Glass Fiber Reinforced Concrete Market to cross USD 5.35 Billion by 2027 | Market Research Future (MRFR)

·6 min read

Key companies profiled are Willis Construction Co., Inc. (U.S.), Fibrex Construction Group (UAE), 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)., among others.

New York, June 15, 2021 (GLOBE NEWSWIRE) -- Glass fiber reinforced concrete (GFRC or GRC) is a material comprising Portland cement and sand used in creating ornamental concrete, countertops, and artificial rocks. It can be used in customized designs by spraying the mixture into a mold and vibrated to achieve a strong mixture. The high strength and light weight of the mixture makes it apt for decorative pieces. The global glass fiber reinforced concrete market is set to display 10.3% CAGR over the forecast period, according to the latest report by Market Research Future (MRFR). Huge demand for sustainable development can influence the market demand heavily.

Market Scope

The global glass fiber reinforced concrete market is set to experience heavy demand owing to awareness of eco-friendly materials and need for sustainable development. Construction of green buildings using viable methods and compliant with latest building laws can bode well for the market. High consumer awareness levels in the U.S. and Europe can favor the market greatly. Flexible designs made possible by GFRC as well as recognized certification from Leadership in Energy and Environmental Design (LEED) can encourage builders to take up projects with the concrete.

Changing tastes of interiors of customers and inclination towards new styles of architecture can bolster the global glass fiber reinforced concrete market. Use of the material in professional and personal stages of construction amid the awareness of green materials can bolster the market demand. On the other hand, the demand for weather resistant infrastructure has opened up new avenues for the market.

But premium prices of GFRC and lack of skilled workers for handling the material can hamper the market growth.


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COVID-19 Impact

The COVID-19 outbreak has negatively affected the GFRC market owing to disruptions in supply chain causing delays in construction. Shutdown of production units has affected the schedules of various large projects with many hesitating to continue till the development of vaccines. Work stoppages owing to worker precautions and quarantine measures can continue to engulf the market.

Industry Trends

The GFRC industry annually organizes exhibitions and events to display the latest offerings and lets the players assess the competition. At a recent conference hosted by the PCI Convention with the Precast Show and National Precast Concrete Association in 2021, industry players had congregated to discuss on the scope of GFRC panels and its new prospects in architectural designs. Use of pre-mixed GFRC blends for expediting the construction process and save time in construction will be in heavy use after the pandemic.

Additive printing or 3D printing is an upcoming method adopted by real estate builders for developing GFRC components. These components can be fabricated for use in modular construction, renovation of buildings, and creation of exterior claddings. Compliance with government regulations pertaining to environment, labor shortages, and strategies to tackle supply chain disruptions can lead to this method in the coming years. Recently, Branch Technology created facades and building envelopes for Tennessee Valley Federal Credit Union’s newest building.


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Segmentation

By process, the spray segment can lead in the global GFRC market over the forecast period. This is attributed to the preference of sprays by various construction companies due to its performance and flexibility. GFRC can be molded into exterior or interior cladding in a wide range of finishes and textures.

By application, the commercial application is bound to lead the market owing to huge demand for shopping malls and commercial spaces. Recladding of exterior facades can be done using GFRC owing to its flexibility and efficiency. Addition of door portals, cornices, window surrounds, and other components provides a lot of scope for the glass fiber reinforced concrete market. On the other hand, the residential application can be lucrative owing to renovation of roofs, ridges, and other surface finishes.

Regional Analysis

North America is touted to lead the global GFRC industry owing to a sharp rise in commercial and residential construction projects. Rising environmental concerns and awareness among customers can be favorable to the market. Efforts taken by customers on choosing materials that emit low carbon levels coupled with remodeling plans of customers can play a large role in driving the regional market demand. Repair of old buildings and construction of new homes can lead to an upsurge in glass fiber reinforced concrete. According to the Federal National Mortgage Association, construction of residential homes is likely to take a leap by the end of 2021. Investments from government and private sectors in the construction sector can push the market demand significantly.

On the flip side, Asia-Pacific is likely to elicit a strong growth rate during the forecast period owing to rising disposable income levels of customers and infrastructural projects of nations. Rise in middle-class incomes, population growth, and urbanization has paved the way for the GFRC market growth. Schemes encouraging low-cost housing and demand for open grounds, hotels, shopping malls, and high-rise buildings can bode well for the regional market growth.


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Competitive Analysis

Ultratech Cement Ltd., Fibrex Construction Group, Betofiber A.S., Willis Construction Co., Inc., BB Fiberbeton, Nanjing Beilida New Material System Engineering Co., Ltd., Low & Bonar, Stromberg Architectural, Clark Pacific, Formglas Products Ltd., and Loveld are prominent players of the global glass fiber reinforced concrete market.

The market is highly competitive owing to presence of various multinational companies allying with construction firms to capture large shares. Establishment of franchises in metropolitan cities in a bid to expand their presence has been the major strategy of these players. Price differentiation is also pursued by companies looking to sell their products.

Industry News

Chapman Taylor Architects has clad the offices of German Aerospace Center using GFRC in a black and copper colored façade. The GFRC facades were designed by Rieder Group, Austria.

Global Glass Fiber Reinforced Concrete Market to Sustain by Renovation of Old Houses

The global glass fiber reinforced concrete market is poised to expand owing to urbanization in cities and need for housing units for new migrants. GFRC contains benefits of compressive strength, flexibility, and high tensile strength and used in commercial and residential projects. Rising demand for sustainable living has propelled the demand for GFRC in all construction projects. Change in building codes and huge demand from aware customers can bode well for the market.


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