Glass Fiber Reinforced Concrete Market (2020 - 2027)

Glass Fiber Reinforced Concrete Market Summary

The global glass fiber reinforced concrete market size was valued at USD 156.09 million in 2019 and is projected to reach USD 244.23 million by 2027, growing at a CAGR of 5.76% from 2020 to 2027. Rising demand for glass fiber in various commercial, residential, and civil constructions are anticipated to benefit market growth.

Product benefits including high tensile, flexural, and compressive strength are projected to promote its demand as a reinforcement material in concrete. This helps in increasing the strength of the concrete, thereby propelling its demand in the construction of countertops, fireplace surrounds, and others. The market in the U.S. is expected to exhibit high growth in the near future due to increasing remodeling and renovation activities in the residential construction sector. In addition, increased construction of single homes is likely to emerge as one of the primary factors fueling the demand for glass fiber reinforced concrete (GFRC), thereby fueling the market growth in the country.

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. The use of glass fibers in precast concrete helps in preventing or delaying crack propagation.

Expanding population and rapid urbanization and industrialization in the emerging economies are expected to drive governments to increase their construction spending to cater to the rising infrastructure needs. This, in turn, is projected to drive the demand for glass fiber reinforced concrete in various construction applications.

Product manufacturers are actively involved in the research & development pertaining to the production of glass fibers for reinforcing purposes and are laying increased emphasis on the production of advanced reinforcing glass fiber with varying sizes and properties. This is anticipated to boost product penetration across the construction industry.

Process Insights

The spray process segment led the market and accounted for 61.09% share of the global revenue in 2019 on account of rising demand from the construction industry. The ease in application of the fluid concrete mixture helps in speeding up the process, thereby propelling the segment growth over the forecast period.

The spray process makes use of a spray gun to apply the concrete. In addition, the gun cuts and sprays long glass fibers at the same time. The process creates concrete with excellent strength due to the use of high fiber load and the long length of the fiber. However, the high cost of the equipment is projected to limit its demand, thereby restricting the segment growth.

Shorter fibers are mixed with concrete and poured in molds or sprayed. The strength of the concrete is comparatively lower than that formed using the spray process due to the short length of the glass fibers. This is anticipated to restrict its demand across residential and commercial construction applications.

Glass fiber reinforced concrete is primarily used in developed economies, including the U.S. and the U.K., for constructing building wall panels. The lightweight of the product promotes its use in creating small decorative finishes in construction applications. However, these fibers are more likely to undergo loss of strength and severe damage, which is expected to limit their demand.

Application Insights

The commercial construction segment accounted for 47.28% share of the global revenue in 2019. The product helps manage cracks and reduce the permeability of the construction. Foundations, grade slabs, floorings, basements, and walls are the key application areas, where reinforcement of the concrete is required to increase the lifespan of these structures.

Civil and other infrastructural construction industries make use of GFRC to tackle the corrosion issues. It helps in repairing deteriorated beams and columns and strengthening structural components of bridges and other structures. The excellent crack resistance, load-bearing capacity, and impact resistance are likely to further propel its demand.

Rising demand for production and storage facilities, which require the use of good quality construction materials, is expected to have a positive impact on the segment growth. Furthermore, the product is expected to gain a significant demand from the residential and commercial segments on account of rising consumer spending capacity and changing government regulations.

Growth in renovation activities of residential and commercial buildings, which demand stable and rigid concrete for longer lifespan of structures, is projected to propel the product demand. In addition, rising demand for production and storage facilities, which require good quality construction materials, is expected to have a positive impact on the segment growth.

Regional Insights

North America held the largest share of 33.8% in terms of revenue in 2019. Demand for concrete reinforcing fibers in building and construction applications in North America is expected to witness growth due to growing residential and commercial construction in the U.S. In addition, consumers in the country are opting for advanced products with regard to the residential, commercial, and infrastructural construction sectors.

Residential construction in the region is significantly influenced by the efforts taken by the national governments to provide housing facilities to the growing population. Increasing efforts by certain independent government and parastatal agencies, such as INFONAVIT, PEMEX, and CONAVI, are likely to fuel the growth of residential construction, thereby fueling the regional GFRC market growth.

Asia Pacific is expected to expand at the fastest CAGR of 6.6% from 2020 to 2027 in terms of revenue owing to the expansion of the construction industry in the region. Construction companies in the region are increasingly entering into collaborations with esteemed fiber-reinforced concrete manufacturing companies, which is likely to boost the market growth.

Expansion of the residential, commercial, and industrial sectors due to sustainable economic growth in the region is expected to boost construction activities, thereby driving the product demand over the forecast period. The growing tourism sector in the region has propelled the demand for restaurants, resorts, and food chains, thereby driving the regional market growth.

Key Companies & Market Share Insights

The market for glass fiber reinforced concrete is highly competitive with the presence of a large number of multinational players across all the major economies. The companies operate through the manufacturing facilities at multiple locations with the distribution being carried out at several sales locations across the area of operation. Price differentiation forms an important part of the business strategy for the companies operating in the market as the price of the concrete varies in accordance with the price of the raw materials used for manufacturing reinforcing glass fibers. The price of the products manufactured in the market is also affected by the quantity purchased by the consumers. Some of the prominent players in the glass fiber reinforced concrete market include:

• Ultratech Cement Ltd.

• Formglas Products Ltd.

• Willis Construction Co. Inc.

• Clark Pacific

• Loveld

• Fibrex

• Betofiber A.S.

• Stromberg Architectural

• Bb Fiberbeton

• Generale Prefabbricati S.P.A.

Glass Fiber Reinforced Concrete Market