bulk carriers, tankers, and container ships. Therefore, shipbuilding activities are increasing at the global level, which, in turn, is fueling the demand for fiber reinforced polymer rebars to increase the life span of marine structures, thereby propelling the market growth.

Furthermore, the strict regulatory norms associated with the treatment of wastewater and the growing awareness about the need for water conservation and reuse, along the development of new plants for water treatment, are creating a lucrative opportunity for the fiber reinforced polymer rebars market growth. For exemplifier, the wastewater treatment plant located in Waitsfield, Vermont, the United States is under the design phase and the plan is to begin construction in 2024. Nevertheless, the high manufacturing cost related to fiber reinforced polymer rebars is posing a major roadblock for the market’s growth.

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Rising Adoption of Fiber Reinforced Polymer Rebars in Construction Activities

FRP rebars are deployed in building and construction activities as a non-corrosive alternative to traditional steel rebars. They ensure superior benefits, such as corrosion-resistance, lightweight, non-conductive, and a long service lifespan, since FRP rebars are made of a polymer matrix reinforced with fibers such as glass, basalt, carbon, or aramid. As a result, FRP rebars are ideal for various structural and architectural applications such as bridges, highways, and dams. The increasing investment in road construction projects in developing economies, rising public-private partnerships in dam construction projects, and ongoing upgradations of tunnels are driving the growth of the building and construction industry, thereby positively impacting the global fiber reinforced polymer rebars market.

For example, various road projects are under the construction phase, including the Garden City Road improvement project in the United States (completion year 2025), 23 projects in India (completion year 2025) undertaken by the National Highways Authority of India (NHAI), and VINCI Highways in Germany (completion year 2025). Hence, the rise in construction activities is fostering the utilization of fiber reinforced polymer rebars to ensure long-term cost savings and contribute to environmental sustainability due to their non-corrosive nature and reduced carbon dioxide (CO2) emissions during production and transport. This, in turn, is proliferating the market growth.    

Increasing Application of Glass (GFRP) Rebar is Supplementing the Market Growth

Glass fiber reinforced polymer (GFRP) rebars are highly resistant to corrosion, making then ideal for use in corrosive environments such as seawalls, dams, and power plants. They are also more durable and cost-effective than steel as they extend the lifespan of concrete structures and reduces maintenance and rehabilitation costs. Apart from this, GFRP rebars are comparatively a lighter material, making them easier to handle and transport. Thus, due to the above benefits, GFRP rebar manufacturers are expanding their manufacturing basis to increase their market share in the global market.

For instance, in September 2020, Saudi Aramco, a materials manufacturer in Saudi Arabia launched a new GFRP rebar manufacturing facility in Saudi Arabia. Hence, the increasing expansion of GFRP rebar production facilities due to the rising product deployment in various applications is fostering the market growth. 

The Dominance of the North America in the Global Fiber Reinforced Polymer Rebars Market

The demand for FRP rebars in various applications, such as bridges, buildings, marine structures, waterfronts, and water treatment plants, has been increasing in North America, which is accelerating the market growth in the region. In addition, the leading players having a presence in the North American region dealing in the production of FRP rebar are deploying strategies, such as acquisitions, partnerships, and collaborations, to build their business portfolios.

For illustration, as of December 2023, construction projects such as Southeast Connector, USD 1.6 billion Dallas-Fort Worth Area in the United States (project completion year 2027), USD 4.5 Gordie Howe International Bridge, Detroit, MI in North America (project completion year 2026), USD 1 billion American Legion Bridge Replacement, Bethesda, MD in the United States (project completion year 2029), and USD 3.8 billion Hudson Tunnel Project, New York City, NY, in the United States (project completion year 2035) are under the development phase. As a result, the rise in the key building & construction projects in the North American region is boosting the demand for fiber reinforced polymer rebars, thereby supplementing the market growth in the region.              

Impact of COVID-19

The COVID-19 pandemic in 2020 disrupted global supply chains, affecting the availability of materials and delaying construction, thereby slowing FRP rebar adoption. For illustration, according to the European Construction Industry Federation, the European Union building and construction investment registered a decline of 3.0% in 2020. Thus, the diminished growth rate of building and construction activities at the global level led to a decline in the revenue growth of FRP rebars market in 2020.

However, the COVID-19 pandemic also highlighted the advantages of FRP rebars, such as their resistance to corrosion. This, in turn, enhanced their application, especially in healthcare infrastructure and other critical facilities, in response to the growing need for rapid construction and reduced maintenance, thereby augmenting the growth of the market.

Impact of Russia Ukraine War

The war between Russia and Ukraine resulted in record prices of oil, which significantly heightened transportation costs and ensued supply chain limitations and the closure of manufacturing units. The countries such as Russia, Ukraine, Poland, and several other European nations were impacted by the Russia-Ukraine war, thereby limiting the growth of the fiber reinforced polymer rebars industry.

For instance, in March 2022, Composite Group Chelyabinsk, a Russia-based manufacturer of FRP rebars, faced sanctions from the European countries. However, the increased sourcing of raw materials from local suppliers, along with positive trajectory shown in developing countries such as India and China, accelerated the growth of the fiber reinforced polymer rebars market.

Report Scope

“Fiber Reinforced Polymer Rebars Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global fiber reinforced polymer rebars market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Click here for full report- https://www.marketsandata.com/industry-reports/fiber-reinforced-polymer-rebars-market

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Mr. Vivek Gupta 5741 Cleveland street, Suite 120, VA beach, VA, USA 23462 Tel: +1 (757) 343–3258 Email: info@marketsandata.com Website: https://www.marketsandata.com

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Fiber-reinforced Polymer (FRP) Composites Market Outlook, Analysis, Report 2022-2029

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global fiber-reinforced polymer (FRP) composites market size at USD 238.7 billion in 2022. During the forecast period between 2023 and 2029, the global fiber-reinforced polymer (FRP) composites market size is projected to grow at an impressive CAGR of 7.21% reaching a value of USD 385.79 billion by 2029. Expanding automotive and consumer electronics manufacturing in nations like China and India is one of the key driving reasons for the global fiber-reinforced polymer (FRP) composites industry. Government spending on infrastructure development is also contributing to the growth in the market for FRP composites.

Global Fiber-reinforced Polymer (FRP) Composites Market – Overview

Fiber-reinforced Polymer (FRP) is a composite material composed of a polymer matrix reinforced with fibers. The most common fibers used are glass, carbon, or aramid, although other fibers, such as paper, wood, or asbestos, have occasionally been utilized. Fibers and a polymer matrix are the two main building blocks of FRP composite materials. FRP enables the alignment of thermoplastics' glass fibers to meet specified design objectives. The strength and resistance to deformation of the polymer can be increased by specifying the orientation of the reinforcing fibers.

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Global Fiber-reinforced Polymer (FRP) Composites Market – By Application

Based on application, the global fiber-reinforced polymer (FRP) Composites market is segmented into automotive, construction, firefighting, electronics, defense, and others. The construction sector accounts for the largest market share, as these materials offer a wide range of applications in this industry. Fiber-reinforced polymers are prominently used as reinforcements in concrete structures and underwater piping to prevent corrosion and impact. The automotive industry also covers a substantial market share owing to expanding automobile production, particularly in China and India, as they are used for the production of low-cost and light automobile parts.

Impact of COVID-19 on the Global Fiber-reinforced Polymer (FRP) Composites Market

The COVID-19 pandemic negatively impacted the growth of the global fiber-reinforced polymer (FRP) composites market. The lockdown implemented by the governments of various economies to curb the spread of the virus halted the operations of the end user sectors, particularly in the construction and automobile industries. In addition, constraints on FRP composites' production processes and supply networks themselves resulted in a severe scarcity of supplies, even after the pandemic, forcing the producers to suffer significant losses. However, the market is projected to pick up its pace during the forecast period as industries resume their operations.

Competitive Landscape

Major players operating in the global fiber-reinforced polymer (FRP) Composites market include American Fiberglass Rebar, American Grating, LLC, Engineered Composites Ltd., B&B FRP Manufacturing Inc., TUF-BAR, FRP Composites Inc., Ten Cate NV, Zoltek Companies, Inc., Hyosung Corporation, Mitsubishi Rayon Co., Ltd., SGL Group, and DowAksa. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The global FRP rebar market is expected to grow from USD 186 million in 2021 to USD 344 million by 2026, projecting a CAGR of 13.0% between 2021 and 2026. The growth of the FRP rebar market is driven by the high demand for construction and repair of highways, bridges & buildings worldwide. Many construction and infrastructure projects are being undertaken across the world, especially in developing countries and emerging markets in APAC and the MEA.

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Key Insights on Competitive Landscape in Global Fiber Glass Market: Ken Research

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Few Global Players Dominate the Market despite the Presence of about ~150 Competitors Comprising a Large Number of Regional Players and Some Specialist Players, finds a recent market study on the Global Fiber Glass Market by Ken Research

Fiber glass is a form of fiber-reinforced plastic whereas glass fiber is reinforced plastic. Fiberglass is lightweight, strong, and less brittle. The best part of fiberglass is its ability to get molded into various complex shapes. Fiberglass is lightweight, strong, and less brittle. The best part of fiberglass is its ability to get molded into various complex shapes.

Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.

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Global Players Constitute ~15% of the Total Number of Competitors, While Regional Players Dominate Representing ~50% of Total Competitors.

A comprehensive competitive analysis conducted during the Research Study found that the global Fiber Glass market is competitive with ~150 players, including globally diversified players, regional players, and many country-niche players. The regional players comprise about ~50% in terms of the number of companies followed by country-niche players with ~35% of the total competitors. The players in the industry develop fiber glass material for applications including insulation and as composites for industries such as automotive, building & construction, aerospace & defense, and others.

The Rising Demand for Composite Materials in Construction and Infrastructure Industry is expected to be the Primary Driver of the Market.

Detailed comparative analysis of key competitors available within the Research Study shows that major players such as 3B - the fiber glass company, Johns Manville, Owens Corning, Saint-Gobain,  and others are highly focused on developing fiber glass products that can be used across multiple end-user industries, such as aerospace & defense, automotive & transportation, building & construction, and more. Furthermore, several companies and organizations are aggressively focusing on acquisitions and mergers with specialized players to invest in fiber glass products.

In June 2022, Owens Corning announced an agreement to build a joint venture with Pultron Composites for the manufacturing of fiberglass rebar. With the agreement, the company commits to providing high-performance concrete reinforcement products in a sustainable manner.

In May 2022, Owens Corning acquired the composites business of the Asahi Fiber Glass Company Ltd. in Japan. The acquisition expands the product portfolio of Owens Cornings with the addition of Liquid Crystalline Polymer, Polyphenylene Oxide (PPO) polymer products, Long-fiber thermoplastic compounds, Rubber-coated glass-fiber solutions, and others.

In August 2020, a USA-based OEM supplier of custom fiber-reinforced plastic (FRP), National Composites acquired Sunrise Fiberglass. With the acquisition, the company has the capacity to serve industries such as marine and recreation, hospitality, electric and specialty vehicles, medical, and others.

Increased Government Initiatives and New Strategical Investments in the Building & Construction Industry Led to Major Product Development and Glass Fiber Technology Enhancement in the Market.

An initiative by the USA government to provide affordable homes to its residents, propelled the demand for glass fiber composites in the region. For instance, in September 2021, the House Democrats passed the Build Back Better Act, which allocated financial aid of US$ 170 billion for affordable housing. Under the guidelines of the act, the government targets to build over one million affordable homes, which is expected to boost the demand for composites and insulation materials in the construction and infrastructure industry.

In September 2022, the government of China announced to invest US$ 1,430 billion in major construction projects till 2025. According to the National Development and Reform Commission (NDRC), Shanghai has a total investment plan of US$ 38.7 billion to construct key infrastructures, whereas Guangzhou, signed 16 new infrastructure projects with the given investment of US$ 8.09 billion. All the construction projects will boost the demand for composite materials to be used in cement and other infrastructures.

In January 2021, Johns Manville launched a thermal recycling unit of glass fiber waste. The unit provides a projected recycling capacity of more than three tons per hour and help keeping more than 10,000 tons of waste out of landfills annually.

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Key Topics Covered in the Report

Snapshot of Global Fiber Glass Market

Industry Value Chain and Ecosystem Analysis

Market size and Segmentation of the Global Fiber Glass Market

Historic Growth of Overall Global Fiber Glass Market and Segments

Competition Scenario of the Market and Key Developments of Competitors

Porter’s 5 Forces Analysis of Global Fiber Glass Industry

Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors

Covid-19 Impact on the Overall Global Fiber Glass Market

Future Market Forecast and Growth Rates of the Total Global Fiber Glass Market and Segments

Analysis of Global Fiber Glass Market

Major Production/Supply and Consumption/Demand Hubs within Each Region

Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments

Overview of Notable Emerging Competitor Companies within Each Region

Notable Key Players Mentioned in the Report

Asahi Fiber Glass Co., Ltd.

3B - the fibreglass company

China Jushi Co., Ltd.

Johns Manville

Knauf Insulation

Nippon Electric Glass Co.,Ltd.

Owens Corning

Saint-Gobain

xingtai jinniu fb glass

Taiwan Glass Industry Corporation

Notable Emerging Companies Mentioned in the Report

Fureho AB

Spintex Engineering Ltd.

Darshan Safety Zone

Fibtex Products

Smartshield Insulation

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

Fiber Glass Manufacturers

Fiber Glass Suppliers

E-Glass Manufacturers

ECR-Glass Manufacturers

H-Glass Manufacturers

AR-Glass Manufacturers

S-Glass Manufacturers

Fiber Glass Distributors

Emerging and Startup Companies in Fiber Glass

Government Departments of Polymers

Ministries and Departments of Plastics

Importers and Distributors of Fiber Glass

Period Captured in the Report

Historical Period: 2017-2021

Forecast Period: 2022E-2028F

For more insights on the market intelligence, refer to the link below: –

Global Fiber Glass Market by Ken Research

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According to the new market research report "FRP Rebar Market by Fiber Type (Glass, Carbon and Basalt), Resin Type (Vinyl Easter, Epoxy), Application (Highways, Bridges & Buildings; Marine Structurers & Waterfronts; Water Treatment Plants), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global FRP Rebar Market is expected to grow from USD 186 million in 2021 to USD 344 million by 2026, at a CAGR of 13.0% during the forecast period. Increasing demand from the construction industry is driving the growth of the market.