Fiber Reinforced Plastic Bridge Market to experience an impressive growth of 6.7% during 2017-2022
February 04, 2020
Fiber-Reinforced Plastic (FRP) Bridge Market offers attractive opportunities throughout the ecosystem of the market and is projected to grow at a healthy CAGR (Compound annual growth rate) of 6.7% during the forecast period of 2017 to 2022. The current market size of FRP bridge seems low but growing at a healthy rate with the increasing awareness about the benefits offered by this unique material. Some of the major growth drivers are lower weight, low life cycle cost, higher specific strength and stiffness, excellent corrosion and fatigue resistance, lower maintenance cost, and growing need for faster installation of bridges.
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Fiber Reinforced Plastic Bridge Market Segment Insights:
By Resin Type:
The global FRP bridge market is segmented based on resin type as vinyl ester, polyester, and other resins. Polyester is projected to remain the most dominant resin type in the global FRP bridge market during the forecast period. Polyester resin provides good properties, such as chemical resistance, good mechanical strength, and stability at relatively lower cost. Vinyl ester resin is likely to witness the fastest growth in the same period, driven by its properties, such as high tensile strength and an excellent corrosion resistance.
By Fiber Type:
The global FRP bridge market is segmented based on fiber type as glass fiber, carbon fiber, and other fibers. Glass fiber dominates the global FRP bridge market during the forecast period, driven by its cost advantage and good mechanical properties. Carbon fiber offers maximum weight saving potential but at a relatively higher cost. It currently accounts for a diminutive share in the global FRP bridge market but is anticipated to witness the fastest growth over the next five years.
By Manufacturing Process Type:
The global FRP bridge market is segmented based on manufacturing process as open mold process, pultrusion, and other processes. Pultrusion is estimated to remain dominant process in the market during the forecast period as it is capable of producing all major FRP products used in the bridges, such as decks and rebar. This process is likely to witness a healthy growth in the market in the same period.
By Application Type:
The global FRP bridge market is segmented based on application type as decks, girders, rebar, and others. The deck is expected to remain the largest application of FRP bridge market during the forecast period. Rebar is also estimated to account for a noteworthy share of the FRP bridge market during the same period.
By Region:
North America witnessed the highest growth in the global FRP bridge market over the past five years. Large investments in infrastructure and increasing usage of lightweight materials have favored the growth of FRP in this region. Guide specifications and standards for the design of FRP bridges by government organizations, Federal Highway Administration (FHWA) and American Association of State Highway and Transportation Officials (AASHTO) are also influencing the growth of FRP bridge decks and other structural developments.
The Middle East and Africa is the fastest-growing FRP bridge market over the next five years. Growing developments with an increased security and regulations are likely to drive the growth of FRP bridges in the region. Asia-Pacific is also estimated to witness a healthy growth over the next five years, driven by higher investment in infrastructure in the developing economies, such as China and India.
Key Players:
The global FRP bridge market supply chain comprises raw material manufacturers, distributors, composite molders, and customers, such as state-run infrastructure authorities. An overall supply chain seems relatively easy as compared to other composite markets. Strongwell Corporation, Creative Pultrusions, Inc., Bedford Reinforced Plastics, and Fiberline Composites A/S the major players in the global FRP Bridge market. Collaboration with customers and education to infrastructure authorities about the benefits of composite materials are the key strategies adopted by major players to gain a competitive edge in the market throughout the globe.
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