GRC Cladding Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 12.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
GRC Cladding Market Analysis
The size of GRC Cladding Market is USD 2.9 billion in the current year and is anticipated to register a CAGR of over 12% during the forecast period. 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 cladding 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 cladding. Such lower demand from the commercial and residential construction sectors is expected to hinder the demand for GRC Cladding products during the short term.
- Over the short term, the increased emphasis on green buildings (LEED ratings) and superior mechanical characteristics are expected to drive the market's growth. In the United Kingdom, building regulations state that the materials used for external wall construction or wall cladding should not be a medium for spreading fire. Both US and UK have stringent guidelines on whether cement formulations can run the risk of combustion. This increase the need for a more fire-resistant material for wall cladding.
- GRC is effective at fire resistance and incombustibility because the mix's special blend of polymers and fibers makes it impermeable, weather-resistant, and fire-retardant. GRC has many different advantages that come with its use over other materials. It is a truly amazing cement alternative that is lighter, stronger, more flexible, more durable, and just as fire-resistant.
- GRC, which is water and sound-insulated due to its nature, provides thermal insulation with the application of rock wool. This property may lead to increased demand in regions with extreme weather conditions. Larger GRC products, like building cladding panels, are manufactured using a spray. Sprayed GRC is generally stronger than premix vibration-cast GRC.
GRC Cladding Market Trends
This section covers the major market trends shaping the GRC Cladding Market according to our research experts:
United States is Expected to Dominate the Market
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 support market recovery. Several construction projects are underway to help resupply the economy, including residential, institutional, industrial, and infrastructure projects.
The growing awareness and increased emphasis on green buildings drive the market. LEED is a United States-based council that certifies a building based on the energy consumed, energy requirements for operation, and environmental impact. Residential construction in this region is significantly influenced by the efforts taken by the national governments to provide housing facilities to the growing population.
The market in the United States is expected to exhibit high growth shortly due to increasing remodeling and renovation activities in the residential construction sector. Remodeling expenditure in the United States amounted to USD 353 billion in the first quarter of 2021. Moreover, new home construction output in the US private sector reached over USD 776 billion in 2021, the second year of strong growth in a row. This trend is also reflected in the number of housing units authorized by building permits, where the Dallas-Fort Worth-Arlington metropolitan in Texas experienced some of the highest residential construction output in the country.
Increasing demand for fire and weather resistance, design flexibility, dimensional stability, ease of handling, and rapid installation is driving the growth of the GFRC cladding.
Rise in Construction Industry Spending
The rapidly growing construction industry, increasing technological advancements in the construction sector, and advantages offered by precast concrete, such as reduced cost and time and easy installations, are contributing to the growth of the precast concrete market. Using glass fibers in precast concrete helps prevent or delay crack propagation.
The construction industry grew to a spending value of close to 12 trillion U.S. dollars before the coronavirus pandemic and is expected to grow by three percent per annum. This includes building projects in real estate(either residential or commercial) but also in infrastructure or industrial structures.
India was the country with the most infrastructure projects in development or execution, valued at over USD 25 million as of May 2022. In contrast to India's 1,944 construction projects, the United States had 1,866 such projects, and China with 1,175. Power facilities made up most of the new private infrastructure construction in the United States.
However, as of May 2022, the three most expensive infrastructure projects currently under development were in Europe and the United States. The United States has one of the world's largest construction industries, and the total value of new construction has grown since the global recession.
Construction activity is anticipated to increase due to the expansion of the residential, commercial, and industrial sectors brought on by continuous economic growth, which will ultimately drive the GRC Cladding market demand over the forecast period. In addition, increased construction of single homes is likely to emerge as one of the primary factors fueling the demand for the glass fiber-reinforced concrete cladding market globally.
GRC Cladding Industry Overview
The report covers major international players operating in the GRC Cladding market. The market is highly fragmented, with large companies claiming significant market share. Several key players engage in collaborations, innovations, business expansion, awards and recognition, and other strategies to improve their offerings and remain competitive in the market.
Moreover, players are involved in mergers to capture a major market share. For instance, in early 2022, BB fiberbeton concrete merged with two British fiber concrete companies, Syntec GRC, and Synergies Moulds. This merger consolidates BB fiberbeton's position as the leading fiber concrete producer in Europe, with production in Denmark and England.
Some of the key players in the GRC Cladding Market are UltraTech Cement Ltd, Clark Pacific, BB Fiberbeton, Asahi Building-wall Co., Ltd., Willis Construction Co. Inc., Loveld, Fibrobeton, GB Architectural Cladding Products Ltd, Ibstock Telling, BCM GRC Limited, etc.,
GRC Cladding Market Leaders
BB fiberbeton
Fibrobeton
Clark Pacific
Willis Construction
Chiltern GRC
*Disclaimer: Major Players sorted in no particular order
GRC Cladding Market News
- May 2022: Willis Construction, one of the leading Architectural Precast Concrete manufacturers and installers in the Western United States, completed a recent project size is 35,000 SF / 167 Panels of Glass Fiber Reinforced Concrete and was awarded the 2022 PCI National Merit Award for the Contra Costa Administration Building Project.
- September 2021: BB fiberbeton concrete merged with two British fiber concrete companies, Syntec GRC, and Synergies Moulds. This merger consolidates BB fiberbeton's position as the leading fiber concrete producer in Europe, with production in Denmark and England.
GRC Cladding Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights into Supply Chain/Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Government Regulations and Initiatives
4.7 Technological Trends
4.8 Impact of Covid-19 on the Market
5. MARKET SEGMENTATION
5.1 By Process
5.1.1 Spray
5.1.2 Premix
5.1.3 Hybrid
5.2 By Application
5.2.1 Commercial Construction
5.2.2 Residential Construction
5.2.3 Civil and Other Infrastructure Construction
5.3 By Region
5.3.1 North America
5.3.2 Europe
5.3.3 Middle East and Africa
5.3.4 Asia-Pacific
5.3.5 Latin America
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company profiles
6.2.1 UltraTech Cement Ltd
6.2.2 Clark Pacific
6.2.3 BB Fiberbeton
6.2.4 ASAHI BUILDING-WALL CO. LTD
6.2.5 Willis Construction Co. Inc.
6.2.6 Loveld
6.2.7 Fibrobeton
6.2.8 GB Architectural Cladding Products Ltd
6.2.9 Ibstock Telling
6.2.10 BCM GRC Limited*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. APPENDIX
GRC Cladding Industry Segmentation
GRC cladding, also known as glass fiber reinforced concrete, is a highly versatile cladding product made up of numerous ingredients and elements, including fiberglass. By molding GRC concrete into thin, lightweight panels, it can be shaped and altered into a variety of different and extensive structures. This makes it one of the ideal options for alternative prefabricated cladding.
The GRC cladding market is segmented by process(spray, premix, and hybrid), by application(commercial construction, residential construction, civil and other infrastructure construction), and by region(North America, Europe, Middle East, and Africa, Asia-Pacific, and Latin America). The report offers market size and forecasts for the GRC Cladding market in value (USD billion) for all the above segments.
| By Process | |
| Spray | |
| Premix | |
| Hybrid |
| By Application | |
| Commercial Construction | |
| Residential Construction | |
| Civil and Other Infrastructure Construction |
| By Region | |
| North America | |
| Europe | |
| Middle East and Africa | |
| Asia-Pacific | |
| Latin America |
GRC Cladding Market Research FAQs
What is the current GRC Cladding Market size?
The GRC Cladding Market is projected to register a CAGR of greater than 12% during the forecast period (2024-2029)
Who are the key players in GRC Cladding Market?
BB fiberbeton, Fibrobeton, Clark Pacific, Willis Construction and Chiltern GRC are the major companies operating in the GRC Cladding Market.
Which is the fastest growing region in GRC Cladding Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in GRC Cladding Market?
In 2024, the North America accounts for the largest market share in GRC Cladding Market.
What years does this GRC Cladding Market cover?
The report covers the GRC Cladding Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the GRC Cladding Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GRC Cladding Industry Report
Statistics for the 2024 GRC Cladding market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GRC Cladding analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
