Fiber Reinforced Polymer (FRP) Rebars Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Resin Type (Vinyl Ester, Polyester, Epoxy, and Others), Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, and Basalt Fiber Composites), and A

Fiber Reinforced Polymer (FRP) Rebars Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Resin Type (Vinyl Ester, Polyester, Epoxy, and Others), Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, and Basalt Fiber Composites), and Application (Highway Bridge and Construction, Marine Structures and Waterfronts, Water Treatment Plants, and Others)

The fiber reinforced polymer (FRP) rebars market is expected to grow from US$ 215.88 million in 2021 and is projected to reach US$ 421.02 million by 2028; it is expected to grow at a CAGR of 10.2% from 2022 to 2028.

Reinforced concrete is a composite material that can perform its designated functions only if an adequate bond exists between the reinforcement and concrete. Generally, a steel reinforcing bar is used as reinforcement in concrete structures. FRP rebars have great potential to overcome challenges such as structural and durability deficiencies. FRP rebars have several advantages over conventional steel; it has higher tensile strength and fatigue resistance and lower creep deformation and unit weight. FRP rebars have been used as internal reinforcements for concrete structures. Their primary advantages over common reinforcing steel rebars rely on their lightness, durability, mechanical properties, and electromagnetic neutrality. For this application, interfacial properties between the rebars and surrounding concrete play a significant role in the mechanical performance of the reinforced concrete structure.

Based on application, the market is segmented into highway bridge and construction, marine structures and waterfronts, water treatment plants, and others. In 2021, the highway bridge and construction segment held the largest share in the market. Increased government spending on infrastructure development projects such as highways has led to the dominance of the highway bridge and construction segment.

Based on geography, the fiber reinforced polymer (FRP) rebars market is segmented into North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East and Africa (MEA). In 2021, North America dominated the market. Growing construction activities with increased government spending on infrastructure development led to the dominance of North America in the fiber reinforced polymer (FRP) rebars market.

The chemicals & materials industry faced unprecedented challenges upon the onset of the COVID-19 pandemic. The shortage of raw materials and manpower, the shutdown of factories, and other operational difficulties associated with COVID-19 safety protocols adversely affected the fiber reinforced polymer (FRP) rebars market. The lockdown measures heavily impacted the supply and production of FRP rebars. As the construction industry is susceptible to economic cycles, construction companies and workers were particularly exposed to the consequences of a sharp decline in economic activity amid the pandemic. Operational shutdown in the construction industry varied by location and project type, depending on the severity of SARS-CoV-2 infection and the timing and stringency of containment measures. According to European Commission, construction output in the European Union grew by 3.9% in January 2022 compared to December 2021; construction production in Europe similarly increased by 3.9%. Nevertheless, the successful implementation of mass vaccination drives in 2021 resulted in a rise in business activities. With economies reviving their operations, the demand for FRP rebars is expected to rise globally in the coming years as key FRP rebars manufacturers have started resuming their operations, along with restoring their normal production capacities.

Owens Corning; KODIAC Fiberglass Rebar; Marshall Composite Technologies, LLC; TUF-BAR; Armastek USA; Pultron Composites; FiRep Inc.; Pultrall, Inc.; Schock Bauteile GmbH; and Dextra Group are among the leading players operating in the fiber reinforced polymer (FRP) rebars market. These companies are adopting strategies such as mergers and acquisitions and product launches to expand their geographic presence and clientele.

The overall fiber reinforced polymer (FRP) rebars market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the fiber reinforced polymer (FRP) rebars market.

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