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The glass fiber reinforced concrete (GFRC) market size is forecast to increase by USD 406 billion at a CAGR of 4.3% between 2023 and 2028. The market is experiencing significant growth due to several key factors. The adoption of GFRC in precast construction is increasing, as it offers advantages such as reduced construction time and cost. Moreover, the unique composition of GFRC, which includes fiberglass, alkaline resistance, and water-resistant properties, makes it a popular choice in the construction industry. The material's versatility and ability to create architectural masterpieces, such as historical monuments, sculpted jharokhas, detailed cornices, majestic domes, gargoyle-like columns, and complex ornate designs, make it a popular choice among civil engineers and builders. Additionally, the sustainability aspect of GFRC is gaining traction, as it can be made using recycled materials. Furthermore, the versatility of GFRC allows for various color and texture options, making it an attractive choice for decorative panels. However, the availability of substitutes for GFRC may pose a challenge to market growth.
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Glass Fiber Reinforced Concrete (GFRC) is a specialized type of concrete that offers enhanced properties, making it a preferred choice for various construction applications. The unique composition of GFRC includes cement, sand, and glass fibers, which contribute to its high tensile strength, impact resistance, and moisture absorption capabilities. GFRC's lightweight quality is a significant advantage, enabling its use in creating artistic designs for wall panels, countertops, and other architectural elements. Its versatility extends to renovation work, where it can be used to restore and enhance the appearance of structures while maintaining their structural integrity.
Moreover, the use of GFRC in construction applications offers several benefits. Its high tensile strength makes it suitable for structures that require significant load-bearing capacity. Impact resistance is another essential attribute, making it ideal for areas prone to extreme weather conditions or high foot traffic. GFRC's moisture absorption is minimal, making it an excellent choice for areas with high humidity or water exposure. Its unique composition also provides alkaline resistance, ensuring its durability in various environments. Moreover, GFRC's color performance and texture are unparalleled, making it a popular choice for creating unique and visually appealing designs. Its sustainability is another factor driving its adoption, as it can be made using recycled materials, contributing to a greener construction industry.
Furthermore, GFRC's water-resistant properties make it an ideal choice for various applications, including outdoor structures, swimming pools, and water treatment plants. Its fiberglass reinforcement provides additional strength, making it a preferred choice for structures that require both aesthetic appeal and structural durability. In conclusion, Glass Fiber Reinforced Concrete (GFRC) is a versatile and durable construction material that offers several advantages over traditional concrete. Its unique composition, including glass fibers, cement, and sand, contributes to its high tensile strength, impact resistance, moisture absorption, and lightweight quality. The material's sustainability, recycled material usage, and unique design capabilities make it a popular choice for various construction applications.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The commercial construction segment is estimated to witness significant growth during the forecast period. In the global market, the commercial construction sector accounted for the largest share of the Glass Fiber Reinforced Concrete (GFRC) industry in 2023. GFRC is gaining popularity in the construction sector due to its numerous advantages over traditional concrete. These benefits include increased mechanical properties such as stiffness, torsional strength, ductility, and rotational capacity. GFRC is also lighter than conventional concrete, making it an attractive option for construction projects. Its flexibility in design and application is another reason for its increasing adoption. Historical structures like the Colosseum and Pantheon in Europe have demonstrated the durability of GFRC. OEMs are recognizing the potential of GFRC and are integrating it into commercial and residential construction projects.
Furthermore, the use of GFRC in construction is expected to grow significantly due to these factors. GFRC's mechanical properties make it an ideal choice for structural applications. Its tensile strength is comparable to that of steel reinforcing bars, making it a suitable alternative to steel reinforcement in certain applications. The adoption of GFRC is expected to increase as more contractors and builders become aware of its benefits. In conclusion, the commercial construction sector's dominance in the GFRC market is due to the material's superior mechanical properties, weight reduction, and flexibility in design and application. The increasing recognition of GFRC's benefits is expected to drive its adoption in the construction industry during the forecast period.
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The commercial construction segment accounted for USD 654.80 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing significant growth due to the rising demand in the construction, transportation, electronics, and electrical industries. The increasing per capita income in the region has led to a swell in construction activities, particularly in residential and commercial sectors. The United States, Canada, and Mexico are the major contributors to the market's revenue growth, owing to the thriving construction industry in these countries. GFRC's unique properties, such as high strength, durability, and low weight, make it an ideal choice for various applications in the construction sector. Additionally, the increasing trend towards sustainable and eco-friendly building materials is further boosting the market's growth.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The impact of precast construction leading to reduced construction time and cost is the key driver of the market. Glass Fiber Reinforced Concrete (GFRC) has gained significant traction in the US construction industry due to its ability to enhance architectural beauty in various projects. GFRC's unique properties, such as its lightweight and high-strength characteristics, make it an ideal choice for constructing intricate designs, including historical monuments, sculpted jharokhas, detailed cornices, majestic domes, gargoyle-like columns, and complex ornate designs. Precast GFRC components are manufactured in factories, allowing for efficient production and faster project completion. Simultaneous production of precast components, while foundation work is underway, reduces construction time and labor requirements.
Moreover, the use of GFRC minimizes the consumption of essential resources like cement, water, and energy, resulting in less waste generation at both the factory and construction sites. Modern construction techniques using GFRC can complete projects within a short time frame of four to eight weeks, making it a preferred choice over traditional on-site methods that often take twice the time for similar structures. The versatility of GFRC allows it to be used in various applications, including interior and exterior wall panels, columns, beams, and architectural details, making it a popular choice for both commercial and residential projects. GFRC's ability to create intricate designs and patterns, combined with its durability and low maintenance requirements, makes it a cost-effective solution for constructing architectural masterpieces. Its use in the construction industry is expected to continue growing, as more architects and contractors recognize the benefits of this innovative building material.
Increased use of GFRC in the construction industry is the upcoming trend in the market. The market exhibits steady growth due to several factors. One significant factor is the increasing demand for decorative panels with superior color performance and texture in residential construction. These panels offer unique compositions, combining the benefits of fiberglass, alkaline resistance, and water-resistant properties. Portland cement is a primary component of GFRC, making it a sustainable choice as it can be made using recycled materials. Economic indicators, such as a strong Gross Domestic Product (GDP), low unemployment rates, and stable housing prices, also contribute to the growth of the GFRC market. Additionally, the trend toward eco-friendly and energy-efficient building materials is driving the adoption of GFRC in the residential sector.
With its durability and aesthetic appeal, GFRC is an excellent investment for homeowners seeking long-term value and sustainability. Demographics, including population growth and age distribution, also impact the demand for housing units, leading to an increased need for GFRC in residential construction. As more countries urbanize and their populations age, the demand for affordable and sustainable housing solutions will continue to rise, making GFRC a valuable investment for builders and developers.
The availability of substitutes for glass fiber reinforced concrete is a key challenge affecting market growth. The market faces competition from alternative reinforcement materials like carbon fiber, basalt fiber, and natural fiber. These substitutes offer advantages such as high tensile strength, impact resistance, and lightweight quality, making them suitable for various end-user applications, including construction, automotive, wind turbines, consumer goods, and industries. Carbon fiber, for instance, is known for its superior strength, stiffness, and low density. It is often combined with other materials to create composites that are extensively utilized in construction, industrial automation, robotics, marine and aircraft interiors, electronics enclosures, and automotive applications.
GFRC's market growth may be influenced by its unique benefits, such as high tensile strength, impact resistance, and lightweight quality. However, the availability of these alternatives can pose challenges to GFRC's market penetration. GFRC manufacturers need to focus on innovation, cost-effectiveness, and customization to maintain a competitive edge in the market. Basalt fiber and natural fiber are also popular choices in the building and construction, automotive, and other industries due to their moisture absorption properties and artistic designs.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
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Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ASAHI BUILDING-WALL Co. Ltd: The company offers glass fiber reinforced concrete as glass blocks which are inlayed in the GRC to create punctured exterior wall.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Glass fiber reinforced concrete (GFRC) is an innovative construction material, known for its unique composition and superior mechanical properties. It is made by combining cement, sand, and Glass Fiber, resulting in a material with high tensile strength, impact resistance, and moisture absorption. GFRC's lightweight quality makes it an ideal choice for architectural projects requiring artistic designs, intricate details, and complex structures. Historical monuments and buildings, such as temples, palaces, and museums, have long benefited from GFRC's versatility. Its ability to replicate intricate designs, including sculpted jharokhas, detailed cornices, majestic domes, gargoyle-like columns, and ornate designs, makes it a popular choice for renovation work.
Furthermore, GFRC's unique properties make it suitable for various applications, including wall panels, countertops, fireplace surrounds, window surrounds, concrete furniture, and roofs. Its color performance and texture offer endless possibilities for creative designs, while its water-resistant and alkaline resistance qualities make it a durable choice for outdoor applications. GFRC's manufacturing methods involve the use of fine sand, ordinary Portland cement, and polymer or acrylic polymer, as well as water and admixtures such as silica fumes and superplasticizers. Its flexibility and resistance to alkali attack make it a superior alternative to traditional concrete and steel reinforcing bars in construction projects, including walls, dams, skyscrapers, and historical structures.
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Market Scope |
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Report Coverage |
Details |
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Page number |
134 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.3% |
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Market growth 2024-2028 |
USD 406 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.2 |
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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 35% |
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Key countries |
US, China, Germany, Canada, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ASAHI BUILDING-WALL Co. Ltd, BarChip Pty Ltd., BCM GRC Ltd., Betofiber AS, 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, and Ibstock Telling |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 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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