Glass Fiber Reinforced Gypsum Market

Glass Fiber Reinforced Gypsum Market Size (2023-2028):

Glass Fiber Reinforced Gypsum Market was valued at 15.3 billion in 2022 and is predicted to grow at a CAGR of above 8.1% in the outlook period of 2023-2028

Drivers and Restraints of Glass Fiber Reinforced Gypsum Market:

The glass fiber reinforced gypsum (GFRG) market is expected to be driven by rising demand for superior quality materials in the construction sector. The market is supposed to witness surging demand for glass fiber-reinforced gypsum (GFRG) due to its advanced characteristics including flame resistance. It is also estimated that this product will witness significant demand in the coming years due to its ease of installation and its lightweight.

Increasing awareness regarding the superior thermal and acoustical insulation properties of glass fiber-reinforced gypsum is likely to drive its demand in the commercial building segment which includes hospitals, educational institutes, and residential buildings. Moreover, increasing preference for materials with aesthetic appeal in commercial construction is foreseen to aid the developments in the global glass fiber reinforced gypsum market.

Significant investment in infrastructure development and residential projects owing to the freedom of investment regulations is another factor contributing to the construction industry. This, in turn, will increase the demand for Glass Fiber Reinforced Gypsum business in the future.

Factors holding back the Glass Fiber Reinforced Gypsum Market are

The highly advanced material providing superior features is costly. Many industries do not consider such features as of significant importance resulting in the use of alternative products. In addition, extreme usage and adoption of products utilizing Glass Fiber Reinforced Gypsum will gradually reduce as manufacturing and building companies are enhancing their products to increase their longevity and enhance quality.

GLASS FIBER REINFORCED GYPSUM MARKET REPORT COVERAGE:

Glass Fiber Reinforced Gypsum Market Segmentation:

Glass Fiber Reinforced Gypsum Market - By Type:

1. Type – X Glass Fiber

2. Type – C Glass Fiber

Glass Fiber Reinforced Gypsum Market - By Application:

1. Interior

2. Exterior

Glass Fiber Reinforced Gypsum Market - By End-user:

1. Residential

2. Non-Residential

Glass Fiber Reinforced Gypsum Market - By Region

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• The Middle East and Africa 

 Europe is the largest market for Glass Fiber Reinforced Gypsum, and it is also foreseen to register the fastest CAGR during the outlook period. Countries such as Germany, France, and Switzerland are expected to account for the largest share of the market in Europe by 2026. The increase in the adoption of environment-friendly materials for various purposes is driving the market and for insulation, foam glass is preferred owing to its superior properties.

North America is likely to experience considerable growth in the glass fiber-reinforced gypsum market due to the increasing applications like construction and building. The surge in a number of construction activities across the region is acting positively on the global glass fiber-reinforced gypsum market boom. Nevertheless, the market demand in the areas like the Asia Pacific, the Middle East, Africa, and Latin America is also anticipated to increase in the coming years with the hike in commercial complexes and buildings in the foreseen years.

Recent Developments:

• In 2019, UUSIOAINES acquired Hasopor AB in order to expand its business in the European region. This acquisition will help them to entrench their European dominance as the leading foam glass manufacturer.

• Owens Corning, one of the leading producers of foam glass has established a global presence with its production units in Asia-Pacific, North America, Middle East and Africa regions. Recently they acquired Pittsburg Corning to improve their portfolio of products along with increasing their presence to 17 countries.

Glass Fiber Reinforced Gypsum Market Key Market Players:

There are several major market players who are asserting their dominance in the Glass Fiber Reinforced Gypsum Industry in recent years, some of the big names among them are:

1. Sika AG

2. RAVEN

3. BASF SE

4. Berry Global Group

5. Saint Gobain

6. Tech Folien

7. Innovilt

Impact of COVID-19 on the Glass Fiber Reinforced Gypsum Market

The coronavirus global pandemic has affected all the major and minor economies of the world. Glass Fiber Reinforced Gypsum industry witnessed a slump in demand during this period.  As a result of that, the production of Glass Fiber Reinforced Gypsum dipped, and the industry witnessed a recession. Many production activities were put on hold due to the lockdown conditions, and all construction activities across the globe have been halted to curb the spread of this virus. The top market players have announced the suspension of activities due to the lowered demand, supply chain bottlenecks, and protecting the safety of their employees in different parts of the world during the COVID-19 pandemic. As a consequence, the demand for Glass Fiber Reinforced Gypsum has declined in 2020.