Glass Fiber Reinforced Concrete Market to Grow at 3.6% CAGR by 2030
Consistent growth in Global Glass Fiber Reinforced Concrete (GFRC) due to surge in building & construction sector, urbanization &rising demand for ‘green building’ are expected to drive the growth of Glass Fiber Reinforced Concrete (GFRC) industry during the forecast period.
Global Glass Fiber Reinforced Concrete (GFRC) Market is expected to grow at a CAGR of 3.6% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Glass fiber reinforced concrete (GFRC) comprises of cement or concrete mixed with glass fibers. GFRC is an amalgamation of glass fibers, polymer emulsions, cement, and few other components. GFRC has few distinct properties such as high compressive strength as well as tensile strength which make it a primary choice in building & construction sector. Light weight and high flexural strength and very high strength-to-weight ratio are few of its definitive characteristics.
According to the report, there has been a constant growth in Glass fiber reinforced concrete (GFRC) market owing to its vivid applications in the building & construction sector. The booming demand of ‘Green Buildings’ rated by Leadership in Energy and Environmental Design (LEED) is the prime factor propelling the market growth. Additionally, the rise in demand of safe and moisture resistant buildings has propelled due climatic changes lead by various environmental issues and global warming. Urbanization and development of global economy are few other factors driving the market growth.
However, the low ductility of GFRC as compared to steel reinforced concrete (SRC) is a major factor hampering the market growth. Consequently, the robust of technological advancements is anticipated to curtail the prices and boost the Global Glass Fiber Reinforced Concrete (GFRC) Market growth.
Based on process, Global Glass Fiber Reinforced Concrete (GFRC) market is segmented into spray, premix and hybrid. Spray segment dominates the Global Glass Fiber Reinforced Concrete (GFRC) market and will be dominant during the forecast period.
Based on application, the Global Glass Fiber Reinforced Concrete (GFRC) market is segmented into commercial construction, residential construction and civil & other Infrastructure construction. The commercial construction segment dominates the market growth in terms of market share and expected to maintain its dominance over the forecast period.
North America holds the highest market size & share in the Global Glass Fiber Reinforced Concrete (GFRC) Market during the forecast period, owing to the constant rise of its construction industry and growing focus towards sustainable development. Europe holds the second leading position in the Global Glass Fiber Reinforced Concrete (GFRC) market in terms of size mainly due to environmental concerns. Asia Pacific and Latin American markets are flourishing 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.
According to the report, some the key players in the Global Glass Fiber Reinforced Concrete (GFRC) market are Ultratech Cement Ltd., Formglas Products Ltd., Willis Construction Co., Inc., Clark Pacific, Loveld, Propex Operating Company LLC, HUESKER, Low & Bonar, BarChip Pty Ltd, GRCUK.
Browse key industry insights from the report, “Global Glass Fiber Reinforced Concrete (GFRC) Market by Process (Spray, Premix, Hybrid), by Application (Commercial, Residential, Civil and Other Infrastructure Construction) - Global Opportunity Analysis and Industry Forecast, 2020-2030” in detail along with the table of contents:
Key Insights from the ASEAN Air Compressor Market Report:
- North America is the fastest growing region in Global Glass Fiber Reinforced Concrete (GFRC) market owing to accelerated financing to construct climate-resilient infrastructure.
- Spray segment dominates the market growth in terms of industry vertical and is expected to grow at a significant CAGR to maintain the lead till 2030.
- Some of the major players in the market 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.
- The report Global Glass Fiber Reinforced Concrete (GFRC) market– Segmented by process, application, and geography.
About Next Move Strategy Consulting
Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.
We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services provide an excellent client experience and ensure right strategic decision making for businesses.