Glass Fiber Reinforced Concrete Market Size

Glass Fiber Reinforced Concrete Market Overview

Glass Fiber Reinforced Concrete Market Size was valued at USD 2.74 billion in 2023. The Glass Fiber Reinforced Concrete industry is projected to grow from USD 2.99 Billion in 2024 to USD 6.38 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.9% during the forecast period (2024 - 2032).

Global glass fiber reinforced concrete is a type of concrete that results from combining concrete, alkali-resistant glass fiber, cement, sand, and water. Many industries love to use it because it’s durable and long-lasting. One such industry is construction. Many construction companies like glass fiber reinforced concrete because it can be used to create and strengthen exterior facades, piping, panels, and decorative non-recoverable framework. Incidentally, this type of concrete is also excellent in constructing and reinforcing architectural precast concrete.

COVID-19 analysis

COVID-19 is a dangerous virus. It does more than make some people deathly ill. The virus can cause long-term health issues and complications. What makes matters worse is that people who have made a full recovery can contract COVID-19 again a few months later. These factors and more are part of what makes COVID-19 one of the most dangerous viruses of the post-modern world.

Governments realized this early last year. That’s why they decided to impose lockdowns and quarantines. These had little effect on stopping the spread of the virus. That’s why they were temporary. In any case, the effects on most businesses in most industries around the world were far from temporary. Many businesses were forced to either halt production temporarily or drastically scale back operations (because of the lockdowns and quarantines!)

Well, it turned out that companies in the glass fiber-reinforced concrete industry suffered the exact opposite fate. Most of these companies flourished. There was a reason for this. People around the world (especially in Western nations) were focusing on remodeling and renovation projects of their residential units. This created unprecedented demand for glass fiber reinforced concrete.

List of key major companies in the Glass Fiber Reinforced Concrete Market are:

• Willis Construction Co., Inc. (U.S.),


• Fibrex Construction Group (UAE),


• Formglas Products Ltd. (Canada),


• Clark Pacific (U.S.),


• Ultratech Cement Ltd. (India),


• Betofiber A.S. (Turkey),


• BB Fiberbeton (Denmark),


• Nanjing Beilida New Material System Engineering Co., Ltd. (China),


• Stromberg Architectural (U.S.), Low & Bonar (U.K.) and


• Loveld (Belgium).

Glass Fiber Reinforced Concrete Market Dynamics

Drivers

The main factor that has been driving fiber reinforced concrete market growth is the fact that the building community (along with the global) community is becoming more environmentally conscious. They are demanding that buildings be built with materials that are friendlier to the environment.

Governments are also passing regulations and laws that require all types of buildings to conform to green standards. This is also bolstering growth for the fiber-reinforced concrete industry. The United States, especially, has implemented many programs which encourage the use of glass fiber-reinforced concrete. One such program is the Leadership in Energy and Environmental Design (LEED) program.

Opportunities

Many companies in the fiber-reinforced concrete industry are being lured by the higher CAGR and the relative lucrativeness of the market. Thus they are investing heavily in research and development. The goal is to try to develop better forms of concrete that are superior in nature and have more useful innovations and applications. The companies also want to sell the concrete at higher price points than they could in the past.

That’s why they’re developing materials that are fire-resistant and retardant. Another opportunity is the fact that many developers and customers want to use and see GFRC structural insulated panels be used in units more often - this is for both commercial and residential units.

Restraints

What’s holding back growth in the fiber-reinforced concrete market is the fact that this concrete is much more expensive than other types of concrete are. Another factor is that this concrete is not very ductile and it’s hard to find the labor that is skilled enough to use this type of concrete.

Challenges

The companies in the flass fiber-reinforced concrete market face a key challenge. That lies in developing superior products that the end customer will like and buy while keeping the price points for the end products in the reasonably affordable range for most people around the world.

Cumulative growth analysis

The CAGR for the glass fiber-reinforced concrete market is projected to be 10.3% until 2030. The fiber-reinforced concrete industry is expected to be worth USD 7.17 billion by 2030. 

Technology analysis

Willis Construction Co, Inc. is a major American player. It became a respected industry authority by investing heavily in research and development. Thus, it was able to develop a new generation of superior glass-fiber-reinforced concrete products. The company was able to create both a sustainable competitive advantage and market these products at a higher price point than the competition could through intensive and clever advertising and marketing campaigns.

Segmentation of Glass Fiber Reinforced Concrete (GFRC) Market

  Source: MRFR Analysis

Segment overview

By market

The global glass-fiber-reinforced concrete market can be grouped into the following sub-segments based on market:

• Spray


• Premix


• Hybrid

The spray market subsegment is expected to have the largest fiber reinforced concrete market share. The reason is that it is of superior quality, therefore, it performs better and lasts longer when placed in various residential and commercial units around the world. Spray glass fiber reinforced concrete also has many more applications than conventional concrete does.

This type of fiber-reinforced concrete is produced by adding fiber into a matrix and spraying the mixture to a particular surface with a spray gun. This type of concrete is also much more flexible. It adjusts to the unpredictable and unforgiving conditions of nature much better. This helps the buildings that it covers last longer.

By application

The global fiber-reinforced concrete industry can be grouped into the following sub-segments based on application:

• Commercial Construction


• Residential construction


• Civil construction


• Other infrastructural construction

The commercial construction sub-segment is expected to enjoy the largest fiber reinforced concrete market share. It’s popular because it’s good at absorbing moisture, it can stand up to the elements well, it doesn’t crack, and it’s not easily damaged by fire. All of these characteristics are attributed to its heavy usage in the construction industry. It’s also explaining why the construction industry is growing so rapidly.

Regional analysis

The fiber-reinforced concrete industry is divided into the following regions:

• The Americas


• The European Union


• Asia-Pacific


• The Middle East and North Africa

North America is projected to enjoy the largest glass fiber reinforced concrete market share for the time period that this report covers. The reason why is because construction in both the commercial and residential sectors is starting to pick up in both Canada and the United States of America. Also, many people are renovating and remodeling their homes. This is also a major factor contributing to greater growth and a much larger market share.

American industry and the American population, in general, are very concerned about the environment. Hence, glass-fiber-reinforced concrete is rapidly growing in popularity there. Canada is facing similar issues. Mexico is seeing an increased demand for glass-fiber-reinforced concrete. The reason is that economic growth and hence construction activities are starting to take off in Mexico.

The Asia-Pacific region has a high CAGR. there are many reasons for this. One is because its economies are growing quickly. Another is because people are becoming weather and hence their disposable incomes are rising. This makes them interested in buying residential and commercial units - the units that need large quantities of glass-fiber-reinforced concrete.

The Indian government is promoting the concept of smart cities. Hence, the demand for glass-fiber-reinforced concrete is growing exponentially in this nation.

Competitive landscape

The global fiber reinforced concrete market is highly competitive. It’s also highly fragmented. There are a few reasons for this. One is because the market has a high CAGR. The other is because the market is lucrative. Still another, and perhaps the most important reason, is that there are few barriers to entry. Therefore, it’s easy for larger companies that have larger treasuries to enter the industry.

Companies are finding that they must invest heavily in research and development in order to remain profitable. Doing so allows them to develop and market products that are superior to those of the competition. These products also often have more innovative uses and applications. Hence, these companies are often able to become industry leaders by creating a sustainable competitive advantage.

Other ways companies are surviving is by entering into strategic partnerships and merging with/acquiring other successful companies in the industry. They find that they can increase their resource pools, invest more in research and development, and develop the products that will allow them to create a sustainable competitive advantage by doing so.

Clark Pacific is a major American player. It has earned this position by investing heavily in research and development. Hence, it was able to create a sustainable competitive advantage that allowed it to become profitable and an industry leader.

Recent developments

• Clark Pacific enters into a strategic partnership to start manufacturing smart glass for commercial units


• Clark Pacific launches the NetZERO platform

Report overview

The CAGR for the glass fiber-reinforced concrete market is projected to be 10.3% until 2030. The fiber-reinforced concrete industry is expected to be worth USD 7.17 billion by 2030. 

The North American region may lead in terms of market share but the Asia-Pacific region leads in terms of growth.