Global Glass Fibre Reinforced Concrete (GFRC) Market Report and Forecast 2023-2028
According to the report by Expert Market Research (EMR), the global glass fibre reinforced concrete (GFRC) market is projected to grow at a CAGR of 10% between 2023 and 2028. Aided by the rising demand for durable and lightweight construction materials and the increasing applications of GFRC in various sectors, the market is expected to grow significantly by 2028.
Glass Fibre Reinforced Concrete (GFRC) is a high-strength composite material made of cement, glass fibres, aggregates, and water. It offers multiple benefits, including excellent durability, lighter weight compared to traditional concrete, and great flexibility in design. Furthermore, GFRC has superior resistance to weathering, cracking, and catastrophic failure, making it an attractive choice in various construction projects, including commercial buildings, residential homes, civil and infrastructure constructions.
The global glass fibre reinforced concrete (GFRC) market growth is primarily driven by the increasing consumer preference for durable and lightweight construction materials. With the mounting awareness of the advantages of using lightweight and strong materials in construction, there has been a significant shift towards the use of GFRC, leading to a surge in demand for GFRC-based products. Additionally, the trend towards sustainable and green construction has further contributed to the rising popularity of GFRC, as it is made of sustainable materials and possesses excellent energy efficiency.
The expanding applications of GFRC in different sectors are also significantly propelling the glass fibre reinforced concrete (GFRC) market expansion. In the commercial industry, GFRC is used in the construction of buildings due to its excellent strength-to-weight ratio, design flexibility, and durability. The residential sector utilises GFRC in various applications, from exterior façades to landscaping elements, owing to its versatility and aesthetics.
Further, technological advancements and continuous product innovation play a critical role in boosting the glass fibre reinforced concrete (GFRC) market development. Developments such as the integration of nanomaterials and the use of advanced manufacturing techniques have improved the performance characteristics of GFRC, including its strength and durability. These innovations are expected to attract more users and stimulate market growth.
Finally, the growing demand for fire-resistant construction materials in the building and construction industry has led to an increased focus on GFRC as a viable solution. With the rise in stringent building codes and the increasing emphasis on safety, GFRC has emerged as a critical material in the formulation of fire-resistant construction products, thereby boosting the glass fibre reinforced concrete (GFRC) market expansion.
The market can be divided based on material type, application, and region.
Market Breakup by Material Type
Market Breakup by Application
- Cladding and Mouldings
- Foundations and Floors
- Walls and Windows
- Permanent Formwork
- Utilities and Water Management
- Bridges and Tunnels
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global glass fibre reinforced concrete (GFRC) companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- BarChip Pty Ltd.
- Chiltern GRC Ltd
- Formglas Products Ltd
- Pennine Stone Ltd
- BetoFibre Yapi Elemanlari
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.