Market Trends of Composite Rebar Industry
This section covers the major market trends shaping the Composite Rebar Market according to our research experts:
Highways, Bridges & Buildings segment to Dominate the Market
Composite rebars are designed for use in corrosive and challenging environments. Composite rebars have a unique combination of mechanical properties that offer a superior alternative to other types of rebar, particularly when working in aggressive environments.
These rebars offer 1.5 to 2 times higher tensile strength than steel rebar; they also have excellent corrosion and heat resistance and durability and are lightweight.
Moreover, it is cheaper to transport composite rebars because of their lightweight nature and is quicker to install with less worker fatigue. Thus, composite rebars are used majorly in highways, bridges, and buildings segment.
Furthermore, with the rapid urbanization and rising infrastructural spending, the construction of bridges, dams, and seawalls is growing all around the globe using composite rebar.
For instance, Jizan Flood Channel, Saudi Arabia, was designed to be corrosion-free and highly chemically resistant and is the largest glass fiber reinforced polymer rebar project in the world.
Similarly, Kaikoura Highway Repair, New Zealand, uses composite rebar due to the extreme risk of corrosion and the need for sustainability and asset longevity.
Also, to achieve the goal of reducing maintenance costs and subsequent traffic delays across Old Youngs Bridge, Oregon, composite rebar was used for the cantilever bridge deck.
Furthermore, in developed and developing countries, composite rebar has also gained the interest of leaders in construction as governments and private firms alike are looking for alternative materials to increase asset life span, reduce costly repairs, and build lasting structures.
From the above-mentioned factors, the demand for composite rebars from the highways, buildings, and bridges segment is expected to grow rapidly over the forecast period.
North America Region to Dominate the Market
The North American region is expected to dominate the market. In the region, the increasing construction sector in American countries like the United States, Canada, and Mexico, the utilization of composite rebar in the region is expected to increase the demand during the forecast period.
The United States has one of the world's largest construction industries, and with the new trillion-dollar infrastructure bill in effect, the country is expected to drive the market.
Additionally, the total construction spending in the country reached USD 1,779.8 billion in May 2022, which increased by ~5.8% compared to USD 1,681.0 billion in December 2020.
The current highway infrastructure in the United States and in general across North America is facing a growing deterioration problem, costing governments billions of dollars in rehabilitation costs. Considering the need for more sustainable construction materials, the significance of composite rebars rises sharply since this rebar is the ideal material for rehabilitating degraded and underperforming concrete infrastructure.
Hence, due to the above-mentioned factors, the demand for composite rebars in North America is expected to grow during the forecast period.
