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The Middle East’s fibre reinforced polymer (FRP) rebars market is set to grow the fastest between 2014 and 2019, stated market research firm Reportlinker
FRP rebars, a mix of reinforcement fibre and polymer resin matrix, are used extensively in the construction segment worldwide to build roads, bridges, tunnels, marine structures and waterfront applications.
According to Reportlinker, the global FRP rebars market is set to grow at a compound annual growth rate (CAGR) of 8.96 per cent between 2014 and 2019, to reach a value of US$222.4mn. The Middle East, in particular, is expected to register the fastest growth in this period, spurred by an increase in construction projects in Saudi Arabia, the UAE and Qatar.
In 2013, North America and Europe contributed 61 per cent of the total market share, but Asia Pacific and the Middle East have been identified as emerging regions for the sale of FRP rebars.
The report added that the segment has gained popularity because of the increase in the number of construction projects, and research and development of FRP rebars.