The ReBar Market Opportunity

CRT’s market focus is on rebar applications where corrosion resistance, light weight, and the ability to install sensors retroactively—i.e., post construction, are at a premium. The market includes replacement of existing infrastructure that has failed or is failing, a need currently estimated at $1.6 trillion; new transportation construction (i.e., roads and bridges); and replacement and new commercial and residential construction.

An example is the US bridge and road repair and replacement market. The American Society of Civil Engineers has estimated that more than a quarter of all existing US bridges are structurally deficient of functionally obsolete, and will require $9.4 billion annually for the next twenty years to eliminate
the deficiencies. Roads are in worse condition. Almost 40% of roads in the U.S. are deficient, and need repair or replacement. The Congress is in the process of approving $284 billion for spending on transportation upgrades in the U.S. , primarily roads and bridges, over six years.

Other target markets include all construction near marine environments, such as commercial and residential buildings along seashores and marine infrastructure. A reasonable estimate of the potential market is to replace epoxy coated rebar, or about $4 billion annually in the U.S. Even before ACI code approvals were issued for FRP use, analysts estimated that solid FRP rebar should take a 6% to 12% share of the epoxy coated rebar market.

Multi-billion Dollar Market Annually by 2025

A recent industry conference forecast that FRP composites will be commonly used in infrastructure applications due to their ability to reduce lifecycle costs and installation time while also enhancing service life and safety, resulting in a multi-billion dollar annual market in the US by 2025. The conference noted that while FRP as a new and versatile material has multiple potential applications, they noted that the immediate future for FRP in infrastructure is the reinforcement of concrete. FRP rebar has developed into a solid market due to both cost and performance benefits. CRT estimates that its unique hollow core products, which provide a number of additional benefits as well as the capability to produce larger code-compliant rebar, could take at least a quarter of the epoxy-coated rebar market, or over one billion feet per year. The world market is estimated to be at least five times the size of the U.S. market, and CRT believes its potential penetration will be at least as great outside the U.S.