Glass Fiber Reinforced Concrete Market - Forecasts from 2024 to 2029

Glass Fiber Reinforced Concrete Market - Forecasts from 2024 to 2029

The glass fiber-reinforced concrete is expected to register a CAGR of 8.12% during the forecast period.

GFRC (Glass Fiber Reinforced Concrete) is a mixture of cement and sand with glass fiber. It has a unique composition and versatility in its application. Glass fiber reinforced concrete has multiple advantages, such as toughness, durability, non-combustible and fire-resistant, sustainability, versatility, low maintenance, cost-effectiveness, weight, etc.
Toughness- The reason for the strength and toughness is due to the short-length glass fibers mixed into the material, the more fibers in the mix, the stronger it is. A typical mix of 5% glass fibers could achieve the MOR range of 21-30 Mpa. The alkaline-resistant glass fiber in the concrete matrix also makes construction less susceptible to cracks.
Durability- The substance is non-permeable, making it likely to crack under pressure and water resistant. Water's non-permeability makes it non-corrosive. Its durability is due to low alkaline cements. These are resistant to seismic activity and can withstand extreme weather conditions.
Architectural Benefits- The primary benefit of glass fiber-reinforced concrete is it can be cast to any desired shape. It can be used for the desired structure and aesthetics. This can be utilized for acoustic designs, as it can absorb sounds from the outdoors, enhance the sound, amplify sound, etc. to create better sound management. Thus it can be found in historical buildings or ornamental structures.
The demand is further amplified by its architectural applications such as artificial landscapes that require faux rocks, fountains, and urns. It is also used for cornices, architectural accents, domes, and pillars.
According to Eurostat, annual average production in construction for the year 2023, compared with 2022, increased slightly in both the euro area and the EU. However, in the European Union, building construction increased by 1.1% compared from 2022 to 2023 and civil engineering increased by 4.1%. Countries with significant increases are Romania, Poland, and Belgium, with increases of +30.7%, +18.9%, and +10.7% respectively. This increase in the construction industry indicates an overall increased demand for inputs in the construction industry.
The application of glass fiber-reinforced concrete is a more sustainable option than conventional concrete. Certain studies found that it could have 60% less environmental impact compared to other materials. It uses less cement and more recycled materials. The emission of pollutants in the atmosphere is void for both during production and application.

GLASS FIBER REINFORCED CONCRETE MARKET DRIVERS:

Increased significance of green and sustainable buildings

The demand for green and sustainable buildings has caused the relative demand for sustainable and recyclable materials in the market. The growing usage of the “green certified” spaces, such as the LEED rating system or BREEAM, causes the increased rental cost of the building or giving premium to lease them. These observations are especially relevant to developed economies and developing economies of Asia as well.

These buildings are not only cost-beneficial but also good for people's health. U.S. Green Building Council Inc.'s research claims benefits to the people such as clean air, water, and less exposure to toxins. Thus investment in sustainable spaces includes attracting high-quality tenants and achieving higher occupancy levels, rental uplifts, and greater rental yields.
Expanding construction industry demands

The construction and building industry all across the world is rising at a significant pace. This rise in the sector is due to the growing urbanization across the world. According to the World Economic Forum, the share of the urban population of the total population is 55% in 2022 and likely to be 80% by 2080. This would significantly cause the rise of material consumption in every sector, including the expanding construction and development industry. The glass fiber-reinforced concrete is a unique and versatile material that can offer benefits over many other construction materials.

Glass fiber reinforced concrete does have a higher strength-to-weight ratio that can give the strength and density similar to any other concrete. It can be used in lighter and thinner architecturally complex structures. Glass fiber-reinforced concrete is 80% lighter than traditional concrete, which gives it the advantage of easy handling and installation. The use of glass fiber-reinforced concrete is likely to increase as the upcoming innovative and solution-based applications.
Growing use of the sustainable material

The growing use of sustainable materials in the building and construction industry has caused an increased demand for similar materials and construction patterns. The glass fiber reinforced concrete usage gives several advantages against traditional materials such as reduced cement content per square meter, reduced transport costs, reduced load on the building, and resistance to all types of weather, among others. The value of glass fiber-reinforced concrete has been growing as it is often produced using recyclable materials.

It does not emit any pollutants in the atmosphere. Its production and application process is safe. Due to its low weight, the carbon emissions due to transportation costs are lesser than the other materials. It also gives the possibility of recycling in later renovations. GFRC uses less cement and more recycled materials making it completely recyclable. Thus the usage of glass fiber-reinforced concrete will grow in the future construction industry with the growing concerns for recyclability and sustainability.
Asia Pacific region to dominate the glass fiber reinforced concrete market during the forecast period.

The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region such as ASEAN countries. India and China are the two largest and fastest-growing economies. Figures depicted by ibef (India Brand Equity Foundation), Indian interim budget 2024-25, allocated capital investment outlay for infrastructure has been increased by 11.1% US$ 133.86 billion, giving a significant boost to the infrastructure as an important economic multiplier.

After the real estate turmoil of 2021, China remains the largest market for the growth and development of real estate. The new opportunity lies in policy decisions such as, new urban buildings being certified green buildings by 2022. This includes public facilities such as schools, hospitals, museums, stadiums, affordable housing, and any single building over 20,000 square meters area. The application of glass fiber-reinforced concrete in the construction and building industry would increase in the region for robust growth. As glass fiber-reinforced concrete is a sustainable product used for the construction of green buildings.

Glass fiber reinforced concrete market challenges:

Lack of ductility of the material caused it difficult for certain applications as it could break under high pressure, further the high cost of the equipment used in the installation is projected to limit its demand. However, the material is lighter than its counterparts thus capping the disadvantages and giving the overall benefit of using the material.

Glass fiber reinforced concrete market key developments:

In February 2024, Oscrete announced an increase in shareholding with our Northern Ireland division, Adcrete. They increased their client base by more than 12% in 2023 and completed a deal to secure a 90% shareholding of its official Northern Ireland-based distributor, Adcrete. Their efforts took their growth in Ireland increased by 200% in the last four years. This would help to serve wider business operations throughout the UK. They wanted to be the leading supplier of concrete admixtures and additives in the UK and Ireland.

The glass fiber reinforced concrete market is segmented and analyzed as follows:

By Type
Sprayed
Premix
Hybrids
By Application
Cladding And Moldings
Landscaping
Foundations And Floors
Roofing
Walls And Windows
Permanent Formwork
Utilities And Water Management
Other Applications
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
UAE
Rest of the Middle East and Africa
Asia Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific