The report of Global Glass Fiber Reinforced Concrete Market by Process (Spray, Premix and Hybrid)Application(Architecture, Civil Construction, Engineering, Commercial, Residential, Building, Defense and Others) and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ 6.21 Bn by 2027, at a CAGR of 11.8% during a forecast period.
The global glass fiber reinforced concrete market is driven by the rise in demand for corrosion-resistant materials, the use of recycled material for production, and reduced construction time and cost. However, an economic downturn in major regions, instability in raw material price, and availability of substitute materials in the market may restrain the market growth at the global level. Growing new construction projects in developing countries like China and India are projected to create beneficial growth opportunities for key players in the market.
Application segment is expected to grow at the highest CAGR of XX% during the forecast period.
By the application segment, the residential construction sector is expected to dominate the glass fiber reinforced concrete market over sub-segment. Main focus of GFRC producers to develop residential construction includes roof cladding, kitchen countertops, capital and columns, and many more. The collective demand for fire and weather resistant,lightweight, and design flexible building materials for the residential construction zone is anticipated to drive the residential construction application segment of the market.
The North America region dominated the Glass Fiber Reinforced Concrete Market in 2019.
Regionally, North America is expected to witness the noticeable growth during the forecast period. Development in availability of raw material in this region expected to fuel the market growth in the coming years. Industrialization and development in technology in developed country like US and Canada, further growth and demand from the various end-users like architecture, aerospace, civil construction, defence industries will fuel the market growth by the 2027.
Major Key player’s executing in the Global Glass Fiber Reinforced Concrete Market are, GB Architectural Cladding Products Ltd, FibrobetonYapıElemanları, Fibrex Construction Group BCM GRC Ltd, Glass Reinforced Concrete UK Ltd, Surecrete Design Products, Betofiber A.S, Blueconcrete, CHENG Concrete, Formglas Products Ltd, Fishstone, Frey-Fil Corporation, Loveld Nv, Pennine Stone Ltd, Telling Ltd, HUESKER, Low & Bonar, BarChip Pty Ltd, GRCUK.
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