Growing Infrastructural Development Drives the US Glass Fiber Reinforced Plastic Composite (GFRP) for Bridge Construction Market
According to our latest market study titled “The US Glass Fiber Reinforced Plastic (GFRP) Composites for Bridge Construction Market Forecast to 2030 – COVID-19 Impact and Country Analysis – by Resin Type, Technology, Bridge Type, and Application” the US glass fiber reinforced plastic (GFRP) composites for bridge construction market size is expected to grow from US$ 86.64 million in 2022 to US$ 134.40 million by 2030; it is expected to register a CAGR of 5.6% from 2022 to 2030.
GFRP composites are widely used for bridge construction due to several properties such as high durability, high corrosion resistance, low maintenance, design flexibility, and competitive life cycle cost. The composites are used to strengthen bridge structures, repair deteriorated components, and fabricate deck components and cables. Short-span footbridges or pedestrian bridges are generally fabricated using GFRP composites. GFRP slabs for deck application include pultruded profiles, sandwich panels, and hybrid decks.
In the US, the construction industry is one of the major industries. Increasing investments and government initiatives for developing public infrastructure drive the growth of the US construction industry. In the US, the construction of new bridges and repair, rehabilitation, and replacement of old bridges are increasing. In the country, the Department of Transportation (DOT) launched the new Bridge Formula Program in January 2022. The program has offered funding to repair bridges for states, tribes, and territories over five years. Using the funding of US$ 5.5 billion provided by the program in 2022, the states, tribes, and territories began to repair, rehabilitate, or replace 2,400 bridge projects across the country over the year. This includes a few critical bridges for communities such as the I-270 Bridge over the Mississippi River, the Dare Country Bridge in North Carolina, and the I-65 Bridge over the Sepulga River in Alabama. In 2022, the DOT announced another US$ 5.53 billion in funding for fiscal year 2023 through the Bridge Formula Program for states, tribes, and territories to continue the task of rebuilding the nation’s bridges.
Further, the DOT announced funding of US$ 1.6 billion in September 2022 to improve transportation systems and strengthen the supply chains. As part of this announcement, the DOT announced funds for several important bridges in need of repair. This includes funds to replace the existing I-39/90/94 Wisconsin River Bridge with two new bridge spans, rehabilitate the 100-year-old Rockport Railroad Bridge in Kentucky, and rehabilitate the Newport Pell Bridge. The growing construction of new bridges and repair, rehabilitation, and/or replacement of old bridges propel the demand for different construction materials, including glass fiber reinforced plastic composites. The composites find application in deck, bridge railings, approach slabs, etc. Thus, the growing new bridge construction and old bridge repair, rehabilitation, and/or replacement activities across the US fuel the glass fiber reinforced plastic composites for bridge construction market growth in the country.
Dextra Group, Enduro Composites, Ensinger Inc, Exel Composites Plc, Krempel GmbH, Owens Corning, and Tencom Limited are among the key players operating in the US glass fiber reinforced plastic composite (GFRP) for bridge construction market.
Impact of COVID-19 Pandemic on the US Glass Fiber Reinforced Plastic Composite (GFRP) for Bridge Construction Market Growth
Before the COVID-19 pandemic, many manufacturers invested in research to develop bridge components fabricated using GFRP. Major market players focused on the expansion of geographic reach through merger and acquisition strategies to cater to a wide customer base. In early 2020, lockdowns and border restrictions imposed by the US government during the COVID-19 pandemic adversely affected the raw material and finished good supply chain in the US. GFRP composite players suffered significant economic losses during the first wave of the COVID-19 outbreak due to trade restrictions and processing unit shutdowns. During the pandemic, supply chain disruptions, labor shortages, and operational difficulties created a demand and supply gap, which adversely affected the market growth. The demand and supply gap was also recorded due to fluctuating demand from the construction industry, which otherwise involved demand for large volumes of composites for infrastructure development.
In 2021, rising vaccination rates contributed to improvements in the overall conditions in the US, which led to conducive environments for the chemicals & materials industry. The sales of glass fiber reinforced plastic composites increased with the resumption of projects and operations of companies operating in the construction industry by the end of 2021. The requirement for repair and rehabilitation of aging infrastructure creates a constant demand for glass fiber reinforced plastic composites.
The "US Glass Fiber Reinforced Plastic Composite (GFRP) for Bridge Construction Market Analysis to 2030" is a specialized and in-depth study of the chemicals & materials industry, focusing on the US glass fiber reinforced plastic composite (GFRP) for bridge construction market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The US glass fiber reinforced plastic composite (GFRP) for bridge construction market is segmented on the basis of resin type, technology, bridge type, and application. Based on resin type, the market is segmented into epoxy, polyester, vinyl ester, and others. In terms of technology, the market is segmented into injection molding, spray-up, filament winding, compression molding, pultrusion, resin infusion, and others. Based on bridge type, the market is segmented into vehicular bridge, railway bridge, and pedestrian bridge. Based on application, the US glass fiber reinforced plastic (GFRP) composites market is divided into deck and decking components, bridge railings, approach slabs, and others. In 2022, based on resin type, the polyester segment dominated the market, whereas the market for the epoxy segment is expected to grow at the highest rate during the forecast period. Polyester resin is widely used as matrix material in glass fiber reinforced plastic composites. It is available at a low cost and offers ease of handling; good mechanical, electrical, and chemical properties; and dimensional stability.
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