According to Global Market Insights Inc., fiber reinforced polymer rebar market size is slated to reach over USD 1.25 billion by 2024. With the infrastructure development of bridges, highways, buildings, and other physical structures globally, the demand for fiber reinforced polymer (FRP) rebar is expected to fuel significantly in the upcoming years.

A substantial rise in spending for the refurbishment and renovation of old physical structures, especially in high-income countries would support increased demand for the product. Rising acquisition of durable reinforcements, lightweight, non-corrosive, and thermally & electrically insulative materials, such as fiber reinforced polymer (FRP) rebar in various infrastructure development projects is likely to drive the industry statistics.

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FRP rebars demand will majorly be driven by the significant growth in manufacturing, construction, and infrastructure development activities. As per the Council on Foreign Relations, in March 2021, the U.S. government launched a USD 2 trillion infrastructure plan in the country. Along with the wholistic infrastructure development, this plan is aimed at upgrading physical structures, such as roads, bridges, railways, airports, and waterways.

Favorable government regulations for product utilization in the refurbishment of bridge in North America would support industry expansion. Notably, the fiber reinforced polymer rebar industry share from highways, bridges, and buildings applications was around USD 460 million in 2015.

Basalt fiber reinforced polymer rebars are witnessing strong demand from the flourishing infrastructure development activities, mostly in developing nations, on account of their numerous exceptional features.

These features include light weight, easy availability, improved handling, and resistance from corrosion and rugged environment. Owing to this, FRP rebar industry share from basalt fiber composites is slated to grow at 9% CAGR through 2024.

Vinyl ester resin is showing a lot of promise in global fiber reinforced polymer rebar industry on account of its numerous features. These characteristics include high tensile strength, durability, heat insulation, and strong corrosion resistance to vapors, fuels, and chemicals. However, high cost and lacking awareness among consumers about the product could restrict its demand in the upcoming years.

There has been increasing demand for FRP rebars from the rising construction of ports & waterfronts, including submarine camels, shoreside seaports, wharves, and temporary walls, mainly across developed coastal countries.

Growing expansion of inland waterway channels for the transportation of goods would further support product demand. Due to this, the FRB rebar industry share from marine structure & waterfronts is anticipated to rise at 7% through 2024.

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Water treatment plants held around USD 50 million revenue share of global FRP rebar industry in 2015. The substantial infrastructure development of wastewater and desalinization plants is likely to create tremendous demand for fiber reinforced polymer rebars.

Growing construction and deployment of railing systems, stair treads, grating, ladders, safety cages, platforms, trench, and vault covers would further boost the adoption of FRP rebar in water treatment plants.

Global fiber reinforced polymer rebar industry share from Asia Pacific is projected to witness an 8% CAGR through the forecasted period. Growing infrastructure expenditure in emerging countries like China, India, and Japan, is expected to fuel the adoption of FRP rebar to a large extent.

For instance, in August 2021, the Government of India reportedly announced to spend approximately USD 1.35 trillion in infrastructure development to support economy. This apart, rising emphasis to develop marine structures and waterfronts to boost international trade is expected to influence fiber reinforced polymer business across APAC.

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