- Rapid industrialization and the growing need for energy saving in residential applications are the drivers for the growth of the market
- Market Size – USD 2.66 Billion in 2019, Market Growth - CAGR of 6.9%, Market Trends – High demand from emerging economies
NEW YORK, June 22, 2020 /PRNewswire/ -- The global Glass Fiber Reinforced Gypsum (GFRG) market is forecast to reach USD 4.41 Billion by 2027, according to a new report by Reports and Data. GFRG is widely used in construction applications. GFRG applications include columns, moldings, ceiling, light coves, medallions, domes, capitals, fireplace surrounds, and custom shapes. Examples of applications where the GFRG cannot be used include fountains and swimming pools because of its weakness against moisture. GFRG is considered an architectural material that can be used to improve the decorative quality of its environment. Typical construction applications where it is used include residential construction, office construction, and commercial construction, such as casinos, hotels, and theaters. GFRG is available in several forms, like panels, parts, or as a powder. Panels are considered to be the most widely used form of GFRG.
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GFRG offers several advantages. The most crucial benefit of using gypsum is its flame-retardant nature because it is a mineral and does not burn. Besides, it acts as a thermal regulator when exposed to a flame and protects the materials for short periods. GFRG can be used for both exterior and interior decoration of buildings. The applications in these two cases can vary considerably in number and depend on customer requirements.
On the other hand, GFRG also has certain drawbacks. For example, its price is higher due to the relative complexity of the manufacturing process. The GFRG also lacks ductility; it is, therefore, likely to break. Its weak weather resistance is also a problem that can potentially lead to higher use of GFRG in the interior section of a building, compared to the exterior section of the building.
The COVID-19 impact:
The COVID-19 pandemic is expected to have a massive downward impact on the global Glass Fiber Reinforced Gypsum market in 2020, the reason being the halt in external and internal applications in both residential and non-residential end-uses, which were responsible for the demand in market share terms in 2019. After the pandemic, however, trends discussed in the study of the Global Glass Fiber Reinforced Gypsum Market do hold ground.
Also, production shutdowns and supply chain disruptions have resulted in a downgraded outlook for its production, which is anticipated to have short-term impacts on overall sales that could have lasting effects. While the industry expects things to return to near normal state well before the end of 2020, negative demand shock caused by the crisis is likely to last.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/gfrg-glass-fiber-reinforced-gypsum-market
Further key findings from the report suggest
- The Type X segment is expected to remain the largest and most dynamic segment of the market over the forecast period. Type X is the most used material because it is readily available and economical, and can tolerate resistance to high temperatures.
- The interior segment leads the market and is expected to grow at a faster pace over the forecast period. GFRG is cost-effective and readily available, which in turn stimulates its increased use in load-bearing walls, partition walls, and other interior applications in residential and non-residential construction.
- The non-residential construction segment held the largest market share in 2019 and is expected to remain the dominant segment over the forecast period due to its extensive use in hospitals, offices, airports, gymnasiums, auditoriums, cinemas and museums.
- Asia-Pacific is expected to post the most robust growth over the forecast period due to rapid growth in the construction and transportation sectors. The growth of the construction industry in Asia-Pacific presents significant opportunities for manufacturers to meet demand. The development of public infrastructure, in particular in India and China, should have a positive impact on the growth of the gypsum reinforced with fiberglass market.
- Key participants include Saint-Gobain Gyproc, Knauf Danoline, Georgia-Pacific, American Gypsum, Formglas, Chiyoda UTE, Gillespie, Stromberg Architectural, Owens Corning, and National Gypsum Company, among others.
For the purpose of this report, Reports and Data have segmented into the global Glass Fiber Reinforced Gypsum market on the basis of Type, Application, End-Use, and Region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Type X
- Type C
Application Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Browse more similar reports on Fibers and Composites category by Reports And Data
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