According to MarketsandMarkets' report “By Process (Jet, Premix and Mix), Applications (Commercial Building, Residential Building and Civil and Other Infrastructure Construction) and Regions – Forecast to the Global Glass Fiber Reinforced Concrete (GFRC) Market by 2023” The GFRC market is expected to grow from $2.01 billion in 2018 to $3.32 billion in 2023, with a compound annual growth rate of 10.5%.
According to MarketsandMarkets' report “By Process (Jet, Premix and Mix), Applications (Commercial Building, Residential Building and Civil and Other Infrastructure Construction) and Regions – Forecast to the Global Glass Fiber Reinforced Concrete (GFRC) Market by 2023” The GFRC market is expected to grow from $2.01 billion in 2018 to $3.32 billion in 2023, with a compound annual growth rate of 10.5%. GFRC features fire and weather resistance, design flexibility, ease of handling and fast construction. In addition, its inherent characteristics (such as high temperature resistance in building products) are expected to lead to increased demand in the construction industry. Therefore, the increase in construction projects is one of the important factors driving the GFRC market.
Depending on the process, in terms of value and quantity, the GFRC market's mix and match process is expected to grow at the highest compound annual growth rate during the forecast period.
The GFRC market is divided into spray, premix and mix and match according to the process. The jetting process leads the development of the GFRC market. The production of GFRC is a technologically advanced process that is expected to reduce labor input and thus reduce production costs. This process is still in its infancy and is expected to grow at a high compound annual growth rate during the forecast period.
During the forecast period, commercial building applications are expected to dominate the development of the GFRC market in terms of value and quantity.
GFRC is increasingly used in residential and commercial building applications. Regardless of value or quantity, commercial building applications are expected to lead the GFRC market between 2018 and 2023. GFRC has several advantages, such as fire resistance, hygroscopicity, weatherability and durability, which in turn has contributed to the growing demand for GFRC in the construction industry.
In terms of value, North America is expected to be the largest market for GFRC in 2018.
North America is expected to be the largest market for GFRC in 2018. The growth of the North American GFRC market can be attributed to the growth of the construction and construction industries, as well as experienced GFRC producers such as Forglas Products (Canada), Clark Pacific (USA), Willis Construction (USA), Stromberg Architectural ( United States) and various other companies in the region. In addition, the increase in the number of residential and commercial construction activities in the United States and Canada will contribute to the growth of the North American GFRC market.
Major players in the GFRC market include Ultratech Cement (India), Formlas Products (Canada), Willis Construction (USA), Clark Pacific (USA), Loveld (Belgium), Fibrex (United Arab Emirates), Betofiber ( Turkey), Nanjing Bilida New Materials Systems Engineering Co., Ltd. (China), Stromberg Architectural (USA) and BB Fiberbeton (Denmark).
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