Rising Demand in Construction Industry Drives North America Fiber Reinforced Polymer (FRP) Rebars Market Growth
According to our latest market study on "North America Fiber Reinforced Polymer (FRP) Rebars Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Resin Type, Fiber Type, and Application," the market is expected to grow from US$ 86.98 million in 2022 to US$ 158.56 million by 2028; it is expected to grow at a CAGR of 10.5% from 2022 to 2028. The report highlights key factors driving the North America fiber reinforced polymer (FRP) rebars market growth and prominent players along with their developments in the market.
FRP rebars are a strong, lightweight construction material valued for their corrosion-resistant properties. FRP rebars are spirally twisted structural reinforcing rods, which are a composite made of a combination of different substances, including polymer resin and fibers. The blend of these two materials results in the production of FRP rebar that never reacts to the chloride-rich environment and acts as an alternative to corrosion-prone iron and steel. Moreover, FRP rebars are approximately four times stronger than steel, making them a better option for construction applications.
Due to the non-corrosive property, concrete reinforced with FRP rebars is used in various structural and architectural applications such as marine structures, waterfronts, highway bridges, and water treatment plants, where corrosion or extreme weather and temperature changes can lead to serious concerns. With increasing government spending on construction projects, the demand for FRP rebars is increasing in North America. For instance, according to the US Census Bureau, during the first six months of 2022, construction spending amounted to US$ 848.2 billion, 10.7% higher than US$ 766.0 billion for the same period in 2021. Additionally, the US Congress passed an infrastructure bill that invested ~US$ 240 billion in building or rebuilding roads, bridges, public transit, airports, and railways. Such increasing government spending on infrastructure is expected to propel the growth of the North America fiber reinforced polymer (FRP) rebars market.
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 among the major players operating in the North America fiber reinforced polymer (FRP) rebars market. Market players are highly focused on the development of high-quality and innovative product offerings to fulfill the customer's requirements.
Impact of COVID-19 Pandemic on North America Fiber Reinforced Polymer (FRP) Rebars Market Growth
Before the onset of the COVID-19 pandemic, the North America fiber reinforced polymer (FRP) rebars market growth was mainly driven by the rising demand from the construction industry. North America was one of the worst affected regions by the COVID-19 pandemic. The US recorded the highest number of COVID-19 confirmed cases, followed by Mexico. To prevent the spread of SARS-CoV-2, companies have shut down their operations and manufacturing facilities, and governments of North American countries restricted construction activities. This has reduced the consumption of FRP rebars across applications such as highways, bridges & buildings, marine structures & waterfronts, water treatment plants, and others in the region. Thus, significant disruptions in manufacturing facilities and raw material sourcing negatively impacted the growth of the North America fiber reinforced polymer (FRP) rebars market. Furthermore, the temporary shutdown of major FRP rebars manufacturing plants in the US and Canada will significantly reduce the product demand. As per a survey conducted by the Associated General Contractors (AGC) of America, since March 2020, 30% of construction projects of various companies have been delayed due to government orders, 37% were stopped due to owners' requests, and 67% projects were delayed or cancelled due to funding issues.Further, in 2021, several industries resumed their operations as governments of various North American countries announced relaxations of the previously imposed restrictions, which bolstered the North America fiber reinforced polymer (FRP) rebars market. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. All these factors positively influenced the North America fiber reinforced polymer (FRP) rebars market.
The "North America Fiber Reinforced Polymer (FRP) Rebars Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the North America fiber reinforced polymer (FRP) rebars market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The North America fiber reinforced polymer (FRP) rebars market is segmented into resin type, fiber type, and application. Based on resin type, the market is segmented into vinyl ester, polyester, epoxy, and others. Based on fiber type, the market is categorized 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.
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