Dear  Prithwish Bhandari, since you will re-inforce the concrete structure in circumferencial direction, which is the strongst orientation of the frp, the fibers will carry the load as the Matrix is usually much softer and might Show more plasticity than the fibers (depends on the materials of course). Perpendicular to the tensile load direction the Matrix properties will determine the material behavior. However since you plan to load the cylinder under compression, it is most likely that no Problem of premature failure in this direction occurs (inparticular with elasto-plastic properties or others). I think you can go straight Forward for this rather simple and well suited Problem.