New York, June 15, 2021 (GLOBE NEWSWIRE) — Glass fiber reinforced concrete (GFRC or GRC) is a material comprising Portland cement and sand used in the creation of ornamental concrete, countertops and artificial rocks. It can be used in custom designs by spraying the mixture into a mold and vibrating it into a solid mixture. The high strength and lightness of the mixture make it suitable for decorative pieces. The global glass fiber reinforced concrete market is expected to grow at a CAGR of 10.3% over the forecast period, according to the latest report from Market Research Future (MRFR). A huge demand for sustainability can strongly influence market demand.
The global fiberglass reinforced concrete market is expected to witness high demand owing to the awareness of environmentally friendly materials and the need for sustainable development. Constructing green buildings using sustainable methods and complying with the latest building laws can bode well for the market. High levels of consumer awareness in the United States and Europe can greatly favor the market. The flexible designs made possible by the GFRC along with the recognized Leadership in Energy and Environmental Design (LEED) certification can encourage builders to undertake projects with concrete.
The changing tastes of customers’ interiors and inclination towards new styles of architecture may strengthen the global fiber reinforced concrete market. The use of material in professional and personal stages of construction amid the awareness of green materials can strengthen market demand. On the other hand, the demand for weatherproof infrastructure has opened up new avenues for the market.
But the high prices of GFRC and the lack of skilled workers to handle the material may hamper the growth of the market.
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Impact of COVID-19
The COVID-19 outbreak has negatively affected the GFRC market due to supply chain disruptions resulting in construction delays. The shutdown of production units has affected the timelines of various major projects, with many reluctant to continue until vaccine development. Work stoppages due to worker precautions and quarantine measures may continue to engulf the market.
The GFRC industry holds exhibitions and events every year to showcase the latest offerings and allow players to gauge the competition. At a recent conference hosted by the PCI Convention with the Precast Show and the National Precast Concrete Association in 2021, industry players had gathered to discuss the scope of GFRC panels and its new perspectives in designs. architectural. The use of premixed GFRC mixtures to speed up the construction process and save time in construction will be widely used after the pandemic.
Additive printing or 3D printing is an upcoming method adopted by building builders to develop GFRC components. These components can be manufactured for use in modular construction, building renovations, and creating exterior claddings. Compliance with government regulations relating to the environment, labor shortages, and strategies to deal with supply chain disruptions may drive this method in the years to come. Branch Technology recently created facades and building envelopes for the Tennessee Valley Federal Credit Union’s newest building.
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By process, spraying segment may lead the global GFRC market during the forecast period. This is attributed to the preference of sprays by various construction companies due to its performance and flexibility. GFRC can be molded into an exterior or interior cladding in a wide range of finishes and textures.
By application, the commercial application is bound to lead the market due to the huge demand for malls and commercial spaces. Exterior facade makeovers can be done using GFRC due to its flexibility and efficiency. The addition of door portals, cornices, window frames and other components provides a lot of opportunities for the fiberglass reinforced concrete market. On the other hand, residential demand may be lucrative due to renovation of roofs, ridges, and other surface finishes.
North America is considered the leader in the global GFRC industry due to a surge in commercial and residential construction projects. Growing environmental concerns and customer awareness may be favorable to the market. Efforts made by customers to choose low-carbon materials, coupled with customers’ renovation plans, can play an important role in stimulating regional market demand. The repair of old buildings and the construction of new houses can lead to an upsurge in fiberglass reinforced concrete. According to the Federal National Mortgage Association, the construction of residential homes is expected to surge by the end of 2021. Both public and private sector investment in the construction industry can significantly increase market demand.
On the other hand, Asia-Pacific is expected to witness a strong growth rate over the forecast period owing to rising levels of disposable income from customers and nations’ infrastructure projects. Rising middle class incomes, population growth and urbanization have paved the way for the growth of the GFRC market. Programs encouraging low-cost housing and demand for open land, hotels, shopping malls, and high-rise buildings can bode well for the growth of the regional market.
Browse In-Depth Market Research Report (125 Pages) on Global Fiberglass Reinforced Concrete Market
Ultratech Cement Ltd., Fibrex Construction Group, Betofiber AS, Willis Construction Co., Inc., BB Fiberbeton, Nanjing Beilida New Material System Engineering Co., Ltd., Low & Bonar, Stromberg Architectural, Clark Pacific, Formglas Products Ltd., and Loveld are leading players in the global fiberglass reinforced concrete market.
The market is highly competitive due to the presence of various multinational corporations allying themselves with construction companies to capture major shares. The establishment of franchises in metropolitan areas with the aim of extending their presence has been the major strategy of these players. Price differentiation is also sought after by companies looking to sell their products.
Chapman Taylor Architects clad the offices of the German Aerospace Center using GFRC in a black and copper colored facade. GFRC facades were designed by Rieder Group, Austria.
Global Fiberglass Reinforced Concrete Market Will Sustain Through Renovation of Old Houses
The global fiberglass reinforced concrete market is set to grow due to the urbanization of cities and housing needs for new migrants. GFRC contains advantages of compressive strength, flexibility and high tensile strength and is used in commercial and residential projects. The growing demand for sustainable living has propelled the demand for GFRC in all construction projects. Changing building codes and huge demand from conscious customers may bode well for the market.
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