Glass Fiber Reinforced Concrete (GFRC) Market Worth 3.32 Billion USD by 2023
PUNE, India, June 7, 2018 /PRNewswire/ --
The report "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", published by MarketsandMarkets™, 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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Based on process, the hybrid process segment of the GFRC Market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume
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.
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The commercial construction application is projected to lead the GFRC Market during the forecast period, in terms of value and volume
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.
North America is estimated to be the largest market for GFRC in 2018, in terms of value
North America is estimated to be the largest market for GFRC in 2018. The growth of the North American GFRC Market can be attributed to the growth of the building & construction industry and presence of well-established GFRC manufacturers, such as Formglas Products Ltd. (Canada), Clark Pacific (US), Willis Construction Co., Inc. (US), Stromberg Architectural (US), and various others in the region. Additionally, increase in the number of residential and commercial construction activities in the US and Canada is contributing to the growth of the North American GFRC Market.
Key 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).
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