Glass Fiber Reinforced Concrete (GFRC) Market: Introduction
- The global glass fiber reinforced concrete market (GFRC) is likely to expand significantly in the next few years, owing to the rise in concerns about environment conservation
- GFRC is produced using recycled and low toxicity raw materials including glass fibers, sand, cement, and water. It offers superior mechanical characteristics 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. Increase in awareness regarding the advantages offered by this concrete is estimated to augur well for the global market.
Key Drivers and Restraints of Glass Fiber Reinforced Concrete (GFRC) Market
- The global GFRC market is primarily driven by the increase in emphasis on green buildings, which are rated by the Leadership in Energy and Environmental Design (LEED). Other factors such as rapid urbanization and flourishing growth of the construction sector in emerging economies are also driving the market.
- GFRC offers numerous advantages; however, its lower ductility vis-à-vis SRC limit its widespread adoption. Capital intensive research and development leads to high costs. This, in turn, is hampering the market. Nevertheless, the market outlook appears bright in developing countries owing to the rise in emphasis on GFRC structural insulated panels and fire-retardant building materials. Furthermore, the advent of new technologies is expected to lower the cost of GFRC, thereby boosting its adoption in the near future.
Glass Fiber Reinforced Concrete (GFRC) Market: Segments
- The global GFRC market can be segmented based on type, application, and region
- In terms of type, the global GFRC market can be divided into premix, hybrid, and sprayed
- Based on application, the GFRC market can be classified into engineering, defense, architecture, and others. The architecture segment is expected to dominate the global market during the forecast period. GFRC is primarily used in landscaping, architectural cladding and moldings, roofing, walls, foundations, floors, and windows.
COVID-19 Impact on Glass Fiber Reinforced Concrete (GFRC) Market
- Emergence of the new COVID strain in many developed and developing countries has adversely affected the health care infrastructure. Hospital staff, medicines, oxygen beds, and ventilators are in short supply. Supply chains are facing disruptions, leading to disturbances in production activities in many countries. This is hampering the GFRC market.
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
Europe to Dominate Glass Fiber Reinforced Concrete (GFRC) Market
- In terms of geography, the global GFRC market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa
- The market in Europe is estimated to expand at a rapid pace during the forecast period, with the U.K. being a major revenue contributor. Growth of the market in the region can be ascribed to the rise in environmental concerns and strong growth of the construction industry.
- The market in Asia Pacific and Latin America is likely to flourish owing to the increase in mining and construction activities; and growth in disposable income of consumers in these regions
- The GFRC market in North America is anticipated to expand at a promising pace in the near future
- The GFRC market in Middle East & Africa is estimated to expand at a sluggish pace during the forecast period
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