The research report «Fiber Reinforced Polymer (FRP) Rebars Market Size By Resin, Product, Application Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024» emphasizes this aspect.
Increasing renovation projects on functionally deficient structures has encouraged the product demand in the market. Shift in trend towards non-corrosive, lightweight, durable reinforcements coupled with thermal & electric insulation are some of the significant factors fueling the industry growth.
Technological advancement in product design, and material are the factors enhancing product penetration. Growth in construction of decks & railings, floor slabs, columns, parking garages, and walls will propel industry demand.
FRP rebar market from highways, bridges & buildings was valued over USD 460 Million in 2015. Increasing manufacturing facilities, infrastructure development along with global construction industry expansion will fuel the revenue growth. Regulatory compliance for product usage in restoration of bridges will trigger the demand.
Penetration of innovative materials including basalt and aramid fiber composites have boosted industry growth, owing to its significant properties including low weight and improved handling. Increasing infrastructure spending mainly in emerging economies including India, China, and Japan, will fuel the FRP rebar demand.
FRP rebar demand from marine structures & waterfronts will grow over 7%. Development of ports & waterfronts including temporary walls, wharfs, coastal seaports, and submarine camels are the growing opportunities for this industry. Increasing development of inner waterway channels for transportation of goods within the country will drive the demand.
Global FRP rebar market revenue from water treatment plants was over USD 50 million in 2015. Increase in construction of desalinization plants, waste and water treatment plants are key drivers of the FRP rebar market growth.
MEA FRP rebar will witness growth exceeding 8.5%. Presence of large-scale construction spending accompanied by regulatory compliance particularly in UAE and Saudi Arabia will fuel the industry growth. North America led by U.S., is expected to grow over 7%. Favorable regulations and increasing construction of new structures accompanied by the structural strengthening projects will propel the FRP rebar market in this region.
Europe led by Germany and UK will witness CAGR over 6.5%. Increasing renovation in commercial and residential buildings will escalate the regional demand. Additionally, rising demand from magnetic and electric isolation applications including MRI rooms, high-voltage substations, cable ducts, and radio frequency sensitive areas should fuel the industry growth.
Global FRP rebar market share is at a developing stage with greater focus on new product innovations. Companies are expanding their geographical coverage with supply agreements and developing their product portfolio. The key industry players include Hughes Brothers Inc, BP Composites Ltd and Marshall Composites Systems. Other industry participants include Technobasalt Invest LLC, Composite Rebar Technologies (CRT), Schock international, Pultrall Inc., Fibrolux GmbH., Sireg Geotech Srl, and Pultrall Inc.