Glass fiber reinforced concrete market is predicted to grow by a CAGR of 10.3% during the forecast year. GFRC is a mixture of cement, water, fine aggregate, chemical admixture, and alkali resistant glass fiber. It is an environmentally friendly material which consumes low energy and natural raw materials. A variety of products are made from GFRC and it has been a popular choice of architects, engineers, designers, and end users owing to its appearance and cost parameters. GFRC can easily be used on architectural moldings and features, cladding & landscaping. It can also be used in constructing roofs, floors, walls, windows of buildings. GFRC panels are lightweight, easily transported, and resistant to mechanical damage that’s why it is highly used in modular buildings as well.
Increase in the number of construction projects in the developed or developing countries act as a driving factor for glass fiber reinforced concrete (GFRC) market. Due to attributes like weather and fire resistance, GFRC is preferred in the construction industry. Furthermore, increasing industrialization, rapid urbanization, changing lifestyle, and growth in spending capacity are some other factors driving the growth of the GFRC market. Industries such as tour & traveling is also fueled because of changing lifestyle of consumers and growth in their spending capacity which drives the hospitality industry. Many hotels and resorts are constructed by using GFRC which helps in the growth of GFRC market.
Market Research Analysis:
On the basis of geography, the market of GFRC is segmented into the Americas, Europe, Asia Pacific, the Middle East, and Africa. North America is expected to be the largest market for GFRC with the presence of leading manufacturers of GFRC such as Formglas Products Ltd. (Canada), Clark Pacific (U.S.), Willis Construction Co., Inc. (U.S.) and Stromberg Architectural (U.S.). Whereas, Asia Pacific is anticipated to be the fastest growing market for GFRC in terms of value and volume. The reason for growth for this market is increasing construction activities and rising disposable income of consumers. The market for modular construction is also increasing in Asia Pacific which drives the market of GFRC due to lightweight & easily transported quality. Furthermore, the rising demand for eco-friendly and sustainable construction and government support on the same is expected to fuel the market growth. Several initiatives undertaken by the governments to promote the development of smart cities which also contribute to the growth of the GFRC market in the APAC region. People of developed countries, especially in America and Europe, are more aware about green structure and are getting increasingly inclined to adopt GFRC because of its eco-friendly properties. There is an association in U.K based on Glass Fiber Reinforced Concrete named as “The International Glassfibre Reinforced Concrete Association (GRC)” which has about 80 members across 25 different countries. It exchanges knowledge and experience regarding GFRC and promotes GFRC in all its valid applications which is also expected to be a reason for the growing market of GFRC in these regions.
Scope of the report
This study provides an overview of the global glass fiber reinforced concrete market, tracking one market segment across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific (APAC) and the rest of the world (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global glass fiber reinforced concrete market by its process, application, and region.
The key players of global Glass Fiber Reinforced Concrete market includes Willis Construction Co., Inc. (U.S.), Fibrex Construction Group (UAE), Formglas Products Ltd. (Canada), Clark Pacific (U.S.), Ultratech Cement Ltd. (India), Betofiber A.S. (Turkey), BB Fiberbeton (Denmark), Nanjing Beilida New Material System Engineering Co., Ltd. (China), Stromberg Architectural (U.S.), Low & Bonar (U.K) and Loveld (Belgium)