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The composite rebar market size is estimated to grow by USD 334.3 million, at a CAGR of 9.59% between 2023 and 2028. The market is experiencing significant growth due to various factors. Primarily, increased government investments in construction and infrastructure projects are driving growth. Additionally, the global increase in commercial and residential construction is contributing to market growth. Furthermore, the adoption of carbon fiber reinforced polymer (CFRP) and glass fiber reinforced plastic (GFRP) in the automotive industry is extending its reach beyond traditional construction applications. This technological advancement offers advantages such as increased durability, corrosion resistance, and improved structural performance. Consequently, the market is set for substantial growth in the coming years.
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The composite rebar market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The construction segment is estimated to witness significant growth during the forecast period. Composite rebar, specifically GFRP (glass fiber-reinforced polymer) and ARFP (aramid fiber-reinforced polymer), is gaining significant attention in the construction industry as an alternative to traditional iron rods and steel welded rods. These composite rebars offer numerous advantages, including superior corrosion resistance, heat resistance, and durability, making them ideal for use in green buildings, bridges, and port structures in harsh environments. The pultrusion manufacturing process is commonly used to produce composite rebars, which consist of fiberglass, carbon fiber, or basalt fiber embedded in a polymer matrix.
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The construction segment was the largest segment and was valued at USD 206.1 million in 2018. The lightweight nature and high strength-to-weight ratio of composite rebars make them attractive for construction professionals seeking sustainable construction materials. Building industry regulations increasingly highlight the use of composite materials to enhance the mechanical properties of concrete reinforcement, such as tensile strength, in various infrastructure projects, including bridges, dams, seawalls, and highway infrastructure. Environmental elements, such as saltwater, acid rain, and extreme temperatures, can negatively impact the performance of steel rebar, making composite rebars a viable solution for long-term durability and cost savings.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. High demand for composite rebar in the construction, transportation, and wind energy sectors is driving the growth of the market in North America. Technological advances in glass fiber have increased demand for consumer products, which has had a significant impact on the market in the region. The region will see the highest demand for composite rebar in 2023 due to an increase in industrial and infrastructure construction developments, and rising demand for electronics and wind power.
Composite rebar, a type of reinforcing bar made of fiberglass, GFRP (glass fiber-reinforced polymer), FRP (fiber-reinforced polymer), or carbon-fiber-reinforced polymer, is gaining popularity in the construction industry due to its unique properties. Unlike traditional iron and steel rods, composite rebars offer superior corrosion resistance, making them ideal for use in structures exposed to harsh environmental elements. The pultrusion manufacturing process is commonly used to produce composite rebars. This process involves pulling a continuous fiber mat through a resin bath and then passing it through a heated die. The resulting product is a composite bar with excellent mechanical properties, including high tensile strength.
Composite rebars are increasingly being used in green buildings and infrastructure projects, such as bridges and ports, due to their lightweight nature and high strength-to-weight ratio. Construction professionals are emphasizing the use of these materials in concrete reinforcement to reduce the overall weight of structures and improve their durability. Aramid fiber-reinforced polymer and basalt fiber-reinforced polymer are also used in the production of composite rebars. These materials offer varying levels of mechanical properties, making them suitable for different applications. Overall, the market is expected to grow significantly due to the increasing demand for sustainable and durable construction materials.
The growing global commercial and residential construction is the key factor for the growth of the market. Composite rebars are used in construction due to their properties such as excellent tensile strength and durability, high corrosion resistance to chemicals, and harsh climatic conditions. Countries such as India, China, the US, Brazil, Malaysia, Russia, Hungary, and Vietnam are the leaders in the global construction market.
Furthermore, rapid urbanization has increased the demand for construction activities as more people migrate to urban areas, leading to a need for housing and offices. Emerging private sectors such as automobiles and information technology are major drivers of growth in the construction industry. Hence, such factors will boost composite rebar market growth during the market forecast period.
An increase in demand for remodeling structures is the primary trend in the market. In recent years, homeowners' disposable income has increased significantly, especially in developing countries such as India and China. As a result, there is a growing demand for home renovations to improve the living standards of residents. A growing number of older structures require maintenance, redesign, and conversion. This is one of the most important factors driving the demand for composite rebar in home renovation activities.
Furthermore, the increasing redesign and strengthening of existing structures to reduce repair and maintenance costs and improve existing design patterns have created a need for composite rebar in the construction of highways, dams, and other structures. The global expansion of the road network has significantly raised the demand for construction works such as new construction to repair existing roads and highways. Thus, rising demand for structural modifications is expected to fuel composite rebar market growth during the market forecasting period.
Greater initial capital requirements in composite rebar impede composite rebar market growth. Substitutes such as steel rebars substitutes are used in end-user applications such as buildings and construction, automotive, wind turbines, consumer goods, and industries.
Furthermore, consumers prefer steel rebar as the initial capital requirement for composite rebar is high. Steel rebar is still used in most construction projects, especially in emerging regions, as it is functionally more efficient and cheaper than composite rebar. Hence, the high initial capital requirements in composite rebars can affect the growth of the market during the forecast period.
The composite rebar market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the composite rebar market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Armastek: The company offers composite rebar for various industries such as civil construction, Automobile and Rail Way infrastructure, Tunneling and underground construction, Hydraulic engineering, and Infrastructure and industrial construction.
The composite rebar market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is increasingly influenced by advancements in composite materials technology, particularly in the context of the civil engineering construction industry and building construction activities. The use of glass fiber reinforced polymer (GFRP) and other fiber-reinforced polymers such as carbon fiber reinforced polymers rebar and aramid fiber-reinforced polymer is on the rise, driven by the demand for sustainable construction materials and green buildings. GFRP rebar and carbon-fiber-reinforced polymer are pivotal in concrete reinforcement for infrastructure projects, including bridges, seawalls, and highway infrastructure.
These materials offer superior mechanical properties such as heat resistance, lightweight nature, and an excellent strength-to-weight ratio, making them ideal for corrosive environments and marine infrastructure. The pultrusion manufacturing process and the development of polymer matrix materials are advancing, supporting the building boom and enhancing environmental elements in construction. Construction professionals are leveraging these innovations to meet building industry regulations and address the challenges of iron rods, steel welded rods, and traditional materials in modern construction projects. Glass fiber-reinforced polymer (FRP) is increasingly used in bridges and port infrastructure as well as mining facilities due to its durability and resistance to harsh environmental conditions.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.59% |
Market growth 2024-2028 |
USD 334.3 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.84 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 42% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALP Supply, Armastek, Composite Group Chelyabinsk LLC, Everest Composites Pvt. Ltd., FiReP Rebar Technology GmbH, Galen LLC, Hubei Yulong group Jinli New Material Co. Ltd., Kodiak Fiberglass Rebar, Marshall Composite Technology LLC, Mateenbar Ltd., MRG Composites India Pvt. Ltd., Nanjing Fenghui Composite Material Co. Ltd., Owens Corning, Pultron Composites Ltd., Schock Bauteile GmbH, SFTec LLC, Sireg Geotech Srl, Technobasalt Invest LLC, Tribeni Fiber Pvt Ltd., and TUF BAR Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our composite rebar market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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