VANCOUVER, BC, March 9, 2022 /PRNewswire/ -- The global fiber reinforced polymer rebar market size reached USD 171.3 Million in 2020 and is expected to register a significantly robust revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Market revenue growth is expected to be driven by increasing infrastructure development and rising construction investment.
Drivers:
Increasing application in highways, bridges, and construction project is a key factor expected to drive market revenue growth. Various features provided by FRP rebars, including corrosion resistance to fuels, stability, good chemical resistance or vapor, high tensile elongation strength, and temperature resistance, among others, are increasing the adoption of such products, therefore driving the market growth.
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Restraints:
Some limitations, including high initial capital expenses, a lack of professional familiarity with raw materials, and insufficient data on long-term performance in the field, are hampering global FRP rebar market growth. Unlike standard materials, FRP rebars lack established standards or requirements for specific use, which is also expected to hamper market revenue growth.
Growth Projections:
The global fiber reinforced polymer (FRP) rebar market is expected to expand at a CAGR of 13.2% from USD 171.3 Million in 2020 to USD 454.5 Million by 2028. Rising usage of fiber reinforced polymer (FRP) rebar in MRI rooms and water treatment plants are expected to boost growth of the market.
COVID-19 Impact Analysis:
The COVID-19 pandemic impacted significantly decreased revenue of fiber reinforced polymer (FRP) rebar market in 2020. Companies have halted production and operations to stop the virus from spreading further, and the government has curtailed construction activities. This has resulted in a decrease in the use of fiber reinforced polymer (FRP) rebar in various applications.
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Current Trends and Innovations:
Increasing focus on centralized wastewater treatment plants by various governments is expected to boost the market growth. For example, as per the American Society of Civil Engineers (ASCE), 14,748 wastewater treatment plants served 240 million Americans in 2018, accounting for 76% of the population. By 2032, 56 million more individuals are expected to be connected to centralized treatment facilities instead of private sewage systems.
Geographical Outlook:
Middle East & Africa is expected to register a significantly robust revenue growth rate over the forecast period. In recent years, there has been substantial infrastructural development, especially in the United Arab Emirates (UAE), which has increased product demand. Increasing government initiatives for building advanced infrastructure will open up significant market growth opportunities in this region.
Strategic Initiatives:
Some major companies operating in the market include Nycon Corporation, Pultron Composites Ltd, Owens Corning, Kodiak Fiberglass Rebar LLC, Sireg Geotech S.r.l., Composite Group Chelyabinsk, Dextra Group, Hughes Brothers Inc., FiReP., Sanskriti Composites Pvt. Ltd.
- In February 2021, Dextra Group announced the relocation of its Indian offices in Mumbai and Chennai in order to provide better service to all its clients.
- In November 2020, Dextra Group provided technical expertise on GFRP to the project team throughout the design stage and manufactured GFRP solutions to meet the project's needs for the Melbourne Metro Tunnel project, a significant upgrade to Melbourne's rail network.
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Emergen Research has segmented the global fiber reinforced polymer (FRP) rebar on the basis of fiber type, resin type, application, and region:
- Fiber Type Outlook (Revenue, USD Million; 2018-2028)
- Basalt Fiber
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
- Resin Type Outlook (Revenue, USD Million; 2018-2028)
- Epoxy
- Polyester
- Vinyl Easter
- Others
- Application Outlook (Revenue, USD Million; 2018-2028)
- Water Treatment Plants
- Highways, Bridges & Buildings
- Marine Structures & Waterfronts
- Others
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- Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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