Global Glass Fiber Reinforced Concrete Market is a type of fiber reinforced concrete which consists of a mixture of cement, sand, water, alkali-resistant glass fiber, and concrete. It is mainly used in construction industry for exterior facade panels, piping, decorative non-recoverable formwork and as architectural precast concrete. Glass Fiber Reinforced Concrete (manufacturers are increasingly focusing on the development of GFRC for residential construction, such as kitchen countertops, columns & capitals, roof cladding, wall panels, balusters, and so on. The increasing demand for light-weight, fire & weather resistant.
The Glass fiber reinforced concrete market was valued at USD 1.83 Billion in 2017 and is projected to reach USD 3.32 Billion by 2023, at a CAGR of 10.5% during the forecast period. Increasing demand for fire & weather resistance, design flexibility, dimensional stability, ease of handling and rapid installation is driving the growth of the GFRC market.
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Glass fiber reinforced concrete market is widely used in construction and repair of buildings.
They are used in construction of foundations, roofing, floors, walls, and windows. The construction sector of Canada has witnessed a positive growth in 2018, after two years of gradual decrease in construction output.
With the increase in investments from private and government sectors, the construction industry is expected to grow gradually over the forecast period.
“The residential construction application of the GFRC market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume.”
Glass fiber reinforced concrete is a composite material which is more preferred for external infrastructure due to several advantages such as fire resistance, lightweight, high mechanical strength, aesthetic properties and superior crack resistance. Increase in the number of construction projects in developed and emerging economies is also contributing to the growth of the GFRC market.
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The market for Glass Fiber Reinforced Concrete is constantly growing with the increasing adoption of green buildings. Green buildings are built by using environmentally viable and responsible processes.
People, especially in the U.S. and Europe, are awareness about green structure since many building certification programs like Leadership in Energy and Environmental Design (LEED) have been developed which contributes to the market growth of glass fiber reinforced concrete.
The Glass Fiber Reinforced Concrete market has been segmented on the basis of application as commercial construction, residential construction, and civil & other infrastructure construction. The commercial construction application is anticipated to lead the market of GFRC during forecast year in terms of volume as well as value.
GFRC provides many benefits like moisture absorption, fire resistance, weather resistance, crack resistant, and durability which contribute to the growth of the construction industry and aids to increase the demand for GFRC.
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This report is also expected to helps take holders understand their competitors and gain insights to improve their positions in the GFRC market. The competitive landscape section includes an ecosystem of competitors and detailed information on new product developments, expansions& investments, agreements/contracts, and mergers & acquisitions.
The report is expected to help market leaders/new entrants in the GFRC market in the following ways:
- This report segments the GFRC market and provides the closest approximations of revenues for the overall market and its sub segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides information on key drivers, restraints, challenges, and opportunities for the GFRC market.
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