Press release
Glass Fiber Reinforced Concrete (GFRC) Market Is Projected To Expand At A Healthy Growth Rate By 2025
Market Research Future (MRFR)
The “Global Glass Fiber Reinforced Concrete (Gfrc)” report published by Market Research Future (MRFR), reasons out the impact of certain forces on the market. As studied by MRFR proficient analysts, the glass fiber reinforced concrete global market is likely to thrive at about 10% CAGR by 2023. The glass fiber concrete reinforced market 2020 to experience a sharp rise due to rapid tangibility of mega infrastructural and smart city projects across the globe. The ease of procurement of materials used for the fabrication of fiber reinforced concrete, such as sand, cement, alkali-resistant glass fiber, water, and concrete can support the expansion of the market.
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The application of glass fiber reinforced concrete in construction for exterior facade panels, decorative non-recoverable formwork, piping, and as architectural precast concrete can entail the rise of its market. The high utility of glass fiber reinforced concrete external infrastructure due to benefits, such as lightweight, fire resistance, aesthetic properties, high mechanical strength, and superior crack resistance can improve the momentum of its global market. MRFR recorded the market to value at USD 1.83 Bn in 2017. By 2023, the glass fiber reinforced concrete estimate is at about USD 3.35 Bn. The growing awareness about environment compatible building and construction materials and rise in favor of green buildings can give glass fiber reinforced concrete a competitive edge, thus prompt its market expansion.
Segmental Study
The glass fiber reinforced concrete market study is based on application and process.
The process-based segments of the GFRC market are hybrid, spray, and premix. The spray process segment can register the highest growth rate across the review period. The segment surge can be attributed to ultimate performance and flexibility offered by GFRC. A high count of end users prefer spray process owing to its better performance and utility different construction applications. The rapid replacement of traditional hand sprayed production methods with GFRC can improve the rise of the glass fiber reinforced concrete market. Sprayed GFRC has offers superior ductility and finds place in numerous building activities.
The application-based segments of the GFRC market are residential construction, commercial construction, and civil and other infrastructure construction. The rise in glass fiber reinforced concrete utility for commercial construction applications can prompt the growth of its market. GFRC provides many benefits like fire resistance, durability, weather resistance, moisture absorption, and crack resistant advantages of GFRC can benefit its market.
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Regional Analysis
North America glass fiber reinforced concrete market to head the global market growth curve. The rise in the regional market is predicted due to the increase in glass fiber reinforced concrete for residential and commercial construction applications. Another factor that can prompt the market in North America is rise in environmental concerns. Canada is likely to contribute to the sharp rise in growth of the North American GFRC market. The growing demand for houses remodelling can spur the market growth in Mexico. In Asia Pacific, the growth of the glass fiber reinforced concrete market in future can be due to rise in disposable income and expansion of the construction sector. The GFRC market in India is observed to witness remarkable growth.
Key Players
MRFR listed some notable players of the glass fiber reinforced concrete market. They are; Fibrex Construction Group (UAE), Willis Construction Co., Inc. (U.S.), 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).
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