FRP Rebar Market worth US$ 197.8 Million 2029 with a CAGR of 10.8 % - PMI
Prophecy Market Insights latest research report on the In FRP Rebar Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market's size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Oct. 03, 2023 (GLOBE NEWSWIRE) -- *Introduction –*
Fiber Reinforced Polymer (FRP) Rebar, also known as fiberglass reinforcement, is a type of reinforcement bar used in construction projects to reinforce concrete structures. Traditional steel rebars have been widely used for decades, but FRP rebars offer several advantages, making them an attractive alternative in certain applications.
Due to their corrosion resistance and other advantages, certain governments and regulatory agencies are supporting the use of FRP rebars in particular applications. *FRP Rebar Market* expansion is boosted by this support.
*Key Highlights –*
· In August 2023, Tampa Steel & Supply launched its latest product, FRP Rebar, a fiberglass rebar alternative designed to offer unmatched strength, durability, and resilience against harsh elements. Although steel rebar has long been a mainstay of the construction industry, it isn't always the greatest option, especially for projects requiring increased durability and corrosion resistance.
*Analyst View –*
The global construction industry is evolving, with a focus on innovative and sustainable building materials. FRP rebars fit into this trend and are likely to find increasing acceptance in various construction projects. As awareness about the benefits of FRP rebars grows among architects, engineers, and contractors, there is likely to be a broader adoption of this technology.
*Segmentation:*
· *By resin **type-*the vinyl ester segment accounted for major revenue share in 2018, owing to various properties such as excellent corrosion resistance to fuels, chemicals, or vapors, durability, heat resistance, and high tensile elongation strength.
· *By **fiber type-*the global FRP rebar market is segmented into GFRP (Glass fiber reinforced plastic), BFRP (basalt fiber reinforced plastic), and CFRP (carbon fiber reinforced plastic).
· *By **application-*the highways, bridges, and buildings segment accounted for major revenue share in 2018, owing to the use of FRP rebars for construction of new bridges and restoration of structurally deficient or functionally obsolete bridges.
· *By region-*North America FRP rebar market accounted for major revenue share of the global FRP rebar market and is further anticipated to maintain its dominance over the forecast period. This is attributed to increasing application in roads, bridges and tunnels along with electrical isolation in the countries of the North America region. Asia Pacific FRP rebar market accounted for second-highest market share, in 2018, owing to increasing demand from construction and building, water treatment plants industries. Middle East & Africa FRP Rebar market is expected to grow at the highest rate during the forecast period, 2018, due to growing commercial and government construction and infrastructure projects in countries of the region.
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*Competitive Landscape & their strategies of FRP rebar market:*
The prominent player operating in the FRP rebar market includes,
· *Hughes Brothers, Inc.*
· *Pultrall Inc.*
· *Marshall Composites Technologies LLC*
· *Pultron Composites Ltd.*
· *Armastek*
· *BP Composites Ltd*
· *Dextra Group*
· *Schoeck Bauteile GmbH*
· *FiReP®-Group.*
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*FRP Rebar Market Dynamic:*
*Drivers:*
· *Infrastructure Development: *Increasing investments in infrastructure projects, such as bridges, highways, and tunnels, drive the demand for FRP Rebar due to their corrosion resistance and durability.
· *Environmental Concerns: *FRP Rebars are considered environmentally friendly as they do not corrode, reducing the need for maintenance and replacement, which aligns with sustainability goals.
· *Corrosion Resistance: *FRP Rebars are corrosion-resistant, making them suitable for use in harsh environments and in areas exposed to saltwater, chemicals, or extreme temperatures.
*Restraints:*
· *High Initial Costs: *The initial cost of FRP Rebars is often higher than traditional steel rebar, which can be a barrier for some projects, particularly those with budget constraints.
· *Lack of Standards and Regulations: *In some regions, there may be a lack of standardized guidelines and regulations governing the use of FRP Rebars, leading to uncertainty and reluctance among contractors and engineers.
· *Limited Market Awareness: *There may be limited awareness and knowledge about the benefits of FRP Rebars among construction professionals, which can hinder their adoption.
· *Compatibility Issues: *FRP Rebars may not be suitable for all applications, and compatibility issues with certain construction materials and methods can pose challenges
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*Questions answered in this report:*
1. What are the key market trends and market dynamics?
2. Who are the major players in the market and what is their market share?
3. What are the major drivers and restraints affecting the market?
4. What are the growth opportunities in the market?
5. What are the regional and local market conditions and consumer behavior?
6. What is the market size and growth forecast for different regions and countries?
7. What is the impact of government regulations and policies on the market?
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