At 6.0% CAGR, the South America Fiber Reinforced Polymer (FRP) Rebars Market is Projected to be worth US$ 22.89 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the South America Fiber Reinforced Polymer (FRP) rebars market was valued at US$ 16.14 million in 2022 and is expected to reach US$ 22.89 million by 2028, registering a CAGR of 6.0% 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 South America Fiber Reinforced Polymer (FRP) rebars market expansion.           

Water treatment plants are subjected to continuous exposure to chloride content in water, causing steel corrosion. Corrosion-resistant FRP rebars are broadly used in water treatment plants, including potable water tanks, refinery reservoirs, sewage treatment facilities, acid ponds, and gold and salt mines. The products, unlike corroded reinforcement, prevent harmful materials from leaching into soil and groundwater. Moreover, highly durable FRP rebar with leakage control and crack control properties acts as an ideal reinforcement for underwater applications. Fiber-reinforced polymer (FRP) rebars, specifically glass fiber-reinforced polymer (GFRP) composites, have become popular for replacing aluminum, stainless steel, and steel in water and wastewater applications. FRP rebars are used to reinforce underwater pipelines and waterside platforms' structural parts. Besides that, the FRP rebar is completely tolerant to the detrimental effect of chloride ions. Additionally, it has high tensile strength, making it applicable for marine or coastal concrete projects, such as constructing wharves, fending groins, diaphragm walls, or water purifying facilities. Furthermore, according to the American Society of Civil Engineers (ASCE), in 2018, 240 million Americans, i.e., 76% of the population, relied on the 14,748 treatment plants for wastewater sanitation. By 2032, it is expected that 56 million more people will connect to centralized treatment plants rather than private septic systems. Thus, increasing water treatment plants in the region is expected to further create a huge opportunity for the South America FRP rebars market in the forecast period. This is expected to drive the South America Fiber Reinforced Polymer (FRP) rebars market during the forecast period.

On the contrary, durability issues in FRP rebars hurdles the growth of South America Fiber Reinforced Polymer (FRP) rebars market. 

Based on resin type, the South America Fiber Reinforced Polymer (FRP) rebars market is categorized into vinyl ester, polyester, epoxy, and others. The vinyl ester segment held 42.7% market share in 2022, amassing US$ 6.90 million. It is projected to garner US$ 9.95 million by 2028 to expand at 6.3% CAGR during 2022–2028.

Based on fiber type, the South America Fiber Reinforced Polymer (FRP) rebars market is categorized into glass fiber composites, carbon fiber composites, and basalt fiber composites. The glass fiber composites segment held 70.1% market share in 2022, amassing US$ 11.30 million. It is projected to garner US$ 16.23 million by 2028 to expand at 6.2% CAGR during 2022–2028.

Based on application, the South America Fiber Reinforced Polymer (FRP) rebars market is categorized into highway bridge and construction, marine structures and waterfronts, water treatment plants, and others. The highway bridge and construction segment held 49.7% share of South America Fiber Reinforced Polymer (FRP) rebars market in 2022, amassing US$ 8.01 million. It is projected to garner US$ 11.85 million by 2028 to expand at 6.7% CAGR during 2022–2028.

Based on country, the South America Fiber Reinforced Polymer (FRP) rebars market has been categorized into Brazil, Argentina, and the Rest of South America.  Our regional analysis states that Brazil captured 45.7% share of South America Fiber Reinforced Polymer (FRP) rebars market in 2022. It was assessed at US$ 7.37 million in 2022 and is likely to hit US$ 11.29 million by 2028, exhibiting a CAGR of 7.4% during 2022–2028. 

Key players operating in the South America Fiber Reinforced Polymer (FRP) rebars market are Owens Corning, Dextra Group, Composite Group Chelyabinsk, and Sireg Geotech S.r.l, among others.

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