Glass Fiber Reinforced Concrete (GFRC) is composed of cement, sand, water, alkali-resistant glass fiber, and concrete. It exhibits properties such as moisture absorption, fire resistance, weather resistance, crack resistant, and durability. Such desirable properties of GFRC has led to persistent demand for various end-use applications. The global glass fiber reinforced concrete market is anticipated to expand at a CAGR of 10.3% over the forecast period of 2020-2027, asserts Market Research Future (MRFR) in its latest in-depth report. The market stood at USD 1.83 Bn in 2017, and after a thorough analysis of various parameters affecting the market, MRFR has projected the market to reach USD 3.35 Bn by the end of 2027.
The growth of the glass fiber reinforced concrete market is mainly substantiated by the construction industry. It is used for exterior facade panels, piping, decorative non-recoverable formwork and as architectural precast concrete. Advantages such as fire resistance, lightweight, high mechanical strength, aesthetic properties, and superior crack resistance make them highly desirable in the construction industry. Expansion of the construction industry is favoring the growth of the market. Rising intracultural activities in the developing nations along with renovation in the residential sector in developed economies has provided a boost to the GFRC market.
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GFRC provided enhanced flexibility in terms of design, which has raised its adoption. Moreover, GFRC facilitates the construction of safe and moisture resistant buildings. Growing concerns over global warming, climate change, and other environmental issues have significantly increased the demand for GFRC. GFRC is an eco-friendly building material, and growing construction of green buildings and green building initiatives in multiple countries is auguring well for the growth of the market.
Other factors substantiating the growth of the glass fiber reinforced concrete market include surging environmental awareness, rapid industrialization, and advancement in GFRC. Improvisation in terms of composition that has led to the development of thinner and lightweight GFRC which deliver enhanced performance is driving the demand for GFRC.
On the downside, the growth of the market can be hindered by low ductility of GFRC in comparison with steel reinforced concrete (SRC).
Segmentation
The global has been segmented based on process and application.
By process, the glass fiber reinforced concrete market has been segmented into spray, premix, and hybrid. The spray segment is dominating the market on account of its flexibility and superior performance. Spraying is a modern method of producing glass fiber reinforced concrete and is extensively used in the construction sector for multiple applications. Sprayed GFRC delivers enhanced ductility, which facilitates the usage of varied sized panels.
By application, the glass fiber reinforced concrete market has been segmented into commercial construction, residential construction, and civil & other infrastructure construction. The commercial segment is estimated to dominate the market over the forecast period.
Regional Analysis
By region, the glass fiber reinforced concrete market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas is the leading glass fiber reinforced concrete market. Rising residential, as well as commercial construction in the region, has provided an impetus to the growth of the market. The escalation in the level of awareness regarding environmental issues has led to the adoption of GFRC in the construction industry. Remodeling of residential structures in Mexico provides much boost in the market. The US and Canada are key contributors to the Americas market.
Europe accounts for a significant share of the global GFRC market. Increase in green building projects contributes majorly to the market growth.
The APAC GFRC market is estimated to showcase rapid growth over the forecast period. Rising disposable income and growth of the middle-class has led to increased investment in the real estate sector, which is augmenting the growth of the market. Moreover, fast-track industrialization and acceleration in commercial construction activities in the developing economies of the region is fostering the growth of the market. Moreover, the rise in environmental awareness also plays a crucial role in market growth.
Competitive Landscape
The eminent players in the glass fiber reinforced concrete market include Nanjing Beilida New Material System Engineering Co., Ltd. (China), Ultratech Cement Ltd. (India), Formglas Products Ltd. (Canada), Willis Construction Co., Inc. (U.S.), BB Fiberbeton (Denmark), Betofiber A.S. (Turkey), Low & Bonar (U.K.), Loveld (Belgium), Fibrex Construction Group (UAE), Clark Pacific (U.S.), and Stromberg Architectural (U.S.).
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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