Rising Demand in Construction Industry Drives Fiber Reinforced Polymer (FRP) Rebars Market Growth
According to our latest market study on "Fiber Reinforced Polymer (FRP) Rebars Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Resin Type, Fiber Type, Application," the market is expected to grow from US$ 215.88 million in 2021 to US$ 421.02 million by 2028; it is estimated to grow at a CAGR of 10.2% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players and their key developments in the market.
Fiber reinforced polymer (FRP) rebars are nonmagnetic, noncorrosive, fatigue resistant, lightweight, and have more tensile strength than steel. Governments and other large-scale infrastructure providers now recognize that FRP rebar is an affordable building material that can increase public facilities' lifespan where corrosion can significantly impact the economy and the environment. The use of fiber reinforcement material has grown significantly due to the growth in corrosion caused by climate change.
Based on application, the market is segmented into highway bridge and construction, marine structures and waterfronts, water treatment plants, and others. In 2021, the highway bridge and construction segment held the largest share of the fiber reinforced polymer (FRP) rebars market. FRP rebars are also increasingly used in various marine structures and waterfronts, water treatment plants, and other structures. Increased government spending on infrastructure development projects such as highways has led to the dominance of the highway bridge and construction segment.
Owens Corning; KODIAC Fiberglass Rebar; Marshall Composite Technologies, LLC; TUF-BAR; Armastek USA; Pultron Composites; FiRep Inc.; Pultrall, Inc.; Schock Bauteile GmbH; and Dextra Group are a few of the key players that collectively hold the majority of the fiber reinforced polymer (FRP) rebars market share.
Impact of COVID-19 Pandemic on Fiber Reinforced Polymer (FRP) Rebars Market
According to the International Labor Organization, before the onset of the COVID-19 pandemic, the construction sector accounted for ~7.7% of global employment. However, declined revenue and increasing project delivery challenges led to the construction sector’s contractions around the globe, negatively impacting the growth of the fiber reinforced polymer (FRP) rebars market. The COVID-19 pandemic adversely affected the fiber reinforced polymer (FRP) rebars market growth in 2020 due to the shutdown of manufacturing facilities and restrictions on transportation and logistics. Disruptions in supply chains also hampered the supply of construction material to construction sites. Restrictions on international travel have directly impacted workers’ mobility, leading to difficult situations, such as recruitment and construction work delays. Many global manufacturers temporarily paused their operations or allowed production processes with limited employee strength. The pandemic situation impacted the construction industry severely. These are the major factors that restrained the growth of the fiber reinforced polymer (FRP) rebars market during the pandemic. However, businesses started recovering as various countries' governments relaxed social restrictions and travel bans, which resulted in increased construction work. Additionally, the successful implementation of mass vaccination drives in 2021 resulted in increased business activities. With economies reviving their operations, the demand for construction materials started rising globally in the coming years as key FRP manufacturers resumed their operations and restored their normal production capacities.
Fiber Reinforced Polymer (FRP) Rebars Market Size, by Region, during 2021–2028
Fiber Reinforced Polymer FRP Rebars Market Size, Share - 2028
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Fiber Reinforced Polymer (FRP) Rebars Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Resin Type (Vinyl Ester, Polyester, Epoxy, and Others), Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, and Basalt Fiber Composites), and Application (Highway Bridge and Construction, Marine Structures and Waterfronts, Water Treatment Plants, and Others)
Fiber Reinforced Polymer FRP Rebars Market Size, Share - 2028
Download Free SampleFiber Reinforced Polymer (FRP) Rebars Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Resin Type (Vinyl Ester, Polyester, Epoxy, and Others), Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, and Basalt Fiber Composites), and Application (Highway Bridge and Construction, Marine Structures and Waterfronts, Water Treatment Plants, and Others)
The " Fiber Reinforced Polymer (FRP) Rebars Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry, focusing on the fiber reinforced polymer (FRP) rebars market trend analysis. The report aims to provide an overview of the market with detailed segmentation. The fiber reinforced polymer (FRP) rebars market is segmented into resin type, fiber type, application, and geography. Based on resin type, the market is segmented into vinyl ester, polyester, epoxy, and others. Based on fiber type, the market is segmented into glass fiber composites, carbon fiber composites, and basalt fiber composites. Based on application, the market is segmented into highway bridge and construction, marine structures and waterfronts, water treatment plants, and others. Based on geography, the market is segmented into five main regions North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2021, North America dominated the fiber reinforced polymer (FRP) rebars market. However, Asia Pacific is expected to register the highest CAGR in the market during the forecast period.