The global glass fibre reinforced concrete (GFRC) market is booming, driven by rising demand from both commercial and residential sectors and bolstered by trends toward sustainable construction. GFRC, a composite material composed of fine sand, cement, water and alkali-resistant glass fibres, is highly valued for its lightweight, durable and sustainable characteristics and is a proven winner for the construction industry, writes John Ridgeway.
In 2023, the GFRC market was valued at approximately $3.51 billion, with projections estimating it will grow to $3.97 billion by 2024, reflecting a compound annual growth rate (CAGR) of 13.2%. With estimates pointing to the market reaching $6.65 billion by 2028, GFRC is quickly becoming the must have material in the global construction industry.
The surge in demand for GFRC is supported by a range of factors, primarily urbanisation, the demand for more renovation projects and an increasing focus on sustainable building solutions. GFRC is particularly beneficial in green building initiatives because of its composition. The material is not only lightweight and durable, but it also requires fewer resources for transportation and handling. These characteristics make it a perfect fit for green buildings, which aim to reduce the environmental footprint of construction projects. Given that GFRC also offers improved energy efficiency, it has become increasingly popular in eco-friendly buildings and developments globally. Click link to see more:
