Impact of Covid-19 Outbreak on Glass Fiber Reinforced Concrete Market

Glass fiber reinforced concrete, aka GFRC, is one type of fiber reinforced concrete that comprises a mixture of water, sand, cement, concrete, and alkali-resistant glass fiber. It is primarily used in the construction industry for the purpose of decorative non-recoverable formwork, piping, exterior façade panels, and architectural precast concrete. It is a composite material and is mostly preferred for external infrastructure as it offers a wide array of advantages. It is lightweight, fire resistant, holds aesthetic properties, boasts high mechanical strength, and has a superior crack resistance.

The global market for GFRC is expected to garner a CAGR of 10.3% over the forecast period and surpass its previous valuation of USD 1.83 billion in 2017 and reach a projected figure of USD 3.35 billion by the end of the forecast period. Growing awareness concerning eco-friendly buildings and construction is majorly boosting the growth of the market. Add to this, increasing adoption of green buildings is also helping the market growth to accelerate in a consistent manner. The changing consumer lifestyle has prompted consumers to incline towards new design and architecture, thereby boosting the growth of the market. However, on the other hand, the low ductility level of glass fiber reinforced concrete compared to steel reinforced concrete can be a major factor restraining the growth of the market in the forthcoming years.

Market Segmentation

The global glass fiber reinforced concretemarket has been segmented in terms of type and applications.

By process, the market segments into premix, hybrid, and spray. The spray segment of the market holds the highest share percentage and is expected to spearhead the market standings in the forthcoming years as well. The growth of the segment can be attributed to its unmatched performance level and flexibility. A vast array of end-users prefer using spray process for GFRC as offers better performance and boasts usage across different applications in the construction sector. This process is a modern methodology of producing GFRC and can be used for the purpose of replacing the conventional hand sprayed production methods.

By application, the market breaks down into residential construction, commercial construction, and civil & other infrastructure construction. The commercial construction segment of the market dominates the market with the maximum share percentage and is anticipated to retain its lead during the forecast period.

Regional Analysis

The glass fiber reinforced concrete market is geographically segregated across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. In North America, the market is estimated to flourish and contribute to the growth of the global market. The region leads the global market with the highest share and is expected to continue its stay at the top of the market standings in the forthcoming years as well. This can be primarily attributed to the increasing number of commercial and residential constructions in America. The growth of the North American regional market can also be attributed to countries like Mexico and Canada. Elsewhere, the market in Asia Pacific is growing at a rapid pace. This is primarily due to the growing construction industry and the rising disposable income of the consumers. Add to this, the expected market growth herein can also be attributed to the number of smart city projects that are being initiated by the government.

Competitive Landscape

The global glass fiber reinforced concrete market comprises a host of key players. This includes names likeUltratech Cement Ltd. (India),Formglas Products Ltd. (Canada),Stromberg Architectural (U.S.), Low & Bonar (U.K.), Willis Construction Co., Inc. (U.S.), Fibrex Construction Group (UAE),Nanjing Beilida New Material System Engineering Co., Ltd. (China),Clark Pacific (U.S.), Betofiber A.S. (Turkey), BB Fiberbeton (Denmark),and Loveld (Belgium).

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.