“The FRP Rebar market size was US$ 0.2 Billion in 2023 and is likely to grow at a decent CAGR of 5.9% in the long run to reach US$ 0.3 Billion in 2030”.
Market Dynamics
Introduction
FRP rebars are non-corrosive, have a higher tensile strength than steel, are incredibly lightweight, and offer greater resistance to fatigue. Construction of roads, bridges, buildings, waterfronts, tanks in water treatment facilities, MRI rooms, tunnels, smelters, and applications in chemical factories are ideal applications of FRP rebars. Due to their resistance to corrosion and extreme climatic conditions, these rebars extend the useful life of any construction and preserve its structural integrity. It is also simpler to move around and handle.
Due to fast urbanization, a growing population, massive industrial and economic growth, etc., the construction industry is expanding quickly in developing nations like Saudi Arabia, India, and China. FRP rebars have been adopted for various projects due to their long-term cost advantages and useful properties like high strength and resistance to corrosion. Reinforcing solutions have become more and more prevalent in the construction of various megastructures and infrastructure projects in these countries. FRP rebars have been employed in numerous large-scale projects for structural reinforcement, including King Salman Energy Park, a new industrial city project being built in the Eastern Province of Saudi Arabia between Dammam and Al-Ahsa. Several water treatment facilities, including the Umm-al-Hayman Wastewater Plant in Kuwait, the STEP Link Sewers Project in the United Arab Emirates, and the Main Lines Wastewater Sanitary Work in Saudi Arabia. Overall, the FRP rebar market is likely to grow at a promising CAGR of 5.9%, in the long run, to reach US$ 0.3 Billion in 2030.
Recent Market JVs and Acquisitions: The excellent growth potential of FRP rebars is attracting companies to invest in the market by forming strategic alliances, JVs, and M&As. In 2022, Owens Corning and Pultron Composites formed a joint venture to manufacture and sell fiberglass rebar. The JV expands Owens Corning’s capability to produce high-value material solutions by combining the company’s glass-fiber material technology, channel access, and extensive industry experience with Pultron’s manufacturing expertise and process efficiency.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Fiber-Type Analysis
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Glass Fiber, Basalt Fiber, Carbon Fiber, and Aramid Fiber
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Glass fiber is anticipated to remain the dominant fiber type in the years to come.
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Resin-Type Analysis
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Vinyl Ester, Epoxy, and Others
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Vinyl ester accounts for the largest share. This high share can be attributed to its higher durability, and resistance to heat, water, and corrosion.
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Diameter-Type Analysis
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<10 mm, 10-20 mm, >20 mm
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10-20 mm diameter is widely used in the FRP rebar market.
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Application-Type Analysis
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Highways & Bridges, Marine Structures & Waterfronts, Water Treatment Plants, and Others
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Highways and bridges are likely to be the biggest demand generator of FRP rebars due to the increase in demand for renovation and strengthening of new and existing structures.
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Regional Analysis
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North America, Europe, Asia-Pacific and Rest of the World
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North America is expected to remain the largest market over the next five years.
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By Fiber Type
“Glass fiber is expected to remain the most dominant and fastest-growing fiber type in the market during the forecast period”.
- The FRP rebar market is segmented into glass fiber, basalt fiber, carbon fiber, and aramid fiber.
- Glass fiber is expected to remain the most dominant and fastest-growing fiber type in the market during the forecast period due to its significantly lower price compared to basalt and carbon fiber rebars and improved qualities including strength, flexibility, durability, stability, lightweight, and resistance to heat, temperature, and moisture.
- Construction of roads, bridges, maritime constructions, buildings, waterfronts, and water treatment facilities are among the major applications of glass fiber rebar.
By Resin Type
“Vinyl ester is anticipated to remain the dominant resin type in the market during the forecast period”.
- Based on the resin type, the market is segmented into vinyl ester, epoxy, and others.
- Vinyl ester is anticipated to remain the dominant resin type in the market during the forecast period due to its increased toughness, heat, water, and corrosion resistance. Another important aspect contributing to its growing market share is its lower cost when compared to epoxy resins. It is a hybrid polyester resin that has epoxy resin added to it to make it stronger.
- Due to their superior physical performance compared to polyester resins and economic advantages over epoxies, vinyl ester resin is the most widely utilized in FRP rebars around the world.
By Application Type
“Highways and bridges are expected to remain the dominant application type in the market during the forecast period.”.
- The market is segmented into highways and bridges, marine structures and waterfronts, water treatment plants, and others.
- Highways and bridges are expected to remain the dominant application type in the market during the forecast period. The demand for these rebars in this market is driven by the rise in demand for remodeling and strengthening of new and existing structures to lower repair and maintenance costs and extend the life cycle of the structures.
- In the market for highways, bridges, and buildings, the top users of FRP rebars are the USA, Canada, Germany, France, the UK, Italy, Spain, Russia, Saudi Arabia, the United Arab Emirates, China, South Korea, Japan, Brazil, and Mexico.
Regional Analysis
“North America is expected to remain the largest market for FRP rebars during the forecast period.”.
- In terms of countries, the USA is expected to remain the largest market for FRP Rebar during the forecast period.
- The region is witnessing high growth in the construction industry with the replacement of existing infrastructure and the development of new ones. As a result, the region serves as the growth engine for the industry. Asia-Pacific and Europe are also likely to generate sizeable opportunities in the coming five years.
Key Players
The market is moderately concentrated with the presence of some regional and global players. Most of the major players compete on some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the FRP rebar market.
Here is the list of the Top Players (Based on Dominance)
- Pultron Composites
- Dextra Group
- Schöck Bauteile GmbH
- FiReP Group
- Owens Corning
- Composite Group Chelyabinsk
- B&B FRP Manufacturing Inc.
- Kodiak Fiberglass Rebar LLC
- Exel Composites
- Mateenbar USA Inc.
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global FRP rebar market is segmented into the following categories.
FRP Rebar Market, by Fiber Type
- Glass Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Basalt Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Carbon Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Aramid Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
FRP Rebar Market, by Resin Type
- Vinyl Ester (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Epoxy (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
FRP Rebar Market, by Diameter Type
- <10 mm (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- 10-20 mm (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- >20 mm (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
FRP Rebar Market, by Application Type
- Highways & Bridges (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Marine Structures & Waterfronts (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Water Treatment Plants (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
FRP Rebar Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s FRP rebar market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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