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The glass fiber reinforced concrete (GFRC) market share is projected to surge to USD 600.55 million by 2026 at a progressing CAGR of 6.16%. This research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
The report extensively covers glass fiber reinforced concrete (GFRC) market segmentation by the following:
The glass fiber reinforced concrete (GFRC) market report also offers information on key market vendors, including ASAHI BUILDING-WALL Co. Ltd, BarChip Pty Ltd., BCM GRC Ltd., Chiltern GRC Ltd., Dalian Shantai New Industrial Co. Ltd., Domcrete GFRC Countertop Supplies, Fibrobeton Yapi Elemanlari, Fishstone Studio Inc., Formglas Products Ltd., GB Architectural Cladding Products Ltd., Glass Reinforced Concrete UK Ltd., Pennine Stone Ltd., Shanghai Zhuoou Building Decoration Engineering Co. Ltd., Smooth On Inc., SureCrete Design Products, Ibstock Telling, and Betofiber AS among others.
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The reduced construction time and cost is notably driving the glass fiber reinforced concrete (GFRC) market growth, although factors such as availability of substitutes may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the glass fiber reinforced concrete (GFRC) industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Glass Fiber Reinforced Concrete (GFRC) Market Driver
One of the key factors driving the global glass fiber reinforced concrete (GFRC) market growth is the reduced construction time and cost. Reduction in time also results in a reduction of human labor, which leads to cost-saving. Unlike cast-in-situ construction, precast uses fewer resources such as cement, fiber reinforcement, water, energy, and human labor, thereby generating less waste in the factory and construction sites. Precast construction allows parts of an entire building to be made even before the completion of the foundation for the same. Improved quality and productivity, shortened construction time, and reduced waste generation makes this type of construction method cheaper, making it preferable for end-users. Such factors will drive the growth of the market in focus during the forecast period.
Key Glass Fiber Reinforced Concrete (GFRC) Market Trend
Increased use of GFRC in the construction industry is one of the key GFRC market trends that is expected to impact the industry positively in the forecast period. The following key factors drive the growth in investments made in the residential sector:
Key Glass Fiber Reinforced Concrete (GFRC) Market Challenge
One of the key challenges to the global glass fiber reinforced concrete market growth is the availability of substitutes such as carbon fiber, basalt fiber, and natural fiber.
The increased usage of these substitutes may limit the market growth in the coming years.
This glass fiber reinforced concrete (GFRC) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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41% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for glass fiber reinforced concrete (GFRC) in North America. Market growth in this region will be faster than the growth of the market in South America and MEA.
The significant increase in the demand for GFRC in construction, transportation, and electronics and electrical industries will facilitate the glass fiber reinforced concrete (GFRC) market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
Widespread efforts, including the temporary closure of non-essential businesses, event cancellations, travel restrictions, quarantines, and other disruptive actions, were implemented by several countries in the region to prevent the disease from spreading. All these factors negatively impacted the operations of GFRC manufacturing units in the region. Although residential construction was reduced due to the COVID-19 pandemic in 2020, which negatively affected the GFRC market, growth is expected to pick up in the first half of 2022 and continue during the forecast period. The construction sector of Canada witnessed progress in 2021. The construction industry is expected to grow gradually during the forecast period due to the increase in investments from the private and government sectors.
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The glass fiber reinforced concrete (GFRC) market share growth by the commercial construction segment will be significant during the forecast period. The adoption of GRFC in commercial construction is increasing due to its benefits, which include the following:
This report provides an accurate prediction of the contribution of all the segments to the growth of the glass fiber reinforced concrete (GFRC) market size and actionable market insights on post COVID-19 impact on each segment.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the glass fiber reinforced concrete (GFRC) market encompasses successful business strategies deployed by the key vendors. The glass fiber reinforced concrete (GFRC) market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The glass fiber reinforced concrete (GFRC) market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Technavio categorizes the global glass fiber reinforced concrete market as a part of the global construction materials market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the glass fiber reinforced concrete (GFRC) market during the forecast period.
Our report provides extensive information on the value chain analysis for the glass fiber reinforced concrete (GFRC) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Glass Fiber market - The market size is expected to grow by $ 3.79 bn and record a CAGR of 5.22% during 2021-2025.
Glass Fiber Reinforced Plastic (GFRP) market - The market share is expected to increase by USD 7.68 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.35%.
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Glass Fiber Reinforced Concrete (GFRC) Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.16% |
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Market growth 2022-2026 |
$ 600.55 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.2 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key consumer countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ASAHI BUILDING-WALL Co. Ltd, BarChip Pty Ltd., BCM GRC Ltd., Chiltern GRC Ltd., Dalian Shantai New Industrial Co. Ltd., Domcrete GFRC Countertop Supplies, Fibrobeton Yapi Elemanlari, Fishstone Studio Inc., Formglas Products Ltd., GB Architectural Cladding Products Ltd., Glass Reinforced Concrete UK Ltd., Pennine Stone Ltd., Shanghai Zhuoou Building Decoration Engineering Co. Ltd., Smooth On Inc., SureCrete Design Products, Ibstock Telling, and Betofiber AS |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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