Sellbyville, DE -- (SBWIRE) -- 01/21/2019 -- The qualitative research study conducted by Global Market Insights, Inc. titled "Fiber Reinforced Polymer (FRP) Rebars Market" provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global Fiber Reinforced Polymer (FRP) Rebars Market.

FRP Rebar Market size is set to exceed USD 1.25 billion by 2024. Potential outlook in highways, bridges & buildings along with water treatment plants will propel the FRP rebar market growth. Increasing renovation projects on functionally deficient structures has encouraged the product demand in the market. Shift in trend towards non-corrosive, lightweight, durable reinforcements coupled with thermal & electric insulation are some of the significant factors fueling the industry growth.

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FRP rebar market from highways, bridges & buildings was valued over USD 460 Million in 2015. Increasing manufacturing facilities, infrastructure development along with global construction industry expansion will fuel the revenue growth. Regulatory compliance for product usage in restoration of bridges particularly in North America will trigger the demand.

Penetration of innovative materials including basalt and aramid fiber composites have boosted industry growth, owing to its significant properties including low weight and improved handling. Increasing infrastructure spending mainly in emerging economies including India, China, and Japan, will fuel the FRP rebar demand. Emergence of glass fiber composite as an alternative to galvanized and stainless steel reinforcements has resulted in the robust growth of the product development.

Basalt fiber composite FRP rebar market will witness CAGR around 9% by 2024. Easy availability, resistance to hostile environment, magnetic transparency, insubstantial, and corrosion resistance are the key properties driving product demand.

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Polyester FRP rebar are extensively used to fix structural or functional deficiency in degraded heritage buildings. Chemical and mechanical resistance, cost efficiency, easy-to-use along with superior dimensional and electrical properties are the other major factors surging the market growth.

Vinyl ester is the fastest growing resin in FRP rebar market owing to its numerous substantial properties including exceptional corrosion resistance to chemicals, fuels, or vapors, heat insulation, durability, and high tensile strength. High initial costs and low consumer awareness about the product are the major restraining trends.

North America led by U.S., is expected to grow over 7%. Favorable regulations and increasing construction of new structures accompanied by the structural strengthening projects will propel the FRP rebar market in this region. APAC will witness CAGR over 8%. Increasing infrastructure spending particularly in emerging economies including China and India will drive the demand. The region accounted for 40% of the global construction spending in 2015.

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Europe led by Germany and UK will witness CAGR over 6.5%. Increasing renovation in commercial and residential buildings will escalate the regional demand. Additionally, rising demand from magnetic and electric isolation applications including MRI rooms, high-voltage substations, cable ducts, and radio frequency sensitive areas should fuel the industry growth.

Global FRP rebar market share is at a developing stage with greater focus on new product innovations. Companies are expanding their geographical coverage with supply agreements and developing their product portfolio. The key industry players include Hughes Brothers Inc, BP Composites Ltd and Marshall Composites Systems. Other industry participants include Technobasalt Invest LLC, Composite Rebar Technologies (CRT), Schock international, Pultrall Inc., Fibrolux GmbH., Sireg Geotech Srl, and Pultrall Inc.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.