FRP Rebar Market Revenue USD 344 Million by 2026 - Potential Opportunities and Company Analysis

 The report "FRP Rebar Market is expected to grow from USD 186 million in 2021 to USD 344 million by 2026, projecting a CAGR of 13.0% between 2021 and 2026. The growth of the FRP rebar market is driven by the high demand for construction and repair of highways, bridges & buildings worldwide.  Many construction and infrastructure projects are being undertaken across the world, especially in developing countries and emerging markets in APAC and the MEA. Additionally, the growing demand for renovation and strengthening of new and structurally deficient or functionally obsolete bridges is driving the need for FRP rebars. According to the American Society of Civil Engineers, there are more than 617,000 bridges across the US and 42% of all bridges are at least 50 years old, and 46,154 or 7.5% of the nation’s bridges are considered structurally deficient. The repair cost of these bridges was estimated at USD 125 billion as of 2021. The high volume of renovation and repair projects is projected to drive the growth of the FRP rebars market

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One of the most important applications of FRP rebars is marine structure and waterfronts. In any region close to the sea, the chances of corrosion increase heavily due to the presence of salts, moisture, and chlorides. Steel structures inevitably corrode in such places. Ports and waterfronts are important places of trade and commerce where business takes place. Therefore, such marine infrastructure should be structurally strong and sustainable. The high cost incurred due to maintenance and repair on account of corrosion can be significantly cut down by using FRP rebars.

However, the demand for FRP rebar has witnessed declining trend in the last year due to ongoing crisis of COVID-19. With steady recovery in the construction industry, capacity expansions by major players, and reduction in the cost, the demand for FRP rebars will also rise during the forecast period.

North America is the largest consumer of FRP rebars, globally. The size of the North America FRP rebar market can be attributed to the increasing use of FRP rebars in highways, bridges & buildings and in marine structures and waterfronts over the years. The presence of major FRP rebar manufacturers and capacity expansion by few companies is also expected to boost the demand for FRP rebars in the region.

https://www.prnewswire.com/news-releases/frp-rebar-market-worth-344-million-by-2026--exclusive-report-by-marketsandmarkets-301296794.html

The COVID-19 pandemic has negatively affected the construction industry. The disruption in the supply chain, shortage of labor and closure of projects worldwide due to the global lockdown has resulted in reduced demand for FRP rebars from the construction industry.

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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