Market Summary: The global Glass Fiber Reinforced Gypsum (GFRG) market is expected to grow at a CAGR of 6.9% from USD 2.82 Billion in 2020 to USD 4.77 Billion in 2028. The growth of the market is driven by the increasing demand for high-quality materials in the construction sector. GFRG is gaining popularity due to its superior characteristics, including flame resistance and ease of installation because of its lightweight nature.
The demand for GFRG is expected to be stimulated by the growing awareness of its superior thermal and acoustic insulation properties, particularly in commercial buildings such as hospitals, educational institutions, and residential buildings. Moreover, the trend towards aesthetically appealing materials in commercial construction is also contributing to the market's growth.
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GFRG is a composite material made from gypsum and reinforced with glass fibers. The availability of gypsum as a raw material plays a crucial role in the market, and limited supply can lead to higher product prices, affecting manufacturers' profitability.
The industry is influenced by the cost of raw materials and is capital-intensive. The high installation and machinery costs, along with the need for a skilled workforce, may deter new entrants. Additionally, the presence of numerous suppliers globally results in low switching costs for manufacturers.
Asia, particularly India, has seen significant adoption of GFRG panels filled with reinforced concrete to meet the housing needs. The demand for rapid construction techniques and cost-effective and sustainable building materials is driving the market growth. The expansion of the GFRG construction system, a preferred technology for wall panels in affordable mass housing projects, is expected to positively impact the market.
Type X GFRG, known for its economical cost, quick installation, and excellent temperature tolerance, is increasingly being adopted in non-residential construction projects, further boosting the market segment.
The interior segment dominates the market in terms of value and growth, as GFRG is widely used as load-bearing walls and partitions in both residential and non-residential buildings.
GFRG producers are focusing on non-residential end-uses, such as offices, institutes, hospitals, and retail stores, to meet the growing demand for high fatigue resistance and excellent temperature resistance in the commercial construction sector.
The South American region is expected to witness the highest CAGR in the market due to the growing demand for GFRG from the building and construction industry, along with government initiatives to promote smart cities.
North America holds a significant market share, driven by increasing product adoption and construction expenses. The United States is a key contributor to the demand, fueled by growth in the construction industry.
The GFRG market is consolidated, with established players holding a major share. Global players are eyeing expansion in the Asia-Pacific region, especially in China and India, to tap into the growth opportunities in the construction sector.
Notable companies in the market include Saint-Gobain Gyproc, Knauf Danoline, Georgia-Pacific, American Gypsum, Formglas, Chiyoda UTE, Gillespie, Stromberg Architectural, Owens Corning, and National Gypsum Company.
The market is witnessing the entry of innovative start-ups, such as Rapid Homes, AATIN Civil, and Cityrene, focusing on sustainable and energy-efficient building solutions.
Mergers and Acquisitions are common in the GFRG industry. For example, Knauf acquired USG Corporation, and Saint-Gobain acquired Continental Building Products.
According to industry experts, increased construction spending in emerging economies, particularly in Asia-Pacific and the Middle East, is expected to drive the demand for GFRG during the forecast period. Governments' investments in public infrastructures and the emergence of private sector construction companies in key regions will further stimulate market growth.
The market is segmented based on Type (Type X, Type C, Others), Application (External, Internal), End-Use (Non-Residential, Residential), and Region (North America, Europe, Asia Pacific, MEA, Latin America).
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