Innovations Driving the FRP Rebar Market: Current Scenario and Future Prospects

(EstateNewsWire.com, July 07, 2023 ) FRP rebars have seen increasing demand due to their advantages over steel rebars, such as high strength-to-weight ratio and corrosion resistance. They are used in construction, transportation, oil and gas, water treatment, industrial, electrical, and telecommunication industries. The market demand for FRP rebars is expected to grow further as their applications expand.

The report "FRP Rebar Market by Fiber Type (Glass, Carbon and Basalt), Resin Type (Vinyl Easter, Epoxy), Application (Highways, Bridges & Buildings; Marine Structurers & Waterfronts Water Treatment Plants) and Region - Global Forecast to 2027" is expected to grow from USD 211 million in 2022 to USD 389 million by 2027, at a CAGR of 13.0% during the forecast period. The growing demand from the construction industry is driving the demand for FRP rebars and thereby growth of the market.

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GFRP rebars fibers account for the largest share in terms of value and volume.

GFRP rebars have the largest market share in the overall FRP rebar market globally. It is mostly used for reinforcement and strengthening various structures. The applications of GRFP include construction of bridges, highways, roads, & buildings, marine structures and waterfronts, and water treatment plants. The other applications include the construction of MRI rooms, parking structures, decks, and swimming pools. The high usage and growth can be attributed to its superior properties such as high tensile strength, durability, extreme lightweight, stability, flexibility, and high resistance to corrosion, acid and alkaline attacks, heat, temperature, and moisture.

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Vinyl Ester Resins account for the largest market share in the global FRP rebar market in terms of value and volume

Vinyl ester resin-based FRP rebars are most commonly used worldwide due to their higher physical performance over polyester resins and cost benefits over epoxies. The major advantage of that vinyl ester over epoxies is that they do not need complex processing or special fabricating processes. Though polyester resins are cheaper, they are preferred less over vinyl ester and epoxy as they do not provide the same strength.

The highways, bridges & buildings application segment accounts for the largest share in the global FRP rebar market in terms of value and volume

The construction industry has traditionally seen very high usage of steel rebar-reinforced concrete structures as it was the accepted norm for many years on account of availability, cost incurred, and expertise of personnel working with steel rebars. Although the installation cost of these structures is low, the maintenance cost increases over the years owing to corrosion and subsequent weakening of the structure. The average life span of steel rebars is 20-25 years. However, the average lifespan of an FRP rebar-reinforced concrete structure is nearly 50–60 years, providing low maintenance cost during its operational life because of high resistance to corrosion. FRP rebars also increase the average lifespan of a project and, though the initial cost of installation can be high, the final cost is lowered as no additional cost on repairs and maintenance is incurred.

North America to lead the FRP rebar market during the forecast period

North America is the largest market for FRP rebar, by value, in the world. The market in this region is dominated by the US and Canada. The major players in the FRP rebar market in North America give each other tough competition and constantly innovate and develop new technology to produce high quality, high strength, and lightweight FRP rebars. These players adopt various growth strategies like expansion, new contracts & agreements to increase their market share and cater to the increase in demand. The usage of FRP rebars is high in the North American region as government agencies have identified the advantage of FRP rebars over traditional alternatives like steel rebars.

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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.

Pultron Composites, headquartered in Gisborne, New Zealand is involved in the development and manufacture of high-performance, fiber-reinforced polymer (FRP) rebars and is one of the key players in the market. As part of the Future Investment Initiative, a memorandum of understanding in the field of energy was signed between Pultron Composites and oil giant Saudi Aramco for a value of 93.75 million riyals (USD 25m). Saudi Aramco has mandated GFRP rebar to be included in its engineering standards for reinforced concrete structures in corrosion-risk areas. This has driven the growth of Pultron Composites and the FRP rebar market in the MEA region.

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