FRP Rebar Market to witness 8.5% Growth by 2024
Date: 2018-12-06   Author: Rahul Varpe  Category: #market

FRP Rebar Market to witness 8.5% Growth by 2024

Global Market Insights, Inc. adds a new FRP Rebars Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

FRP Rebar Market size is set to exceed USD 1.25 billion by 2024; according to a new research report by Global Market Insights, Inc. Potential outlook in highways, bridges & buildings along with water treatment plants will propel the FRP rebar market growth. Increasing renovation projects on functionally deficient structures has encouraged the product demand in the market. Shift in trend towards non-corrosive, lightweight, durable reinforcements coupled with thermal & electric insulation are some of the significant factors fueling the industry growth.

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FRP rebar market from highways, bridges & buildings was valued over USD 460 Million in 2015. Increasing manufacturing facilities, infrastructure development along with global construction industry expansion will fuel the revenue growth. Regulatory compliance for product usage in restoration of bridges particularly in North America will trigger the demand.

Penetration of innovative materials including basalt and aramid fiber composites have boosted industry growth, owing to its significant properties including low weight and improved handling. Increasing infrastructure spending mainly in emerging economies including India, China, and Japan, will fuel the FRP rebar demand. Emergence of glass fiber composite as an alternative to galvanized and stainless steel reinforcements has resulted in the robust growth of the product development.

Basalt fiber composite FRP rebar market will witness CAGR around 9% by 2024. Easy availability, resistance to hostile environment, magnetic transparency, insubstantial, and corrosion resistance are the key properties driving product demand.

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Fiber reinforced polymer rebars industry size from highways and bridges & buildings was worth more than USD 460 million in 2015. This application segment is poised to generate massive revenue over 2016-2024, owing to the rapid expansion of the global construction sector coupled with favorable regulations regarding product utilization.

Polyester resin being a high-caliber alternative over stainless steel or epoxy resin will be extensively used in restoration of old heritage buildings. Fiber reinforced polymer rebars market share from polyester resin was more than USD 460 million in 2015. Vinyl ester fiber reinforced polymer rebars industry will grow lucratively at a CAGR of 9% over 2016-2024.

Geographically, APAC fiber reinforced polymer rebars market will witness tremendous gains of more than 8% over 2016-2024, spurred by the ever-growing construction sector in countries such as India, China, and Japan. High construction spending will also drive U.S fiber reinforced polymer rebars industry, which registered a value of more than USD 270 million in 2015, and will grow at a CAGR of 7% over 2016-2024.

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Driven by supportive government initiatives and high budget allocations for infrastructural development, MEA fiber reinforced polymer rebars market share will increase at a CAGR of more than 8.5% over 2016-2024.

Considering that this industry is still in the development stage, market players are currently concentrating on technological innovations and cost criterion for generating profits. Key participants operating in fiber reinforced polymer rebars industry include Hughes Brothers Inc., Neuvokas Corp, Marshall Composites Systems, Fibrolux GmbH, Pultrall Inc., BP Composites Ltd., Technobasalt Invest LLC, Schock international, Sireg Geotech, and Composite Rebar Technologies.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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