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Glass Fiber Reinforced Concrete Market - Forecast(2023 - 2028)
Glass Fiber Reinforced Concrete Market Overview
Glass Fiber Reinforced Concrete Market is estimated to reach
US$3.4 billion by the end of 2027 after growing at a CAGR of 8.3% during the forecast period 2022-2027.
Glass Fiber Reinforced Concrete (GFRC) is a type of fiber-reinforced concrete that
comprises of alkali
resistant glass fibers as its primary fibrous material along with a cementitious matrix.
Glass Fibers are synthetic
fibers that are used as an alternative to steel in cement mixtures to
obtain concrete that is much lighter and equally durable. The most common type
of process used to mix and manufacture GFRC is the spray-up process where a spray gun is used
to cut and spray glass fibers. Glass Fiber is renowned for its excellent
durability while also being lightweight and eco-friendly which makes it one of
the best alternatives.
COVID-19 Impact
Due to the COVID-19 Pandemic, there
was a steep decline in the Building & Construction Industry as there was a
lockdown implemented on many different countries and the opportunity for
business drastically decreased. For example, according to Eurostat, there was a
decrease in the production in Construction Industry by 25.4% in March and April
of 2020 in Europe. According to
CARE Ratings, Cement Production fell by a 0.9% in the First Quarter of 2020,
which accounts for a decrease of 4 million tonnes from 2019.
Similarly, there has been a decline in the market and production of the raw
materials for Glass Fiber Reinforced Concrete. Due to a decline in both the
production of raw materials and the demand of its End-Use Industry, the Glass
Fiber Reinforced Concrete Market also saw a decline. However, as the situation
improves globally, the Glass Fiber Reinforced Concrete market is slowly
recovering and so is predicted to show an increase in revenue at a steady rate
during the forecast period.
Report Coverage
The report: “Glass
Fiber Reinforced Concrete Market – Forecast (2022-2027)”, by IndustryARC,
covers an in-depth analysis of the following segments of the Glass Fiber
Reinforced Concrete Market.
By Type: Premix, Sprayed, Hybrids.
By Material: Cement, Polymer, Water, Fine Aggregate (Sand), Plasticizers, Alkali
Resistant (AR) Glass Fiber.
By Application: Landscaping, Foundation & Flooring, Roofing, Cladding
& Moldings, Façade, Countertops, Others.
By End-Use Industry: Building & Construction (Residential (Independent
Houses, Row Houses, Large Apartments), Commercial (Office Building, Hospital,
Restaurant, Retail, Others)), Infrastructure, Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany,
France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe),
Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand,
Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil,
Argentina, Colombia, Chile, and Rest of South America), Rest of the World
(Middle East, and Africa)
Key Takeaways
- North America holds the largest share in the Glass Fiber Reinforced Concrete Market in 2020. This is largely due to the increasing demand of the Building & Construction Industry in North America with most demand coming from United States of America.
- Glass Fiber Reinforced Concrete (GFRC) is used almost exclusively in Constructions and Infrastructures. Most common applications of GFRC are landscaping, foundations and flooring, cladding and moldings, and others.
- Due to its lightweight properties along with its durability and being eco-friendly, GFRC is becoming increasingly popular for landscaping.
Figure: North America Glass Fiber Reinforced Concrete Market 2021-2027 (USD $ Billion)
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Glass Fiber Reinforced Concrete Market Analysis – By Type
Sprayed type of GFRC holds the highest share in this
segmentation of the Glass Fiber Reinforced Market by 38% in 2021. The ease of
use of the spray gun makes it ideal for cutting and spraying glass fibers. Due
to this, the end-product shows excellent strength due to the high density and
length of the fiber. Cutting glass fibers to obtain long length tends to be
more tedious and expensive but provides much better strength when mixed with
cement. Hybrid Glass Fiber Reinforced Concrete is the least used type of GFRC
because it is technologically much harder to manufacture and is thus more
expensive.
Glass Fiber Reinforced Concrete Market Analysis – By Material
Cement holds the largest share in the Glass Fiber Reinforced
Market by 41% in 2021 followed by Fine Aggregate (Sand). It is estimated that the total cement
production in the world is 4,100,000 billion tons of which China accounts for
55% followed by India who accounts for 8%. However, according to the
International Finance Corporation, the global demand for cement is expected to
shrink by 3% year on year due to Covid-19. Glass fiber Reinforced Concrete
(GFRC) is comprised of various materials in its composite of which Cement and
Sand have the highest content, which is around 40%. The global cement
production in 2018 was estimated to be 4215 million tonnes according to the World
Cement Association with China dominating the market. The percentage of AR glass fiber is usually between 2-5% depending on the
manufacturing process, whether sprayed or premixed.
Glass Fiber Reinforced Concrete Market Analysis – By Application
Façade holds the highest share in the application of Glass Fiber
Reinforced Concrete (GFRC) in 2021 by 36%. GFRC is most commonly used as panels
on facades of buildings. Façade refers to the front appearance of a building
that integrates superior quality and design and sets a décor for the building.
However, the term ‘façade’ is now broadly being used to refer to any
predominantly vertical face of a building envelope. Glass Fiber Reinforced
Concrete provides both brilliant performance and aesthetics which is why it is
one of the best options for Facades. Some other common applications of GFRC are
landscaping, cladding & moldings, foundations & flooring, countertops
and more.
Glass Fiber Reinforced Concrete Market Analysis – By End-Use Industry
Buildings & Construction Industry holds the largest share
in the Glass Fiber Reinforced Market by 46% in 2021. GFRC is mainly utilized in
a variety of applications in the Construction Industry. GFRC is a much better
alternative to concrete due to it being lighter by almost 80% and retaining
equal durability. Many Original Equipment Manufacturers (OEM’s) are slowly
adopting GFRC in commercial and domestic constructions due to its excellent
properties. As of now, the Building & Construction Industry is on the rise
after a rough term due to COVID-19. The Global Alliance for Buildings and
Construction stated in their 2020 Global Status Report that the Buildings and
Construction industry in APAC, and China in particular, is witnessing a growth
of 4.4% per year while North America is growing at a rate of 1.2% and Europe at
2.3% per year. According to Invest India, the Construction
Industry is projected to reach $1.4 trillion by 2025. Hence the demand for Glass Fiber Reinforced Concrete is set to increase in demand as well.
Glass Fiber Reinforced Concrete Market Analysis – By Geography
North America holds the largest share in the Glass Fiber Reinforced Concrete Market by 38% in 2021. North America, especially the United States of America, has a high demand for concrete reinforcing fibers for buildings and constructions. Residential construction spending has constantly grown over the years and the demand for concrete reinforced with fibers is constantly on the rise. According to the United States Census Bureau, there were a total of 1.4 million constructions in June 2020 with an estimated annual rate of $1,355.2 billion. Glass Fiber Reinforced Concrete has many properties that make it desirable and noteworthy and as such, it is the growing at a fast rate in United States as well as North America as whole. As such, the demand for Glass Fiber Reinforced Concrete is highest in North America.
Glass Fiber Reinforced Concrete Market Drivers
Increasing Demand for Commercial, Civil and Residential Constructions:
The increasing demand for Buildings and Constructions, especially when it comes to big commercial projects like shopping malls, offices, theatres, restaurants etc. is one of the key factors driving the demand for Glass Fiber Reinforced Concrete. According to the Global Alliance for Buildings and Construction, the annual growth rate of construction was estimated to be around 2.6% in 2019 with Asia-Pacific, especially China, seeing an increase in the growth rate of 4.4% per year. Although the growth rate of the Construction Industry decreased in the year 2020 due to the COVID-19 Pandemic, it is forecasted to recover steadily in the coming years. With an increase in demand for the Building and Construction Industry, there is also an increase in the demand for Glass Fiber Reinforced Concrete market.
Lightweight, Durable and Eco-Friendly properties of Glass Fiber Reinforced Concrete:
Glass Fiber Reinforced Concrete is 80% lighter than regular concrete and is equally durable which is one of the main reasons why it is becoming a more preferred option over concrete. Glass Fiber Reinforced Concrete is also a much eco-friendlier option when compared to its alternatives. Glass Fiber Reinforced Concrete has a much lower carbon emission and due to its lightweight frame, requires much lower construction emissions. These reasons make Glass Fiber Reinforced Concrete much more desirable for use in public, domestic and commercial constructions.
Glass Fiber Reinforced Concrete Market Challenges
Expensive and lack of Longevity in comparison to Concrete:
Glass Fiber Reinforced Concrete is much more expensive in comparison to regular concrete. Ready Mix Concrete typically cost INR Rs. 5000/cubic meter (USD $66.4/cubic meter) in India whereas Glass Fiber Reinforced Concrete mix costs an average of INR Rs. 7000/cubic meter (USD $93/cubic meter). Other than that, Glass Fiber Reinforced Concrete loses its strength over a long period of time while regular concrete doesn’t. Due to this, Glass Fiber Reinforced Concrete must be renovated more frequently than regular concrete. These factors prove to be a challenge for the Glass fiber Reinforced Concrete Market.
Glass Fiber Reinforced Concrete Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Glass Fiber Reinforced Concrete Market. The key companies in the Glass Fiber Reinforced Concrete Market are:-
- Formglas Products Ltd.
- Ultratech Cement Ltd.
- Fibrobeton
- GRCUK
- BarChip Pty Ltd.
- Willis Construction Co. Inc.
- Clark Pacific
- Low & Bonar
- Betofiber A.S.
- Stromberg Architectural
Acquisitions/Launches
- On 30 April 2019, Adfil launched
new synthetic macro-fiber
based on an innovative polymer architecture which is being marketed under the
brand name Durus EasyShot. Durus EasyShot is tested to outperform both steel and synthetic fibers
when used in concrete mixes and is the new benchmark for reinforced shotcrete.
- On 3 June 2019, Low & Bonar announces to sell its construction fibers business, Adfil, to Adfil NV, owned by a Belgian Private Investor. The transaction was completed in July 2019 and it was sold so that Low & Bonar have reduced debt levels and invest in more profitable parts of their businesses.
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