The utilization of reinforced material to ensure strength and durability of the finished construction project will influence Fiber Reinforced Polymer Rebars Market. In view of the increasing investments in the construction sector, rebars are gaining renewed prominence as a high-grade, durable material for infrastructural development. Additionally, rebars possess exceptional tensile strength and are corrosion resistant, owing to which they are used to construct marine and structures and water treatment plants. A report by Global Market Insights, Inc., states that fiber reinforced polymer (FRP) rebars market is expected to cross USD 1.25 billion by 2024, with a CAGR estimation of more than 8.5% over 2016-2024.
Rebars, owing to their properties of tensile strength, durability, efficiency, leakage control, and crack resistance, are extensively used for constructing highways, bridges, & buildings, MRI rooms, marine structures & waterfronts, and water treatment plants. Fiber reinforced polymer rebars industry from marine structures & waterfronts will grow at a CAGR of 7% over 2016-2024, owing to the fact that these structures require highly durable, strong material.
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The governments of various nations have been spending increasingly on highways and bridges to contribute to high-end infrastructural development, which will propel fiber reinforced polymer rebars market from highways, bridges, & buildings. High spending on restoration of heritage structures, buildings and construction of efficient, durable bridges will also augment APAC fiber reinforced polymer rebars industry, which is set to grow at a CAGR of 8% over 2016-2024.
Reliable statistics from the U.S. Department of Transportation state that the number of structurally deficient bridges in the U.S. was more than 58,000 in 2015. This has prompted the U.S. government to spend on constructing highly durable, strong bridges and buildings in the nation, subject to which U.S. fiber reinforced polymer rebars market will grow at a CAGR of 7% over 2016-2024.
Aramid fiber composites, one of the key products of FRP industry, possesses the characteristics of improved handling and reduced weight, pertaining to which they are used to construct boat hulls and sails, thereby boosting aramid fiber market.
Glass composites held more than 85% of the overall revenue in 2015, driven by their properties of chemical resistance, acid resistance, and light weight. Of late, they have emerged as viable alternatives for stainless steel and galvanized steel reinforcements, owing to which glass fiber reinforced polymer rebars market is projected to earn substantially by 2024.
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The properties of chemical resistance, high durability, corrosion resistance, and tensile strength will enhance vinyl ester resin based fiber reinforced polymer industry, slated to grow at a CAGR of 9% over 2016-2024.
Boasting of numerous physical and chemical properties, reinforced rebars help construct massively strong, durable, and acid resistant structures, thereby stimulating the product demand from the construction sector and impeling global FRP market
Price benchmarking and product portfolio expansion are vital strategic tactics adopted by major manufacturing firms to sustain their position. Key players operating in global fiber reinforced polymer rebars market include Marshall Composites Systems, Pultrall Inc., Hughes Brothers Inc., Fibrolux GmbH, Composite Rebar Technologies (CRT), BP Composites Ltd., Neuvokas Corp, Technobasalt Invest LLC, Schock international, and Sireg Geotech Srl.
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