Source: Press Release Service – New Zealand
Owens Corning (NYSE: OC) and Pultron Composites announced today that they have signed an agreement to create a joint venture to manufacture industry-leading fiberglass rebar.
This agreement solidifies the companies’ commitment to provide more sustainable product solutions and higher performance concrete reinforcement products. It also increases market access to PINKBAR®+ Fiberglas Rebar used for flatwork and residential applications, and MATEENBAR™ Fiberglas™ Rebar used for heavy-load structural applications. Both products carry ACI, ASTM, ICC-ES and CSA Grade III code compliance and are a suitable replacement to steel rebar.
“As we continue to pivot our Composites business to focus on higher-value material solutions, we expect growth in fiberglass rebar to be an important contributor to our strategic direction,” said Marcio Sandri, Owens Corning Composites President. “Joining forces with Pultron Composites combines our core glass-fibre material technology, expansive channel access, and extensive industry experience with Pultron’s manufacturing expertise and process efficiency. This significantly expands our market opportunities, providing additional capacity and exceptional service in the market.”
Over the past 20 years, Pultron Composites has developed a leading fiberglass rebar production process, enabling the execution of substantial fiberglass projects. Fiberglass products are playing an increasingly important role in the concrete reinforcement market and have the potential to transform the industry. Fiberglass rebar is up to seven times lighter than steel, driving greater shipping and labour efficiency, and is a proven corrosion resistant reinforcement, extending the life of concrete which is particularly important when construction materials are exposed to the elements, such as in coastal areas.
“We’re excited to expand our partnership with Owens Corning and leverage the respective strengths of both our companies to accelerate global adoption of fiberglass rebar,” said Jasper Holdsworth, Pultron Composites Chief Executive Officer. “This joint venture will enable us to obtain greater access to the global rebar market, including expansion in the United States.”
The North America rebar market is estimated to be approximately $9 billion, growing at an annual rate of about 4%.
Fiberglass rebar currently constitutes less than 1% of this market and has the potential to significantly grow over the coming years.
Media Release 16 June 2022.
