Fiber Reinforced Polymer Composite Rebar (FRP Rebar) Market Expected to Reach $1.8 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Fiber Reinforced Polymer Composite Rebar (FRP Rebar) Market," The fiber reinforced polymer composite rebar (FRP Rebar) market size was valued at $654.50 million in 2022, and is estimated to reach $1.8 billion by 2032, growing at a CAGR of 10.6% from 2023 to 2032.

Fiber reinforced polymer (FRP) rebar is an innovative construction material, offering a durable and corrosion-resistant alternative to traditional steel reinforcement. Composed of high-strength fibers, such as glass or carbon, embedded in an epoxy resin matrix, FRP rebar addresses challenges associated with steel in construction. The primary advantage of the material is its quality, such as corrosion resistance, unlike steel prone to rust in harsh environments. This quality significantly extends the lifespan of reinforced concrete structures, reducing maintenance costs and enhancing structural integrity. FRP rebar is particularly well-suited for coastal and environmentally challenging infrastructure projects, providing resilience against deterioration and offering a sustainable solution for long-lasting constructions.

The global surge in infrastructural development has triggered a significant transformation in construction practices, marked by a noteworthy shift towards the adoption of FRP composite rebar market growth. This alternative to traditional steel reinforcement in concrete structures is gaining prominence due to its combination of strength, corrosion resistance, and lightweight properties. The fiber reinforced polymer composite rebar (FRP Rebar) market trend is on the rise as awareness regarding its benefits over steel increases. Traditional steel reinforcement often faces challenges such as corrosion and substantial weight, prompting a search for more durable and sustainable construction materials. FRP rebar effectively addresses these concerns by offering resilience against corrosive elements and reducing overall weight in structures. The regulatory bodies and private investors are increasingly recognizing the long-term advantages of incorporating FRP rebar in construction projects. The ability of FRP rebar to withstand harsh environmental conditions ensures the longevity and structural integrity of the building structure. Moreover, its lightweight nature contributes to easier handling during construction, resulting in reduced labor costs and accelerated project timelines. As a result, the construction industry is witnessing a paradigm shift towards the adoption of FRP rebar, reflecting an assurance to more resilient, sustainable, and efficient construction practices on a global scale.

The adoption of fiber-reinforced polymer (FRP) rebar, particularly the glass fiber-reinforced polymer (GFRP) variant, faces challenges due to its persistently high cost compared to traditional steel reinforcement. However, it is crucial to recognize the significant long-term benefits that accompany the higher upfront cost of GFRP. Despite the economic constraints, GFRP's corrosion-resistant properties offer substantial advantages, including reduced maintenance requirements and lower repair costs over the structure's lifespan. This proves especially beneficial in harsh environments where traditional steel reinforcement is vulnerable to degradation over time. Although the initial financial burden may discourage some buyers, the potential for enhanced durability and reduced life cycle costs makes GFRP a viable investment in construction projects. While the immediate cost may be higher, the potential for extended lifespan and decreased maintenance expenses positions GFRP as a strategic choice for construction activities.

The construction industry is experiencing a notable rise in the utilization of fiber reinforced polymer (FRP) rebar, especially in seismic zones where traditional construction materials face constant threats from tectonic activity. In response to the need for alternative materials offering enhanced structural resilience, FRP rebar has emerged as a promising solution. With superior strength, durability, and corrosion resistance, FRP rebar is an ideal choice for seismic zones, where the demand for earthquake-resistant structures is crucial. The inherent properties of FRP rebar significantly contribute to enhanced structural integrity, reducing the risk of damage during seismic events. This trend reflects a transformative shift in the construction industry towards more robust and resilient materials, particularly in disaster-prone areas. The adoption of FRP rebars plays a pivotal role in fortifying buildings and infrastructure, improving overall safety against the impact of seismic activity. As demand for resilient construction materials continues to grow, fiber reinforced polymer composite rebar (FRP Rebar) industry is expected to witness further growth, reinforcing the industry's commitment toward addressing seismic challenges with innovative solutions.

The fiber reinforced polymer composite rebar (FRP Rebar) market share is segmented on the basis of fiber type, resin type, application, and region. By fiber type the market is divided into glass fiber, aramid fiber, basalt fiber, carbon fiber, and others. By resin type the market is divided into vinyl ester, epoxy, and others. By application, the market is classified into highways, bridges & buildings, marine infrastructures, water treatment facilities, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the FRP composite rebar market analysis market report include Hughes Brothers Inc, Marshall Composite Technologies LLC, Kodiak Fiberglass Rebar LLC, International Grating Inc., BP Composites Ltd., Pultron Composites, Dextra Group, Owens Corning, Exel Composites, and FiReP Group.

The report offers a comprehensive analysis of the global FRP rebar market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Key Findings of the Study

• Based on fiber type, the glass fiber sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest growing during the forecast period.
• Based on resin type, the vinyl ester sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest growing during the forecast period.
• Based on application, the bridges & buildings removal sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
• Based on region, North America registered the highest market share in 2022 and is projected to maintain its position during the forecast period.