Market Trends of Glass Fiber Reinforced Concrete (GFRC) Industry
This section covers the major market trends shaping the Glass GFRC Market according to our research experts:
The Architecture Segment is Expected to Dominate the Market
GFRC panels are ideally suited for recladding the exterior facades of existing buildings due to their high strength, lightweight, and ability to reproduce the look of a wide variety of cladding materials.
Floor slabs in buildings, either load-bearing or framed, can also be constructed using GFRC panels.
For roofing hardware, like finishes, ridges, and chimneys, GFRC can be molded into complicated forms. With a strong impact force, it is non-combustible and can be used on all forms of the roof.
In residential and commercial buildings, molded GFRC components, such as window sills, window surrounds, cornices, door portals, and columns, will add decoration while still serving practical needs.
The growing construction industry is expected to drive the demand for GFRC through the forecast period. For instance, the global construction industry was valued at about USD 12.9 trillion in 2021, with a growth rate of about 3.2%, compared to the previous year.
Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.
The North American Region is Expected to Dominate the Market
The North American construction industry has been largely dominated by the United States and Canada.
The United States plans to invest USD 2 trillion in infrastructure, housing, building construction, and other projects, as this initiative provides many opportunities for the construction industry.
The COVID-19 pandemic severely impacted the country, but low mortgage rates, limited existing inventory, and government protection against forbearance and foreclosure are expected to offer support for market recovery. Several construction projects are underway to help resupply the economy, including projects in the residential, institutional, industrial, and infrastructure sectors.
Construction remains a pivotal industry in Canada, contributing 7.5% of Canada's gross domestic product. However, the sector is still hampered by the rising prices of raw materials, ongoing labor shortages, and schedule and price increases brought on by the widespread disruption to global supply chains.
Overall, North America is expected to dominate the market in the coming years.
