The global glass fiber reinforced concrete market (GFRC) is likely to gain significant momentum in the coming years, owing to the rising concerns about environment conservation. GFRC is produced using recycled and low toxicity raw materials including glass fibers, sand, cement, and water. They offer superior mechanical characteristics as compared to traditional building materials such as steel reinforced concrete (SRC). GFRC is durable, lightweight, and long lasting, thereby reducing the maintenance and transportation costs associated with its usage. The growing awareness regarding the advantages offered by this concrete is estimated to augur well for the growth of the global market.
The report provides an in-depth analysis of the various critical parameters of the global GFRC market. It presents a detailed description of the market dynamics including trends and opportunities. It serves as an essential source of analysis and information regarding the competitive landscape of the global GFRC market. It profiles the key companies operating in the market along with their business strategies, market shares, cost and revenue structure, and latest developments. It also takes into account a SWOT analysis that discloses the anticipated trajectory each key company will experience. For a coherent understanding, the report has segmented the market on the basis of various criteria including geography and application.
The global GFRC market is primarily driven by the increasing emphasis on green buildings, which are rated by the Leadership in Energy and Environmental Design (LEED). The rising penetration in end-use industries is fuelling the market. Other factors such as rapid urbanization and flourishing growth of the construction sector in emerging economies are working in favor of the growth of the market.Despite the numerous advantages offered by GFRC, its lower ductility as compared to SRC is limiting its widespread adoption. Moreover, the capital intensive research and development leads to the high final cost, which in turn is hampering the growth of the market. Nevertheless, the market looks bright in developing countries owing to increasing emphasis on GFRC structural insulated panels and fire-retardant building materials. Furthermore, the advent of new technologies are expected to reduce the cost of GFRC, thereby boosting its adoption in the near future.
On the basis of geography, the global GFRC market can be segmented into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. The Europe region is estimated to expand at a brisk pace over the forthcoming years, with the U.K. being a major revenue contributor. The growth of this region can be attributed to the rising environmental concerns and the robust growth of the construction industry. Asia Pacific and Latin America are likely to flourish owing to the increasing mining and construction activities and rising disposable income of consumers. The market for GFRC in North America is anticipated to expand at a promising rate in the near future.