Glass Fiber Reinforced Concrete Market Trends 2021 | Segmentation, Outlook, Industry Report to 2030

The Global Glass Fiber Reinforced Concrete (GFRC) Market size is estimated to be USD 153.03 Million in 2019 and is predicted to reach USD 226.04 Million by 2030 with a CAGR of 3.6% from 2020-2030.

The Global GFRC Market held a volumetric turn-over of 45.55 kilotons in 2019 that is expected to level-up to 72.93 kilotons by 2030, witnessing a CAGR of 4.4% from 2020-2030.

Glass fiber reinforced concrete (GFRC) is a specialized type of concrete mixed with glass fibers. GFRC constitutes of AR glass fibers, acrylic polymer emulsions, cement, sand, pozzolan (VCOS), admixtures and color-dry. Glass fiber reinforced concrete is mostly used for construction, cladding and re-cladding of architectural buildings.

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Competitive Landscape

The Global Glass Fiber Reinforced Concrete (GFRC) market is highly competitive and consists of numerous market players. Some of the major market players are Ultratech Cement Ltd., Formglas Products Ltd., Willis Construction Co., Inc., Clark Pacific, Loveld, Propex Operating Company LLC, HUESKER, Low & Bonar, BarChip Pty Ltd and GRCUK.

There have been various developments taking place in the market that further enhance the growth of Glass Fiber Reinforced Concrete (GFRC) Market on a large scale.. For instance, Green Badger which is a carbon neutral company with a premier cloud based LEED certification software solution claims majority of the population in year 2020 is seeking to have buildings (both new and existing) go beyond reducing energy/climate impact to actually being regenerative, and being positive for both occupants and their communities. Such implementations are estimated to propel the future market growth. Furthermore, In May 2020, the global technology group, Freudenberg acquired 100 percent of the shares in Low & Bonar PLC (a global leader in high-performance), London, United Kingdom. Such acquisitions ensure that the International standards won’t be merely satisfied but exceeded and therefore will immensely enhance the market growth.

Market Dynamics and Trends

GFRC was first created in the 1940s in Russia, but it wasn’t until the 1970’s that the current form came into widespread use for building façades. Since then, the application of GFRC in construction projects has been increasing and drives the market growth. The rise in awareness for green buildings rated by LEED (Leadership in Energy and Environmental Design) is a major factor driving the Glass fiber reinforced concrete (GFRC) market growth.

Other factors such as acceleration of urbanization and growth of emerging economies further boost the market growth. However, low ductility and high cost due to ongoing R&D might restrain the market growth. Moreover, the intensification of technological advancements is estimated to curtail the prices of GFRC and hence accelerate its adoption in future.

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Market Segmentations and Scope of the Study:

The global Glass Fiber Reinforced Concrete (GFRC) Market share has been analyzed based on process, application and geography. Based on process, the market is segmented into spray, premix and hybrid. Based on application, the market is segmented into commercial construction, residential construction and civil & other Infrastructure construction. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America represents higher adoption of GFRC because of the constant rise of its construction industry and hence is estimated to have the highest market share in the global Glass Fiber Reinforced Concrete (GFRC) market during the forecasted period. Furthermore, the European region is estimated to expand mainly due to environmental concerns. Asia Pacific and Latin American markets are bound to flourish because of rising disposable income.

The emerging economies, especially Asia-Pacific region shall witness an increasing size of Glass Fiber Reinforced Concrete (GFRC) market because of the technological advancements which are estimated to affirmatively affect the cost factor.

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