Hemp Rebar Market Set for Steady Growth, Projected to Reach $86.79 Billion by 2028
Hemp Rebar Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Hemp Rebar Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The hemp rebar market, a burgeoning sector in sustainable construction, has exhibited robust growth, poised to expand from $62.65 billion in 2023 to $67.57 billion in 2024, marking a compound annual growth rate (CAGR) of 7.8%. It will grow to $86.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Factors driving this growth include sustainable construction practices, stringent environmental regulations favoring renewable resources, and the superior durability and strength properties of hemp-based materials.
Rising Demand for Green Buildings Drives Market Growth
The increasing preference for green buildings, designed to minimize environmental impact and maximize occupant benefits, is a key driver for the hemp rebar market. Hemp rebar offers a sustainable alternative to traditional steel rebar, boasting advantages such as lower carbon footprint and potential reductions in greenhouse gas emissions. This aligns with global initiatives towards sustainable building practices, as evidenced by the growing number of LEED-certified projects worldwide.
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Major Players and Market Trends
Leading companies in the hemp rebar market, including Sunstrand Corporation, Arm Composites Ltd., and Hemp Traders, are pioneering innovations in hemp processing technologies. For example, advancements in pultrusion processes are enabling the production of hemp rebar that matches the strength of steel while offering corrosion resistance and environmental benefits.
In January 2022, researchers from Rensselaer Polytechnic Institute developed a pultrusion-based hemp rebar alternative to steel, showcasing its potential to reduce construction costs and environmental impact.
Hemp Rebar Market Segments
• Type: Processed Hemp Fiber, Raw Hemp Fiber
• 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
• Application: Construction, Automotive and Aerospace
Regional Insights: North America Leading the Market
North America emerged as the largest region in the hemp rebar market in 2023, driven by robust investments in sustainable construction practices. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities across Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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Hemp Rebar Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Hemp Rebar Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on hemp rebar market size, hemp rebar market drivers and trends, hemp rebar market major players, competitors' revenues, market positioning, and market growth across geographies. The hemp rebar market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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