Market Snapshot
| Study Period: | 2017-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | North America |
| CAGR: | >4 % |
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Market Overview
The Global Composite Rebar Market is projected to register a CAGR of more than 9% during the forecast period (2022-2027).
Composite rebars made from either carbon-fiber-reinforced or aramid fiber-reinforced polymer or glass fiber-reinforced polymer can be readily formed into complex shapes through the pultrusion manufacturing process. Composite Rebars are used by the civil engineering construction industry in the past few years. However, due to the outbreak of novel coronavirus, nationwide lockdown around the world, disruption in manufacturing and supply chain activities, production halts and labor unavailability have negatively impacted the market. However, in 2021, the situation is coming on track and now the market is stable and growing steadily.
- Over the short term, the increased usage of composite rebars in highways, bridges and building construction activities are some of the driving factors which are stimulating the market demand.
- Construction professionals and experts do not prefer using fiber-reinforced polymer rebar in concrete structure reinforcement applications due to the lack of American Society for Testing and Materials (ASTM) guidelines. This is likely to hinder the market in the forecast period.
- The construction industry is growing at a fast rate in APAC countries such as India, China, and Japan due to the rising population, rapid urbanization, and huge industrial and revenue growth.
Scope of the Report
The composite rebar market is segmented by Product Type, Application and Geography. By product type, the market is segmented into Glass Fiber Reinforced Polymer Rebar (GFRP Rebar), Carbon Fiber Reinforced Polymer Rebar (CFRP Rebar), and Basalt Fiber Reinforced Polymer Rebar (BFRP Rebar). By Application, the market is segmented into Highways, Bridges & Buildings, Marine Structures & Waterfronts, Water Treatment Plants, and Other Applications. The report also covers the market size and forecasts for the composite rebar market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD Million).
| Product Type | |
| Glass Fiber Reinforced Polymer Rebar (GFRP Rebar) | |
| Carbon Fiber Reinforced Polymer Rebar (CFRP Rebar) | |
| Basalt Fiber Reinforced Polymer Rebar (BFRP Rebar) |
| Application | |
| Highways, Bridges & Buildings | |
| Marine Structures & Waterfronts | |
| Water Treatment Plants | |
| Other Applications |
| Geography | ||||||||
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Key Market Trends
Highways, Bridges & Buildings segment to Dominate the Market
- Composite rebars are designed for use in corrosive and challenging environments. Composite rebars have a unique combination of mechanical properties that offer a superior alternative to other types of rebar, particularly when working in aggressive environments.
- These rebars offer 1.5 to 2 times higher tensile strength than steel rebar, excellent corrosion resistance, more durability and lightweight and heat resistance.
- Moreover, it is cheaper to transport composite rebars because of their lightweight nature and is quicker to install with less worker fatigue. Thus, composite rebars are used majorly in highways, bridges and buildings segment.
- Furthermore, with the rapid urbanization and rising infrastructural spending, the construction of bridges, dams and seawalls is growing all around the globe using composite rebar.
- For instance, Jizan Flood Channel, Saudi Arabia, the channel was designed to be corrosion-free and highly chemically resistant and is the largest glass fiber reinforced polymer rebar project in the world.
- Similarly, Kaikoura Highway Repair, New Zealand uses composite rebar due to the extreme risk of corrosion and the need for sustainability and asset longevity.
- Also, to achieve the goal of reducing maintenance costs and subsequent traffic delays across Old Youngs Bridge, Oregon, composite rebar was used for the cantilever bridge deck.
- Furthermore, in the developed and developing countries composite rebar has also gained the interest of leaders in construction as governments and private firms alike are looking to alternative materials to increase asset life span, reduce costly repairs, and build lasting structures.
- From the above-mentioned factors, the demand for composite rebars from the highways, buildings and bridges segment is expected to grow over the forecast period rapidly.
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North America Region to Dominate the Market
- The North American region is expected to dominate the market. In the region, the increasing construction sector in American countries like the United States, Canada, and Mexico, the utilization of composite rebar in the region is expected to increase the demand during the forecast period.
- The United States has one of the world’s largest construction industries, and with the new trillion-dollar infrastructure bill in effect, the country is expected to drive the market.
- Additionally, the total construction spending in the country reached USD 1,779.8 billion in May 2022 which increased by ~5.8% compared to USD 1,681.0 billion in December 2020.
- The current highway infrastructure in the United States and across North America is facing a growing deterioration problem, costing governments billions of dollars in rehabilitation costs. Considering the need for more sustainable construction materials, the significance of composite rebars rises sharply since this rebar is the ideal material for the rehabilitation of degraded and underperforming concrete infrastructure.
- Hence, from the above-mentioned factors, the demand for composite rebars in North America is expected to grow during the forecast period.
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Competitive Landscape
The composite rebar market is fragmented in nature. Some of the major players in the market include Armastek, Schock Bauteile GmbH, Dextra Group, Pultron Composites and Marshall Composite Technologies LLC.
Recent Development
- In June 2022, Pultron Composites and Owens Corning signed a joint venture to manufacture industry-leading fiberglass rebar. This helps the company to obtain greater access to the global market, including expansion in the United States.
- In July 2020, Pultron Composites company made a partnership with Geosynthetic Partners Ltd. as a New Zealand and Pacific Islands distributor of Mateenbar. The partnership will help the company’s expansion in the APAC region.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Usage in Highways, Bridges, and Buildings
4.1.2 Increasing Demand in Marine Structures
4.2 Restraints
4.2.1 Low Acceptance of FRP Rebars Among Construction Professionals
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Glass Fiber Reinforced Polymer Rebar (GFRP Rebar)
5.1.2 Carbon Fiber Reinforced Polymer Rebar (CFRP Rebar)
5.1.3 Basalt Fiber Reinforced Polymer Rebar (BFRP Rebar)
5.2 Application
5.2.1 Highways, Bridges & Buildings
5.2.2 Marine Structures & Waterfronts
5.2.3 Water Treatment Plants
5.2.4 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Australia
5.3.1.6 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Armastek
6.4.2 Captrad
6.4.3 Composite Group Chelyabinsk
6.4.4 Dextra Group
6.4.5 Fiberline Building Profiles A/S
6.4.6 Galen
6.4.7 Kodiak Fiberglass Rebar LLC
6.4.8 Marshall Composite Technologies LLC
6.4.9 Nanjing Fenghui Composite Material Co., Ltd.
6.4.10 Pultron Composites
6.4.11 Schock Bauteile GmbH
6.4.12 Technobasalt-Invest LLC
6.4.13 Tribeni Fibres Pvt. Ltd.
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Lightweight, High Strength, and Non-Corrosive Rebars
7.2 Others
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Frequently Asked Questions
What is the study period of this market?
The Composite Rebar Market market is studied from 2017 - 2027.
What is the growth rate of Composite Rebar Market ?
The Composite Rebar Market is growing at a CAGR of >4% over the next 5 years.
Which region has highest growth rate in Composite Rebar Market ?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Composite Rebar Market ?
North America holds highest share in 2021.
Who are the key players in Composite Rebar Market ?
Armastek, Schock Bauteile GmbH, Dextra Group, Pultron Composites, Marshall Composite Technologies LLC are the major companies operating in Composite Rebar Market .
