The global glass fiber reinforced gypsum market is expected to be driven by rising demand for high quality materials in construction sector. The market is expected to witness an increase in demand for glass fiber reinforced gypsum (GFRG), owing to its superior characteristics, including flame resistance. The product is projected to observe significant growth over the forecast period, owing to its ease of installation due to its lightweight.
Increasing construction spending in emerging economies of Asia Pacific and the Middle East owing to the population expansion coupled with strong economic and industrial development is expected to positively affect the demand for glass fiber reinforced gypsum over the forecast period. Governments in emerging economies are investing considerable capital in the expansion of public infrastructures such as hospitals, offices, and housing societies. The emergence of private sector construction firms in China, India, and the UAE is expected to further contribute to the construction spending over the coming years, which is expected to drive the glass fiber reinforced gypsum (GFRG) market growth over the forecast period.
Increasing awareness regarding superior thermal and acoustical insulation properties of glass fiber reinforced gypsum is expected to drive its demand in the commercial building including hospitals, educational institutes as well as in residential buildings. In addition, increasing preference for materials with aesthetic appeal for commercial construction is projected to aid the Glass fiber reinforced gypsum market growth.
Glass fiber reinforced gypsum is a composite, which is manufactured using gypsum and is reinforced with glass fibers. Gypsum is an essential raw material, whose availability have a major impact on the market. Limited gypsum supply results in higher product prices, thereby affecting the manufacturer’s profitability, which will consequently have a negative effect on the market growth.
The GFRG market is largely influenced by the cost of raw materials and exhibits capital intensive nature. High cost for plant setup and machinery as well as requirement of highly skilled labour may discourage the new market entrants. In addition, the manufacturers may face difficulty in establishing the business, owing to presence of numerous suppliers across the globe, leading to low switching costs.
The Glass fiber reinforced gypsum market has witnessed high adoption of glass fiber reinforced gypsum panels filled with reinforced concrete to cater to rising housing needs in Asia, especially India. Requirement for rapid techniques for timely delivery of the construction projects and demand for alternative cost-effective and sustainable construction materials is expected to further drive the product demand. Rise of GFRG building system, which is a rapid building technology preferred for construction of wall panels to cater to increasing demand for construction of affordable mass housing is projected to have a positive impact on the market growth.
The market for GFRG is segmented on the basis of product, application, and end-use. On the basis of product, the Glass fiber reinforced gypsum market is classified into type X and type C, including others. Type X glass fiber reinforced gypsum is predicted to witness increasing demand, on account of its higher adoption due to its superior temperature resistance and high strength.
The market is segmented on the basis of application into interior applications, which includes columns, ceiling, floor, and wall; and exterior applications, which includes exterior walls and cladding. Based on end-use, the GFRG (glass fiber reinforced gypsum) market is classified into residential construction and non-residential construction, which comprised of hospitals, institutes, offices, airports, among others. Non-residential construction is expected to lead the market, owing to rising demand from sector commercial building for partition walls and load bearing walls.
Rapid growth in construction sector across the globe is expected to boost the demand for glass fiber reinforced gypsum over the forecast period. North America is account for the significant market share, owing to the growing product adoption, coupled with increasing construction spending. The U.S. accounts for a substantial share of the market in terms of demand, owing to growing construction industry. However, the market Europe and Middle East is expected to grow at a sluggish pace.
Asia-Pacific is expected to register the highest growth over the forecast period, owing to the rapidly growing construction and transport sectors. Growth of construction industry in Asia-Pacific presents significant opportunities for manufacturers to cater to the demand. Public infrastructure development, particularly in India and China, is expected to have a positive impact on glass fiber reinforced gypsum market growth.
The Glass fiber reinforced gypsum market exhibits consolidated nature, owing to the presence of established market players controlling majority of the market share. The global players are focusing on expansion in Asia Pacific, including China and India, on account of tremendous growth opportunities in the construction sector in the region. The established players are emphasizing on business expansion through organic as well as inorganic growth in order to strengthen their market position. Key industry participants include Saint-Gobain Gyproc, USG Corporation, Georgia-Pacific, Knauf Danoline A/S, Continental Building Products, Formglas Products Ltd, Stromberg Architectural, Owens Corning, RCF Building Products Ltd., and National Gypsum Company, among others.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
ESOMAR & Great Work to Place Certified
ISO 9001:2015 & 27001:2022 Certified
"The quality of research they have done for us has been excellent."
The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.