Fiberglass Rebars Opportunities for Growth & Expansion in Indian Market

Everest Composites Pvt. Ltd.
From roads and highways to bridges and tunnels, fiberglass rebars are revolutionizing the concrete reinforcement industry.

Jaymit Shah, CEO - Business Development, Everest Composites Pvt. Ltd. (ECPL)

Fiberglass rebars have captured the attention of multiple market segments, with pultruded fiberglass rods and rebars emerging as sought-after alternatives to steel rebars in various construction projects.

The global FRP Rebar Market has experienced significant expansion, reaching a value of 10.2 billion USD in 2023. Forecasts suggest that this figure will rise to 15.6 billion USD by 2030, highlighting the growing demand for fiberglass rebars in the foreseeable future. In India, the fiberglass market was valued at $779 million in 2018 and is expected to achieve a Compound Annual Growth Rate (CAGR) of over 8%, reaching $1.2 billion by 2024. The projected market growth can be attributed to the widespread utilization of fiberglass, particularly in the construction sector.

Growth Potential

With the Indian government's extensive plans for infrastructure development in the near future, the fiberglass rebar segment holds significant potential for growth in the Indian market. These initiatives may include incentives, subsidies, or regulatory measures designed to encourage businesses to incorporate fiberglass in their operations. As fiberglass offers numerous benefits such as durability, versatility, and cost-effectiveness, its increased usage can lead to significant advancements and improvements across various sectors including construction, automotive, aerospace, marine, and renewable energy. For businesses operating in the fiberglass market, these government initiatives represent promising opportunities for growth and expansion, as they can capitalize on the rising demand for fiberglass products driven by supportive government policies and regulations.

Considering the Indian geographical situation, FRP rebars have a huge potential to grow as a product in the local market because of its corrosion resistance, long service life and durability. Additionally, businesses may also benefit from increased investment in research and development initiatives aimed at further enhancing the properties and applications of fiberglass materials, thus opening new avenues for innovation and market penetration. Overall, the active encouragement from governments in the Asia-Pacific region is expected to foster a conducive environment for the fiberglass industry, paving the way for enhanced market opportunities and sustainable growth.

Advantages of FRP Rebars

Fiberglass Reinforced Polymer (FRP) rebars have gained significant popularity owing to their exceptional properties. Firstly, they boast exceptional corrosion resistance, making them ideal for structures in coastal areas or humid environments prone to corrosion. Secondly, FRP rebars offer a high strength-to-weight ratio, providing the same strength as steel but at a much lighter weight, making them perfect for lightweight construction projects like bridges and highways. Thirdly, their non-magnetic and non-conductive properties make them suitable for specialized applications in hospitals, laboratories, and more.

The Sustainability Factor

In addition to their strength and durability, fiberglass rebars contribute to sustainability in construction. Unlike traditional steel rebars, FRP rebars are non-corrosive and non-toxic, offering an eco-friendlier alternative. Their long lifespan and recyclability further reduce the carbon footprint of construction projects, aligning with the growing demand for environmentally responsible building materials.

As India continues its rapid urbanization and infrastructure development, the need for advanced building materials is paramount. Fiberglass rebars offer a compelling solution, combining strength, durability, and sustainability. By embracing the innovative potential of fiberglass rebars, India can pave the way for construction projects that are not only robust and resilient but also environmentally conscious and aesthetically inspiring.

In conclusion, the burgeoning utilization of composites in construction and automotive sectors is driving market growth. With continuous technological advancements and product innovations, the future of the fiberglass rod market looks promising, with new avenues emerging, particularly in sectors such as renewable energy and infrastructure development.
ICCT, May - June 2024
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