Increased Demand for Lightweight, High Strength, and Non-Corrosive Rebars is Growing to Drive the FRP Rebar Market
FRP rebars are extremely lightweight, fatigue resistant, have higher tensile strength than steel, are nonmagnetic, and most importantly, are non-corrosive. They are also thermal and electric insulators. Though relatively expensive compared to traditional steel rebars, FRP rebars cut down the cost of maintenance for any project and provide additional benefits like more strength and easier installation during construction due to their high tensile strength and lightweight. FRP rebars are widely used in the construction of highways, bridges, buildings, marine structures and waterfronts, water treatment plants, MRI rooms, tunnels, smelters, and chemical plants. These rebars are not affected by external factors such as corrosion and harsh environmental conditions and increase the lifespan of any structure and maintains the structural integrity. Additionally, it is easier to transport and handle.
Companies operating in the FRP rebar market have strengthened their position by adopting expansions, acquisitions, joint ventures, etc. from 2016-2021. Schöck Bauteile GmbH (Germany), Dextra Group (Thailand), Pultron Composites (New Zealand), Pultrall Inc. (Canada), Composite Group Chelyabinsk (Russia), Owens Corning (US), FiReP Group (Switzerland), and Sireg Geotech S.r.l. (Italy) are the key players in the FRP rebar market.
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North America is the largest market for FRP rebars in the world. The major players in the FRP rebar market in North America give each other tough competition and constantly innovate and develop new technology to produce high quality, high strength, and lightweight FRP rebars. The usage of FRP rebars is high in the North American region as government agencies have identified the advantage of FRP rebars over traditional alternatives like steel rebars. The FRP rebar market in the North American region has been driven by their application in highways, bridges, buildings, and marine structures & waterfronts.
Pultron Composites, headquartered in Gisborne, New Zealand is involved in the development and manufacture of high-performance, fiber-reinforced polymer (FRP) rebars and is one of the key players in the market. As part of the Future Investment Initiative, a memorandum of understanding in the field of energy was signed between Pultron Composites and oil giant Saudi Aramco for a value of 93.75 million riyals (USD 25m). Saudi Aramco has mandated GFRP rebar to be included in its engineering standards for reinforced concrete structures in corrosion-risk areas. This has driven the growth of Pultron Composites and the FRP rebar market in the MEA region.
Owens Corning is another upcoming and important player in the FRP Rebar market. It is comparatively new in the FRP rebar market but due to its large presence worldwide can become an important player in the future. It acquired Aslan FRP, the concrete reinforcement business of Hughes Brothers Inc. Aslan FRP makes and markets glass and carbon fiber-reinforced composite rebars which are used to reinforce concrete in new and restorative infrastructure projects such as roads, bridges, marine structures, buildings and tunnels. With this acquisition, the company strengthened and expanded its geographical presence in the FRP rebar market.
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