Glass Fiber Reinforced Concrete (GFRC) Market worth 3.32 Billion USD by 2023 | Key players Ultratech Cement Ltd., Clark Pacific, Loveld, Fibrex, Betofiber A.S.

According to recent market research "Glass Fiber Reinforced Concrete (GFRC) Market by Process (Spray, Premix, and Hybrid), Application (Commercial construction, Residential Construction and Civil & Other Infrastructure Construction), and Region - Global Forecast to 2023", The GFRC market is projected to grow from an estimated USD 2.01 Billion in 2018 to USD 3.32 Billion by 2023, at a CAGR of 10.5% between 2018 and 2023. GFRC offers fire & weather resistance, design flexibility, and ease of handling and rapid construction. In addition, the inherent properties, such as high temperature resistance in building products are expected to lead to an increase in demand in the construction industry. Hence, the rise in construction projects is one of the significant factors projected to drive the GFRC market.

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The GFRC market is segmented on the basis of process into spray, premix, and hybrid. The GFRC market is led by the spray process segment. The manufacture of hybrid GFRC is a technologically advanced process, which is expected to lower the labor input, thereby decreasing production cost. The process is at a nascent stage and is expected to grow at a high CAGR during the forecast period.

GFRC is increasingly being used in the residential and commercial construction application. The commercial construction application is projected to lead the GFRC market between 2018 and 2023, in terms of both, value and volume. GFRC offers several benefits, such as fire resistance, moisture absorption, weather resistance, and durability, which, in turn, is contributing to the increasing demand for GFRC in the construction industry.

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Glass Fiber Reinforced Concrete (GFRC) is a cement based concrete material which is reinforced with alkali resistant glass fibers. GFRC can be formed into thin sectioned light-weight elements and used as pre-cast that can be customized into a multitude of finishes, textures, and shapes according to requirement. These are used in interior as well as exterior applications. The applications of GFRC include commercial construction, residential construction, and civil & other infrastructure construction. The GFRC market is projected to reach USD 3.32 Billion by 2023, at a CAGR of 10.5% between 2018 and 2023.

Key players operating in the GFRC market work on high numbers of projects to strengthen their market positions.

Formglas (Canada), one of the leading manufacturers with a strong product portfolio, provides GFRC for various projects for ceilings, domes, walls, columns, and light covers. The company has recently worked on various large projects, namely, headquarters of the American International Group (US), Legoland (US), building of Park Place Technologies (Canada), Philadelphia Convention Center (US), Conestoga Mall (Canada), and many others. The company has a well-established brand name and has undertaken various projects across the globe.

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Major players operating in the GFRC market include Ultratech Cement Ltd. (India), Formglas Products Ltd. (Canada), Willis Construction Co., Inc. (US), Clark Pacific (US), Loveld (Belgium), Fibrex (UAE), Betofiber A.S. (Turkey), Nanjing Beilida New Material System Engineering Co., Ltd. (China), Stromberg Architectural (US), and BB Fiberbeton (Denmark). These companies have a strong presence in the GFRC market and are continuously undertaking efforts to improve their business strategies and product portfolios.

Willis Construction Co., Inc. (US) is one the leading market players and has worked on various projects across the globe. The company has worked on projects, such as Citrus Tower Corporate Plaza (US), Corona Pointe Office Complex (US), Crown City Plaza (US), and several such buildings built by the company using GFRC.

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