Overview and Scope
Hemp rebar refers to a construction material made from hemp fibers that are processed and utilized as a reinforcing component in concrete structures. It is designed to provide strength and durability comparable to steel rebar while offering additional benefits such as being non-corrosive and potentially contributing to reduced greenhouse gas emissions.
Sizing and Forecast
The hemp rebar market size has grown strongly in recent years. It will grow from $62.65 billion in 2023 to $67.57 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to sustainable construction practices, environmental regulations and standards, renewable resource utilization, durability and strength properties, increasing demand for sustainable products.
The hemp rebar market size is expected to see strong growth in the next few years. It will grow to $86.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing sustainable construction practices, regulatory support for sustainable building, rising construction industry awareness, global hemp market expansion, demonstration projects and case studies. Major trends in the forecast period include construction industry collaboration, advancements in hemp processing technologies, innovation in construction material, consumer preference for natural materials, diversification of applications.
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Segmentation & Regional Insights
The hemp rebar market covered in this report is segmented –
1) By Type: Processed Hemp Fiber, Raw Hemp Fiber
2) By Bar Size: 0.25 Inch x 4 Feet, 0.375 Inch x 4 Feet, 0.5 Inch x 4 Feet, 0.625 Inch x 4 Feet
3) By Application: Construction, Automotive and Aerospace
North America was the largest region in the hemp rebar market in 2023. The regions covered in the hemp rebar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for green buildings is expected to propel the growth of the hemp rebar market. A green building, sustainable building, or high-performance building is designed and constructed to minimize its negative impact on the environment and maximize its positive impact on occupants. Hemp rebar is used in green buildings to offer a potential alternative to traditional steel rebar with numerous environmental and performance advantages. Growing hemp sequesters carbon and the manufacturing process requires less energy, to a smaller overall carbon footprint for the final product. For instance, in October 2022, according to the U.S. Green Building Council, a US-based membership-based non-profit organization, in China, the LEED-certified projects increased from 1,077 in 2021 to 1,121 in 2022, and certified square foot area increased from 152,325,125.75 in 2021 to 180,347,421.08 in 2022. Therefore, the increasing demand for green buildings is driving the growth of the hemp rebar market.
Key Industry Players
Major companies operating in the hemp rebar market report are Sunstrand Corporation, ArmComposites Ltd., Lime Technology Ltd., HempTraders, HempWood , Hemp Fortex Industries Ltd , All American Hemp Company , HempFlax Group B.V. , Bastcore, Dunagro, Hempitecture , IsoHemp , Hemp Technologies Global , Vital Hemp , Hemp Direct , Hemp Plastic Company , Just Bio Fiber, American Hemp LLC , Hemp Angel Products, UK Hempcrete
The hemp rebar market report table of contents includes:
1. Executive Summary
2. Hemp Rebar Market Characteristics
3. Hemp Rebar Market Trends And Strategies
4. Hemp Rebar Market – Macro Economic Scenario
5. Global Hemp Rebar Market Size and Growth
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32. Global Hemp Rebar Market Competitive Benchmarking
33. Global Hemp Rebar Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hemp Rebar Market
35. Hemp Rebar Market Future Outlook and Potential Analysis
36. Appendix
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