SAN FRANCISCO, Sept. 15, 2020 /PRNewswire/ -- The global glass fiber reinforced concrete market size is expected to reach USD 244.2 million by 2027, expanding at a CAGR of 5.76% from 2020 to 2027, according to a new report by Grand View Research, Inc. The rising demand for non-corrosive materials in the construction industry is projected to propel the demand for glass fiber reinforced concrete (GFRC).
Key suggestions from the report:
- The spray process segment accounted for a 61.09% share of the total revenue in 2019. The ease in implementation of the process is projected to benefit its demand
- The commercial construction application segment was valued at USD 73.79 million in 2019. Rising product use in commercial buildings helps manage cracks and reduce the permeability of the construction, which is likely to fuel the segment growth
- Asia Pacific is projected to expand at the fastest CAGR of 6.6% from 2020 to 2027 in terms of revenue owing to significant investments by most governments in the expansion of railway, highway, and road infrastructure and residential construction in the region
- China accounted for the largest share in the Asia Pacific market in 2019 on account of rapid urbanization in the country
- North America held the largest revenue share in 2019 owing to the increasing penetration of fiber-reinforced concrete in the construction industry.
Read 106 page research report with ToC on "Glass Fiber Reinforced Concrete Market Size, Share & Trends Analysis Report By Process (Spray, Premix, Hybrid), By Application, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/glass-fiber-reinforced-concrete-market
Rising use of glass fibers to create fireplace surrounds, façade wall panels, vanity tops, fireplace surrounds, and concrete countertops owing to their unique properties and tensile strength is anticipated to benefit the demand for glass fiber reinforced concrete. In addition, increasing technological advancements in the construction sector are likely to fuel the GFRC market growth.
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 GFRC in various construction applications.
Glass fibers reinforced concrete panels are comparatively thinner than the traditionally used concrete panels. In addition, a high dose of glass fibers leads to excellent tensile strength while high polymer content makes the concrete flexible and resistant to cracking. This is anticipated to fuel market growth.
Grand View Research has segmented the global glass fiber reinforced concrete market on the basis of process, application, and region:
- Glass Fiber Reinforced Concrete Process Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Glass Fiber Reinforced Concrete Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Commercial Construction
- Residential Construction
- Civil & Other Infrastructure Construction
- Glass Fiber Reinforced Concrete Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Central & South America
- Middle East & Africa
- List of Key Players of Glass Fiber Reinforced Concrete Market
- Ultratech Cement Ltd.
- Formglas Products Ltd.
- Willis Construction Co. Inc.
- Clark Pacific
- Betofiber A.S.
- Stromberg Architectural
- Bb Fiberbeton
- Generale Prefabbricati S.P.A.
Find more research reports on Advanced Interior Materials Industry, by Grand View Research:
- Construction Composites Market – The global construction composites market size was estimated at USD 4.68 billion in 2016. Construction industry, environmental-friendly and low-maintenance products, is expected to fuel the demand for the product over the forecast years.
- Kaolin Market – The global kaolin market size was valued at USD 4.36 billion in 2019 and is anticipated to expand at a revenue-based CAGR of 3.3% in terms of revenue from 2020 to 2027.
- Glass Fiber Reinforced Plastic Piping Systems Market – The global Glass Fiber Reinforced Plastic piping systems market size was estimated at USD 1.69 billion in 2017, registering a CAGR of 5.5% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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