PUNE, India, May 8, 2018 /PRNewswire/ --
The report "GFRG (Glass Fiber Reinforced Gypsum) Market by Type (Type X, Type C), Application (Interior and Exterior), End User (Residential and Non-Residential), and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow from USD 2.45 Billion in 2018 to USD 3.44 Billion by 2023, at a CAGR of 7.0% between 2018 and 2023.GFRG has good strength, good temperature resistance, and ease of rapid construction. However, the requirement of all the properties, such as high strength and good temperature resistance in building products increases their need in the construction industry. Hence, the increase of construction projects is one of the most significant factors projected to drive the GFRG Market.
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Based on type, the type X segment of the GFRG Market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume.
The GFRG Market is segmented on the basis of type into type X, type C, and others. The other type of GFRG includes mold & moisture resistance, abuse & impact resistance, and weather resistance, among others. The GFRG Market is led by the type X segment. Type X comprises glass fiber reinforced gypsum core. These fibers reduce the extent and severity of cracks in the board when exposed to fire, thereby increasing its performance. It is the most commonly used type, owing to its good fire resistance property and low cost.
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The non-residential end user segment is projected to lead the GFRG Market during the forecast period, in terms of value and volume.
GFRG are increasingly being used in residential and non-residential buildings. The non-residential end user segment is projected to lead the GFRG Market between 2017 and 2023, in terms of both, value and volume. Advantages of GFRG include visual attractiveness, fire resistance, sound absorption, good fatigue, and rapid installation. GFRG also offer several other benefits, such as moisture absorption, impact resistance, weather resistance, and durability, which, in turn, is contributing to the increased demand for GFRG in the building & construction industry.
Europe is estimated to be the largest market for GFRG in 2018, in terms of both value and volume.
Europe is estimated to be the largest market for GFRG in 2018. The growth of the Europe GFRG Market can be attributed to the growth of the building & construction industry and presence of well-established GFRG manufacturers, such as Gillespie (UK) in the region. Additionally, the increase in the number of residential and non-residential construction activities in various European countries is contributing to the growth of the Europe GFRG Market.
Key players operating in the GFRG Market include Continental Building Products (US), USG Corporation (US), American Gypsum (US), CertainTeed (US), American Gypsum (US), Knauf Danoline (Denmark), Saint-Gobain Gyproc (France), and Georgia-Pacific (US).
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