At 11.0% CAGR, the Asia Pacific Fiber Reinforced Polymer (FRP) Rebars Market is projected to be worth US$ 122.28 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific fiber reinforced polymer (FRP) rebars market was valued at US$ 65.50 million in 2022 and is expected to reach US$ 122.28 million by 2028, registering a CAGR of 11.0% from 2022 to 2028. Increasing application of FRP rebars in construction and increasing demand for lightweight, high strength, and non-corrosive rebars are the critical factors attributed to the Asia Pacific fiber reinforced polymer (FRP) rebars market expansion.

The construction industry is always searching for better alternatives to traditionally used materials like wood, steel, and aluminum. Fiber reinforced polymer (FRP) composite material is emerging as a viable alternative for various infrastructure and building projects. FRP rebars are resistant to a wide range of chemicals and are not affected by oxidation or corrosion. For instance, fiberglass rebar can withstand harsh weather conditions, continuous rain, and water submerged conditions. FRP's durability makes it a preferred choice for many outdoor construction projects as they are easy to cut, shape, and install. Moreover, their minimal maintenance requirements lower overall construction costs. Around the regional, many more advanced countries rely on green construction methods to save resources and provide buildings with long service life. Thus, fiber-reinforced polymer rebars are becoming increasingly popular in constructing infrastructure, large structures, and commercial buildings. Furthermore, rising global construction spending and acceptance of FRP rebars for reinforcement purposes are projected to drive its demand in the construction industry. FRP rebars bond easily with concrete irrespective of pH, moisture, and other external factors. Advanced thermal compatibility also offers zero stress while responding to temperature changes, which is expected to influence the FRP rebar market over the forecast period positively. Additional advantages of FRP rebars include excellent quality control with reduced transportation costs which is slated to favor its demand in the construction industry and is driving the Asia Pacific fiber reinforced polymer (FRP) rebars market growth.

On the contrary, durability issues in FRP rebars hampers the Asia Pacific fiber reinforced polymer (FRP) rebars market.

Based on resin type, the Asia Pacific fiber reinforced polymer (FRP) rebars market is segmented into vinyl ester, polyester, epoxy, and others. The vinyl ester segment held 42.85% of the Asia Pacific fiber reinforced polymer (FRP) rebars market share in 2022, amassing US$ 28.07 million. It is projected to garner US$ 53.35 million by 2028 to expand at 11.3% CAGR during 2022–2028.    

Based on fiber type, the Asia Pacific fiber reinforced polymer (FRP) rebars market is segmented into glass fiber composites, carbon fiber composites, and basalt fiber composites. The glass fiber composites segment held 70.17% of the Asia Pacific fiber reinforced polymer (FRP) rebars market share in 2022, amassing US$ 45.96 million. It is projected to garner US$ 86.83 million by 2028 to expand at 11.2% CAGR during 2022–2028

Based on application, the Asia Pacific fiber reinforced polymer (FRP) rebars market is segmented into highway bridge and construction, marine structures and waterfronts, water treatment plants, and others. The highway bridge and construction segment held 49.78% market share in 2022, amassing US$ 32.60 million. It is projected to garner US$ 63.47 million by 2028 to expand at 11.7% CAGR during 2022–2028.

Based on country, the Asia Pacific fiber reinforced polymer (FRP) rebars market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.85% market share in 2022. It was assessed at US$ 20.20 million in 2022 and is likely to hit US$ 41.24 million by 2028, exhibiting a CAGR of 12.6% during the forecast period.            

Key players dominating the Asia Pacific fiber reinforced polymer (FRP) rebars market are Owens Corning; Pultron Composites; FiRep Inc.; Schock Bauteile GmbH and Dextra Group, among others.  

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