Market Size of Glass Fiber Reinforced Concrete (GFRC) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 9.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Glass Fiber Reinforced Concrete (GFRC) Market Analysis
The glass fiber reinforced concrete (GFRC) market is projected to register a CAGR of over 9% during the forecast period (2022 - 2027).
The outbreak of COVID-19 is likely to bring several short-term and long-term consequences in various industries, including a major impact on the construction industry, which may affect the glass fiber reinforced concrete market. Work interruptions due to lockdown measures imposed by governmental authorities negatively affected the commercial, residential, infrastructural, and institutional sectors, decreasing the demand for glass fiber reinforced concrete. Such lower demand from the commercial and residential construction sectors is expected to hinder the demand for GFRC during the short term.
Over the short term, the increased emphasis on green buildings (LEED ratings), superior mechanical characteristics of GFRC (high strength-to-weight ratio), and the use of recycled material for the production of GFRC are expected to drive the market's growth.
Premium pricing of GFRC, lack of ductility, and the lack of availability of skilled labor are expected to hinder the growth of the market.
Emphasis on using fire-retardant building materials and the growing popularity of GFRC structural insulated panels are likely to act as opportunities for the market during the forecast period (2022 - 2027).
