Construction spending to fuel global fiber reinforced polymer rebars market

10:15 AM, 11th January 2021
Government focus towards infrastructure development including the construction of columns, railings, parking areas, floor slabs, decks, walls and garages will contribute towards fiber reinforced polymer rebars industry growth.

The fiber reinforced polymer rebars industry is set to witness promising growth in forthcoming years owing to rapid infrastructure development coupled with surging construction spending across the globe. Rapid industrialization and urbanization, mainly in emerging countries will majorly support the product demand.

Government focus towards infrastructure development including the construction of columns, railings, parking areas, floor slabs, decks, walls and garages will contribute towards industry growth. In addition, advancement in product designs, materials, and technologies is expected to boost the fiber reinforced polymer rebars market demand.

The ongoing global COVID-19 pandemic has caused serious disruptions worldwide, and the market for fiber reinforced polymer rebars has also exhibited a deteriorating growth rate.

Apart from other of the industry’s growth avenues, the construction sector too has been hit hard and is being challenged by numerous impediments such as resource availability, project cancellations or delays, health & safety measures, and contractual obligations. However, slow and steady movement toward re-opening the economies, with the promise of COVID-19 vaccine, is likely to kick off a stable recovery trend in the upcoming time, with the fiber reinforced polymer rebars industry showcasing a decent jump in revenues.

Ongoing efforts towards new product development and getting these products to the market would boost the global industry outlook. Citing an instance, in November 2020, Basanite Industries, LLC. a solely owned subsidiary of Basanite, Inc., reportedly announced that the firm has been permitted Patent Pending status by the Patent Office and Trademark Office of the US for its BasaFlexTM line of upgraded basalt-based fiber reinforced polymer rebar composite products.

As per Global Market Insights Inc, the reopening of the global economies as well as industry player efforts to diversify their product portfolios would see to it that the FRP rebars market experiences a steady growth trend over the coming years.

Below are some of the key trends that are likely to influence growth:

Increasing product demand across marine structures

Escalating application scope in marine structures, MRI rooms and water treatment plants will drive the overall industry. However, the marine structures segment would account for a notable share of this growth. Prevention of cracks mainly caused owing to presence of alkali and chlorine in sea water has stimulated the product scope across marine structures. Crack & leakage control properties coupled with high durability of fiber reinforced polymer rebars acts as one of the best reinforcement materials for use in underwater applications.

Browse key industry insights spread across 200 pages with 194 market data tables & 15 figures & charts from the report, “Fiber Reinforced Polymer (FRP) Rebar market size by resin (polyester, vinyl ester), by product (glass fiber composites, Aramid fiber composites, basalt fiber composites, carbon fiber composites), by application (marine structures & waterfronts, highways, bridges & buildings, water treatment plants, MRI rooms), industry analysis report, regional outlook, growth potential, price trends, competitive market share & forecast, 2016 – 2024” in detail along with the table of contents: https://www.gminsights.com/request-sample/detail/698

Growing demand for glass fiber composites

In terms of product, in 2015, glass fiber composites dominated the overall industry landscape, accounting for nearly 85 percent of the market share. Industry estimates suggest that the segment will continue to showcase a strong growth trend over the coming years. Easy handling and lightweight properties coupled with reduced alkali and acid attacks possibilities will further contribute towards market growth.

Rising focus towards infrastructure development in Europe

On the regional front, Europe, led by the UK and Germany, dominated the fiber reinforced polymer rebars market and is witnessing rapid growth due to increasing renovation and restoring activities for both residential and commercial buildings. Surging government spending towards infrastructure development including buildings, roads, and bridges will also boost the regional market share over the analysis period.

Expanding construction sector in Asia-Pacific

Fiber reinforced polymer rebars market in Asia-Pacific is projected to expand approximately 8 percent over the forecast time period. Increasing construction activities across the developing nations like India and China will stimulate the market for fiber reinforced polymer rebars in the region. In fact, favorable government support for infrastructure activities in these countries would account for a lion’s share of the projected industry growth.

Several industry players are actively involved in strategic initiatives like new partnerships, agreements, M&A to encourage the fiber reinforced polymer rebars market to flourish. Citing an instance, in December 2019, New-Zealand based Pultron Composites, along with its subsidiary, Mateenbar in Dubai, reportedly announced a joint MoU with Saudi Aramco, one of the biggest oil giants. Mateenbar™ is one of Pultron’s great success stories, which is an industry-approved glass-based fiber-reinforced polymer rebar. This memorandum with the globe’s largest company would prove to be beneficial for Pultron and Mateenbar. The MoU aligns with the company’s proactive approach towards managing corrosion across Saudi Arabia and the Middle East.

Technobasalt Invest LLC, Hughes Brothers, Sireg Geotech, Marshall Composites Systems, Putrall, CRT, BP Composites and Fibrolux, among many others are some of the key players operating in the fiber reinforced polymer rebars market.

© Worldofchemicals News

Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com

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