Glass Fiber Reinforced Concrete (GFRC) Market

Market Definition:

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.

The unique properties of GFRC such as its high compressive and tensile strength make it a primary choice. Also, its flexural strength can be as high as 4000 psi. It is light weight as compared to regular concrete and has a very high strength-to-weight ratio. Panels constructed from GFRC are much thinner than concrete panels, making them lighter. Its internal reinforcement, easy consolidation and smooth surface finish are a bonus to its many advantages.

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 driving 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 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.

Market Segmentations and Scope of the Study:

The global glass fiber reinforced concrete 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) industry 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 the glass fiber reinforced concrete (GFRC) market because of the technological advancements which are estimated to affirmatively affect the cost factor.

Competitive Landscape:

The global glass fiber reinforced concrete (GFRC) industry is highly competitive and consists of numerous market players. Some of the major market players are Willis Construction Co., Inc., Fibrex Construction Group, Formglas Products Ltd., Clark Pacific, Ultratech Cement Ltd., Bitofiber A.S, BB Fiberbeton, Loveld, Low and Bonar, Stromberg Architectural.

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.

KEY BENEFITS:

• The glass fiber reinforced concrete market report provides quantitative market analysis and estimations through 2020-2030 that assists to determine the predominant market opportunities to exploit.

• The study comprises a deep drive analysis of the global market trends including current and upcoming trends for interpreting the prevalent investment pockets in the market.

• The report gives intricate information related to key drivers, restraints, opportunities and their impact on the global market. The report consolidates a competitive analysis of the market players along with their market share in the global market.

• The study elaborates SWOT analysis and Porters Five Force model for the global market.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles in the global market.

Glass Fiber Reinforced Concrete Market Key Segments:

By Process

• Spray

• Premix

• Hybrid

By Application

• Commercial Construction

• Residential Construction

• Civil & Other Infrastructure Construction

By Region

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Italy

  • Germany

  • Spain

  • Netherlands

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Taiwan

  • Vietnam

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East 

  • Africa

Key Players

• Willis Construction Co., Inc.

• Fibrex Construction Group

• Formglas Products Ltd.

• Clark Pacific

• Ultratech Cement Ltd.

• Bitofiber A.S

• BB Fiberbeton

• Loveld

• Low and Bonar

• Stromberg Architectural

Report Scope and Segmentation: