[FURL=https://www.industryarc.com/Report/15863/frp-rebar-market.html]FRP Rebar Market[/FURL] size is forecast to reach $1.1 billion by 2025, after growing at a CAGR of 12.1% during 2020-2025. Fiber reinforced polymer rebar or FRP rebar is a non-corrosive alternative for steel rebar in concrete reinforcement. It comprises of two elements namely a fiber and a matrix resin. The fiber used is usually carbon, aramid, basalt, or glass whereas matrix resin is composed of polyester, epoxy, or vinyl ester. FRP rebar is a spiral wrapped fiberglass rod which is light in weight and easy to handle as well. Also, it is electrically and thermally non-conductive, efficiently resists heat transfer and possesses greater tensile strength than steel. Globally, increase in usage of non-corrosive rebars and low cost of FRP rebars across its life cycle are the prime growth drivers of FRP rebar.Key Takeaways
New product developments and increasing investments in research and development of FRP rebar are expected to drive the growth of this market.
Among application, highways, bridges & buildings segment is projected to lead the solvents market during the forecast period.
North America dominated the FRP Rebar market.
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Geography- Segment Analysis
North America dominated the FRP rebar market with a share of more than XX%, followed by Asia Pacific and Europe. Huge number of wastewater treatment plants is the key factors responsible for the growth of FRP rebar market in North America.
For instance, according to American Society of Civil Engineers (ASCE), in 2018, 240 million Americans i.e. 76% of the population relied on the 14,748 treatment plants for wastewater sanitation. By 2032, it is expected that 56 million more people will connect to centralized treatment plants, rather than private septic systems.
Drivers – FRP Rebar Market
Increasing application of FRP rebar in construction
Greater productivity, efficiency and selective application in construction are major factors driving global fiber reinforced polymer rebars market growth. FRP rebars also offer higher tensile strength and are lightweight in nature thereby increasing global market demand.
Challenges – FRP Rebar Market
High capital requirement
Few constraints such as higher initial capital requirements, limited professional experience with raw materials and inadequate data regarding long-term field performance are expected to hamper global FRP rebar market growth. Unlike conventional materials, FRP rebars do not yet possess standard codes or specifications regarding their application, which is also likely to impede global market growth.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the FRP rebar market. In 2019, the market of FRP rebar has been consolidated by the top five players accounting for xx% of the share. Major players in the FRP rebar market are FireP International AG, BP Composites Ltd., Pultrall Inc., Schoeck, Pultron Composites, Armastek, Dextra Group, Hughes Brothers and Kodiak Fiberglass Rebar LLC. among others.
Product Launch/ Acquisition
In December 2019, Pultron Composites signed MoU with oil giant, Saudi Aramco. According to Saudi Aramco’s internal analysis, GFRP rebar is qualified to replace 10% of Saudi Aramco’s total steel demand.