Composite Rebar Market Forecast 2023-2027: Anticipated Growth at a CAGR of 9.56%

The Composite Rebar Market is poised to grow significantly, with an expected CAGR of 9.56% from 2022 to 2027. This robust expansion is projected to add USD 306.94 million to the market. Several factors are driving this growth, including increased government investments in infrastructure, a surge in global construction activities, and the adoption of carbon fiber-reinforced polymer rebar in the automotive sector.

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Key Drivers and Trends

Primary Growth Drivers

One of the main drivers of the composite rebar market is the global boom in commercial and residential construction. Composite rebars are favored in construction for their superior tensile strength, durability, and resistance to corrosion and harsh environmental conditions. Leading countries in construction growth include India, China, the USA, Brazil, Malaysia, Russia, Hungary, and Vietnam. Urbanization is accelerating the need for new housing and office spaces, while emerging sectors like automotive and IT are also spurring construction activity.

Emerging Trends in Composite Rebar Usage

Renovation and Remodeling Demand

A notable trend in the composite rebar market is the rising demand for remodeling and renovating existing structures. Increased disposable incomes, especially in developing countries like India and China, are driving homeowners to invest in home improvements. Older buildings require maintenance and redesigns, boosting the need for durable materials like composite rebar. This trend is also seen in infrastructure projects like highways and dams, where existing structures are being reinforced to extend their lifespan and improve design.

Market Challenges

High Initial Costs

One significant challenge is the high initial cost associated with composite rebar compared to traditional steel rebar. Despite its long-term benefits, the upfront investment can deter adoption, particularly in cost-sensitive regions. Steel remains a preferred material due to its lower initial cost and functional efficiency.

Regional Market Insights

North America's Market Dynamics

North America is expected to account for 41% of the global market growth during the forecast period. The region's demand is driven by significant construction, transportation, and wind energy projects. Technological advancements in glass fiber products have spurred demand in consumer goods, impacting the composite rebar market positively. Despite a dip during the COVID-19 pandemic, the market is recovering as large-scale vaccination campaigns and renewed construction activities boost demand.

Competitive Landscape and Major Players

Leading companies are adopting strategies such as strategic alliances, mergers, acquisitions, geographic expansion, and product launches to strengthen their market presence. Notable companies include Armastek, ALP Supply, Composite Group Chelyabinsk LLC, Everest Composites Pvt. Ltd., FiReP Rebar Technology GmbH, and many more.

Segment Analysis: Dominance of Glass Fiber

Glass Fiber Segment Insights

The glass fiber segment is expected to witness significant growth due to its mechanical and thermal properties, which make it suitable for various applications in construction, electronics, and more. In 2017, this segment was valued at USD 287.58 million. Glass fiber is favored for its high tensile strength and lightweight nature, making it ideal for building composites and reinforcing fillers in printed circuit boards (PCBs).

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Conclusion and Future Outlook

The composite rebar market is on a trajectory of robust growth, driven by the expanding construction sector, technological advancements, and increasing demand for durable and eco-friendly materials. As industries continue to innovate and adapt to new materials, the market for composite rebar is expected to see sustained growth.

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Technavio Research

Jesse Maida

Media & Marketing Executive

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Email: media@technavio.com

Website: www.technavio.com/


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