FRP Rebar Market To Surpass USD 344 Million Threshold By 2026: Exclusive Report by MarketsandMarkets™

 The global "FRP Rebar Market size is projected to grow from USD 186 million in 2021 to USD 344 million by 2026, at a CAGR of 13.0%. The FRP Rebar industry is growing due to the rise in demand for FRP Rebar from various applications, globally. The FRP Rebar market is expected to decline in 2020 due to COVID-19. However, the end of lockdown and recovery in the application sector will stimulate the demand during the forecast period. 

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Browse 250 market data Tables and 34 Figures spread through 199 Pages and in-depth TOC on "FRP Rebar Market”

Impact of COVID-19 on global FRP Rebar market

The FRP Rebar market is expected to witness a decline in market in 2020 due to the COVID-19 pandemic. This deadly virus has adversely affected the entire globe, especially the North American and European regions. To prevent the further spread of this virus, companies have shut down their operations and manufacturing facilities and government restricted the construction activities. This has led to a reduction in the consumption of FRP Rebar across applications such as highways, bridges & buildings: marine structures & waterfronts; water treatment plants and others.

Vinyl Ester Resins account for the largest market share in the global FRP rebar market in terms of value and volume

Vinyl ester resins have high strength, mechanical toughness, high resistance to corrosion, and resistance to fuels, chemicals, or vapors. They have great durability, heat resistance, and high tensile elongation strength. This resin can be impregnated with short glass fiber or carbon fiber to produce FRP rebars. The majority of the FRP rebar manufacturers use vinyl ester resin and the better properties compared to other resins and the cost-effectiveness over epoxies is the reason for its large market share.

The highways, bridges & buildings application segment accounts for the largest share in the global FRP rebar market in terms of value and volume

The highways, bridges & buildings application segment dominated the FRP rebar market. The increase in demand for renovation and strengthening existing structures to reduce repair and maintenance cost and enhance the life cycle of the structures drive the need for these rebars in the highways, bridges & buildings. The increasing population worldwide with greater government spending and private investment in infrastructure is the key growth driver of this application segment.

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North America to lead the FRP rebar market during the forecast period

North America is the largest market for FRP rebars in the world. The major players in the FRP rebar market in North America give each other tough competition and constantly innovate and develop new technology to produce high quality, high strength, and lightweight FRP rebars. The usage of FRP rebars is high in the North American region as government agencies have identified the advantage of FRP rebars over traditional alternatives like steel rebars. The FRP rebar market in the North American region has been driven by their application in highways, bridges, buildings, and marine structures & waterfronts.

Schöck Bauteile GmbH (Germany), Dextra Group (Thailand), Pultron Composites (New Zealand), Pultrall Inc. (Canada), Composite Group Chelyabinsk (Russia), Owens Corning (US), FiReP Group (Switzerland), and Sireg Geotech S.r.l. (Italy) are the key players in the FRP rebar market. These players have taken different organic and inorganic developmental strategies over the past few years.    

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