Global fiber reinforced polymer rebars market has witnessed significant growth on account of increasing hard infrastructure construction in emerging markets of the Asia Pacific and Latin America. Fiber reinforced polymer rebars are comprised of reinforcement fibers and polymer resin matrix mix. Glass, as a component, serves to boost tensile strength whereas surrounding fibers provide increased durability, resistance to buckling, and corrosion. These advantages are expected to boost the application of fiber-reinforced polymer rebars in electrical isolation and water treatment plants, leading to global fiber-reinforced polymer (FRP) rebars market growth. Increasing raw material and metal processing costs are expected to further boost global FRP rebar demand as a substitute for steel rebar for application in the construction of roads, bridges, and other buildings.
Greater productivity, efficiency, and selective application in construction are major factors driving global fiber reinforced polymer rebars market growth. FRP rebars also offer higher tensile strength and are lightweight in nature thereby increasing global market demand. Non-magnetic properties and great fatigue endurance are also expected to contribute to the development of the FRP rebars market. Increased global construction spending and rising acceptance of FRP rebars for reinforcement purposes are also anticipated to drive the global market growth. FRP rebars also bond easily with concrete irrespective of pH, moisture, and other external factors. Advanced thermal compatibility also offers zero stress while responding to temperature changes, which is expected to have a positive influence on the global FRP rebars market over the forecast period. Additional advantages of FRP rebars include excellent quality control with reduced transportation costs which is slated to favor its demand.
The fiber reinforced polymer rebars market can be segmented on the basis of application into water treatment plants, roads, bridges & tunnels, marine structures & waterfronts, MRI rooms, electrical isolation, and others (aerospace, bulletproof vests, windmill blades). The roads, bridges, and tunnels segment witnessed the highest growth and is expected to dominate the construction market over the forecast period. On the basis of product type, FRP rebars can be classified into GFRP (Glass Fiber Reinforced Plastic) and BFRP (Basalt Fiber Reinforced Plastic) rebars. GFRP rebars segment is significantly larger than BFRP, with high demand on account of greater raw material availability. BRFP is comparatively a recently developed material and has remained dormant on account of research and raw material non-availability. However, the BRFP segment offers maximum opportunities for growth in the global fiber reinforced polymer (FRP) rebars market on account of rising applications in various industries.
Few constraints such as higher initial capital requirements, limited professional experience with raw materials, and inadequate data regarding long-term field performance are expected to hamper global fiber reinforced polymer rebars market growth. Unlike conventional materials, FRP rebars do not yet possess standard codes or specifications regarding their application, which is also likely to impede the global market growth.
Major geographical regions dominating the fiber reinforced polymer rebars market include North America with the highest application in roads, bridges, and tunnels along with electrical isolation. U.S. and Canada generate moderate to high demand for FRP rebars in marine and waterfront structural applications. Middle East is expected to be the fastest-growing FRP rebars market on account of increasing construction and infrastructure projects in Qatar, Saudi Arabia, and the UAE. European countries such as the UK, Germany, France, the Netherlands, and Italy also generate moderate demand in construction applications particularly public infrastructure. Increasing acceptance and corresponding demand from Asia Pacific countries such as India and China are further expected to boost the global FRP rebars market demand.
Major market players are actively involved in strategic initiatives like M&A and project development to encourage the global FRP rebars market. Key industrial participants include FireP International AG, BP Composites Ltd., Pultrall Inc., Schoeck, Pultron Composites, Armastek, Dextra Group, Hughes Brothers, and Kodiak Fiberglass Rebar LLC.
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Halted manufacturing activities across various end-use industries has led to weakened demand for specialty polymers. The prevailing macroenvironment due to the pandemic shall register indications of recovery depending on the course of COVID-19's prevalence and subsequent resuming of manufacturing activities. The report will account for Covid19 as a key market contributor.