(EMAILWIRE.COM, January 18, 2019 )
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Key Companies Listed:
Ultratech Cement Ltd. (India)
Formglas Products Ltd. (Canada)
Willis Construction Co., Inc. (US)
Clark Pacific (US)
Loveld (Belgium)
Fibrex (UAE)
Betofiber A.S. (Turkey)
Nanjing Beilida New Material System Engineering Co., Ltd. (China)
Stromberg Architectural (US)
BB Fiberbeton (Denmark)
The GFRC market is projected to grow at a CAGR of 10.5% from 2018 to 2023, in terms of value
The GFRC market is estimated at USD 2.01 billion in 2018 and is projected to reach USD 3.32 billion by 2023, at a CAGR of 10.5% between 2018 and 2023. The increasing demand for GFRC in building & construction projects is one of the significant factors projected to drive the GFRC market. Superior properties of GFRC, such as fire & weather resistance, design flexibility, dimensional stability, ease of handling, light-weight, and rapid installation are also contributing to the growth of the GFRC market. Need for speed in construction and cost and upsurge in demand for non-corrosive materials are some of the factors driving the demand for GFRC. However, economic downturns in major regions are restraining the growth of the GFRC market.
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Based on process, the spray process segment is projected to lead the GFRC market during the forecast period, in terms of value and volume
The spray process is a cost-effective solution to produce large area elements, such as claddings, facades, wall panels, and so on. It is the predominant process used in the production of GFRC. The increase in the demand for GFRC in the commercial construction application is expected to lead to an increase in the demand for spray GFRC during the forecast period.
The residential construction application of the GFRC market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume
GFRC manufacturers are increasingly focusing on the development of GFRC for residential construction, such as kitchen countertops, columns & capitals, roof cladding, wall panels, balusters, and so on. The increasing demand for light-weight, fire & weather resistant, and design flexible building materials for the residential construction sector is projected to drive the residential construction application segment of the market.
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