GFRG (Glass Fiber Reinforced Gypsum) Market by End User (Residential and Non-Residential), and Region

Based on end user, the GFRG market has been segmented into residential and non-residential. The non-residential end user segment is projected to lead the GFRG market during the forecast period, in terms of value and volume. The growth of the non-residential end user segment can be attributed to the increased use of GFRG in non-residential buildings, such as offices, institutes, hospitals, gymnasiums, cinema theatres, museums, and auditoriums.

Europe is the largest market for GFRG, in terms of value and volume. The growth of the GFRG market in Europe can be attributed to the presence of leading GFRG manufacturers, such as Knauf Danoline (Denmark), Gillespie (UK), and the growth of the building & construction industry in the region. The GFRG market in MEA is projected to grow at the highest CAGR, in terms of volume and value, owing to the increase in the number of construction activities in this region.

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The GFRG market is projected to reach USD 3.44 billion by 2023, at a CAGR of 7.0% between 2018 and 2023. Developed economies across the globe are targeting long-term investments in the building & construction industry. This factor, in turn, is expected to increase the number of construction projects, thereby offering a positive outlook for the GFRG market. The increased spending on infrastructural projects is also contributing to the growth of the GFRG market.

The growth of the exterior segment can be attributed to the increased use of GFRG as walls and claddings in industrial and non-residential buildings, such as auditoriums, offices, institutes, hospitals, and cinema theaters.

Formglas (US), USG Corporation (US), Chiyoda UTE (Tokyo), Continental Building Products (US), CertainTeed (US), Knauf Danoline (Denmark), Saint-Gobain Gyproc (France), and Georgia-Pacific (US) are the key players operating in the GFRG market. These players offer a wide range of GFRG to strengthen their competitive position and cater to the growing demand for GFRG from the building & construction industry.