January 06, 2021
According to the research report titled ‘Global Glass Fiber Reinforced Concrete (GFRC) Market Size study with COVID-19 impact, by Process (Spray, Premix and Hybrid), by Application (Commercial Construction, Residential Construction and Civil & Other Infrastructure Construction) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global glass fiber reinforced concrete market accounted for USD 2.19 billion in 2019 and is likely to experience a CAGR of 10.5% during 2020-2027.
Increasing construction activities worldwide, and wide application scope of the product in renovation of building, bridges & tunnels, water & drainage works, mainly due to its corrosion resistant properties and high tensile strength are the factors majorly fueling the growth of global glass fiber reinforced concrete market.
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According to National Investment Promotion & Facilitation Agency, India construction industry is recorded to witness a growth rate of 5.6% during 2016-2020, as compared to 2.9% during 2011-2015. Similarly, Germany construction industry reached a valuation of USD 571.51 billion in 2016, surging from USD 427.84 billion in 2010.
Notably, glass fiber reinforced concrete is used for development of exterior facade wall panels, fire surrounds, vanity tops, and concrete countertops.
However, economic slowdown in major regions is hampering the market growth. Also, rising prevalence of covid-19 pandemic has plunged individual disposable income, while also disrupting renovation & construction activities, thereby, negatively impacting the global glass fiber reinforced concrete industry growth.
From a regional frame of reference, North America market is projected to record significant growth during the study period, mainly due to rise in demand for corrosion-resistant materials. Whereas, APAC glass fiber reinforced concrete market size is anticipated to witness substantial boost over 2020-2027, owing to increasing construction activities in the region.
Major players operating in global glass fiber reinforced concrete market sphere include Loveld nv, Formglas Holdings Inc., Willis Construction Co. Inc., Fibrex Construction Chemicals Pvt. Ltd., Nanjing Beilida New Material System Engineering Co. Ltd., Clark Pacific Corp., Betofiber Yapi Elemanlari, UltraTech Cement Ltd., Stromberg Architectural Products Inc., and BB Fiberbeton AS.