The 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 2027” is expected to grow from USD 211 million in 2022 to USD 389 million by 2027, at a CAGR of 13.0% during the forecast period. The growing demand from the construction industry is driving the demand for FRP rebars and thereby growth of the market.
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Some of the prominent key players are:
- Schöck Bauteile GmbH (Germany)
- Dextra Group (Thailand)
- Pultron Composites (New Zealand)
- Pultrall Inc. (Canada)
- Composite Group Chelyabinsk (Russia)
- Owens Corning (US)
- FiReP Group (Switzerland)
- Sireg Geotech S.r.l. (Italy)
Opportunity: Growing construction industry in emerging markets
The construction industry is growing rapidly in developing countries such as India, China, and Saudi Arabia due to rapid urbanization, rising population, and huge industrial and revenue growth. The construction of various megastructures and infrastructure projects in these countries have been increasingly using reinforcement solutions, and FRP rebars have been adopted for various projects due to their long-term cost benefits and useful properties like high strength and resistance to corrosion. Many big projects like King Salman Energy Park, a new industrial city project being constructed (located between Dammam and Al-Ahsa in the Eastern Province of Saudi Arabia), have used FRP rebars for structural reinforcement. Some water treatment plants like Umm-al-Hayman Wastewater Plant (Kuwait), STEP Link Sewers Project (UAE), and Main Lines Wastewater Sanitary Work (Saudi Arabia) are major projects undertaken in the MEA that have used FRP rebars significantly.
The highways, bridges & buildings application segment accounts for the largest share in the global FRP rebar market in terms of value and volume
The construction industry has traditionally seen very high usage of steel rebar-reinforced concrete structures as it was the accepted norm for many years on account of availability, cost incurred, and expertise of personnel working with steel rebars. Although the installation cost of these structures is low, the maintenance cost increases over the years owing to corrosion and subsequent weakening of the structure. The average life span of steel rebars is 20-25 years. However, the average lifespan of an FRP rebar-reinforced concrete structure is nearly 50–60 years, providing low maintenance cost during its operational life because of high resistance to corrosion. FRP rebars also increase the average lifespan of a project and, though the initial cost of installation can be high, the final cost is lowered as no additional cost on repairs and maintenance is incurred.
North America to lead the FRP rebar market during the forecast period
North America is the largest market for FRP rebar, by value, in the world. The market in this region is dominated by the US and Canada. The major players in the FRP rebar market in North America give each other tough competition and constantly innovate and develop new technology to produce high quality, high strength, and lightweight FRP rebars. These players adopt various growth strategies like expansion, new contracts & agreements to increase their market share and cater to the increase in demand. The usage of FRP rebars is high in the North American region as government agencies have identified the advantage of FRP rebars over traditional alternatives like steel rebars.
