Over the next five years global composite rebar market size is projected to grow at 9.6% CAGR.
A new market research conducted by Market Study Report covered global composite rebar market, different composite rebar types, including rods and meshes. Different raw materials types used to manufacture composite rebar were also investigated:
- basalt fiber;
- glass fiber;
- carbon fiber;
- aramid fiber;
- unsaturated polyester resin;
- epoxy resin;
- vinyl ester resin and others.
Advancement in technology is expected to drive composite rebar market.
The global market size is forecasted to reach $ 578.4 million by 2024, from $ 364.9 million in 2019.
Difference in the price of the raw materials will impact on the production cost of composite rebar.
Rise in composite rebar in the composite industry
Fiber reinforced polymer rebar is gaining traction in the construction sector, replacing steel alternative in masonry, concrete and other construction mixes.
The market share of composite rebar in different applications is increasing owing to the set of highly demanded properties:
- hight tensile strength;
- low weight;
- resistance to aggressive media, including marine water;
- corrosion resistance in high humidity;
- long service life
Composite rebar-based products are also used in weight-sensitive applications where other materials including soil have poor load bearing capacity and in the environmentally sensitive areas where it is undesirable to move heavy equipment.
The research also focuses on non-conductive and non-magnetic properties of composite rebar, which are important when building structures where electromagnetic and electrical equipment is planned to be located.
Basalt fiber reinforced rebar as green construction material
Polymer matrix and continuous basalt fiber are used to produce basalt fiber reinforced rebar. Basalt meshes can be of different density and cell sizes, whereas rods have different diameters. Basalt fiber is easy recyclable with quality feed-stock produced at the end of the process.
Basalt fiber reinforced rebar offers high stress-strain properties, thermal shock resistance, excellent chemical resistance making it preferable material for concrete reinforcement and aggressive media and salty water applications.
The demand for basalt fiber reinforced rebar is increasing owing to the low cost and availability of raw resources. The research works devoted to different aspects of basalt fiber-based products is increasingly growing.
Global basalt fiber market size is expected to reach $498.47 million by 2026, growing at 13.7% CARGR annually.
Factors restraining composite rebar market growth
Despite plenty of benefits the construction industry can get if steel rebar is replaced with composite rebar, there are some factors that restrain the market growth. Among the most important ones is relatively high cost of composite rebar leading to opt steel rebar, especially in developing countries.
The approach that developed countries apply is the estimation of life cycle because in terms of the lifecycle cost, composite rebar is an economical option, as steel rebar can result in high cost repair and maintenance.
The development of the composite rebar regulatory framework, technologies able to reduce fiber-reinforced polymer rebar production cost are the main tasks to solve by researchers and manufacturers.