According to Global Market Insights, Fiber Reinforced Polymer (FRP) Rebars Market size was over USD 45 million in 2015, and is forecast to surpass USD 90 million by 2024. It means that compound annual growth rate will exceed 11%.
Increasing composites demand from construction and transportation sectors owing to strong outlook towards truck & tailors production and commercial infrastructure are expected driving factors to stimulate global fiber reinforced polymer rebars market size growth, experts from Global Market Insights conclude.
North America FRP rebars market size is set to witness significant growth. As per National Bridge Inventory (NBI), in the U.S. approximately 145,000 bridges were physically deficient in 2010. Major FRP rebars projects in North America include Sierrita de la Cruz Creek Bridge, Pierce Street Bridge, Taylor Bridge Manitoba, Lima OH, Quebec, and Wotten. In addition, it is also used in decks for top or bottom mat.
Increasing demand for strengthening and renovation of new and existing non-standardized bridges has driven FRP rebars market size growth. Vinyl ester and polyester are key resins used for FRP rebars production. Vinyl ester resin is projected to witness the fastest growth owing to high tensile elongation strength, exceptional corrosion resistance to chemicals, fuels, vapors, heat resistance, and durability.
On the basis of fiber type, the industry is classified into glass, carbon, and basalt fiber composites. Strength, durability, flexibility, lightweight, and stability along with resistance to temperature, heat, and moisture are key factors driving fiber reinforced polymer rebars market size growth.
Highways, buildings & bridges are set to witness the fastest growth, rising need for construction and restoration due to insufficient maintenance, harsh environmental conditions, and architecturally deficient structure.
China construction spending was over USD 1.70 trillion followed by Japan and India registering at more than USD 738 billion and USD 422 billion spending in the same year.
Rise in application scope in marine structures, MRI rooms, parking structure and salt storage facilities are lucrative segments to fuel industry growth. Moreover, an increase in construction activities for light rail transit, particularly in U.S. should favor product demand. High initial investment cost accompanied by the presence of less cost substitute is predicted to affect the fiber reinforced polymer rebars market price trend.
Global FRP rebars market share is driven patents, mergers & acquisitions, and agreements. Major industry players include Pultrall, Hughes Brothers, Marshall Composites Technologies, BP Composites, Pultron Composites, Armastek, Dextra Group, A.T.P., Firep International, Sireg, and International Grating.