Owens Corning and New Zealand-based Pultron Composites plan to create a joint venture to make glass fiber 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 fiber material technology, expansive channel access, and extensive industry experience with Pultron’s manufacturing expertise and process efficiency.”

“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,” added Jasper Holdsworth, Pultron CEO. “This joint venture will enable us to obtain greater access to the global rebar market, including expansion in the United States.”

According to Owens Corning, the North America rebar market is estimated to be approximately US$9 billion, growing at an annual rate of about 4%. While glass fiber rebar constitutes less than 1% of this market, it could grow over the coming years, the company predicts.

Glass fiber products are playing an increasingly important role in the concrete reinforcement market, and rebar make with the material could be up to seven times lighter than steel and is corrosion resistant.