“The GFRG market is projected to grow at a CAGR of 7.0% from 2018 to 2023, in terms of value.”
The GFRG market is estimated to be USD 2.45 billion in 2018 and is projected to reach USD 3.44 billion by 2023, at a CAGR of 7.0% between 2018 and 2023. The increasing demand for GFRG in building & construction projects is one of the most significant factors projected to drive the GFRG market. Superior properties of GFRG such as sound absorption capability, good fatigue, temperature resistance, rapid installation, and recyclability are also contributing to the growth of the GFRG market. However, the difficulty in transportation and building high-raised buildings, in turn, are restraining the growth of the GFRG market.
“Based on type, the Type X segment is projected to lead the GFRG market during the forecast period, in terms of value and volume.”
Type X is used in both residential and commercial buildings, such as schools, hospitals, and retail centers. Type X is cost-effective as well as fast to install and maintain good temperature tolerance. These are also recyclable and have a low carbon footprint. The increasing adoption of Type X gypsum board in non-residential construction projects is expected to drive the Type X segment of the GFRG market.
“The non-residential end user segment of the GFRG market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume.”
GFRG manufacturers are increasingly focusing on the development of GFRG for non-residential buildings, such as offices, institutes, hospitals, gymnasiums, cinema theaters, retail stores, auditoriums, and museums. The increasing demand for high fatigue resistance and good temperature resistance building materials from the non-residential construction sector is projected to drive the non-residential end user segment of the market.
“The GFRG market in the MEA region is projected to grow at the highest CAGR between 2018 and 2023, in terms of value and volume.”
The GFRG market in the MEA region is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. This growth can be attributed to the increasing demand for GFRG from the building & construction industry in MEA countries. Initiatives undertaken by governments of various MEA countries to promote the development of smart cities are also contributing to the growth of the GFRG market in the MEA region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted as follows:
• By Company Type- Tier 1 - 10%, Tier 2 - 25%, and Tier 3 - 65%
• By Designation- C level - 10%, Director level - 30%, and Others - 60%
• By Region- Asia Pacific - 45%, North America - 20%, Europe - 15%, South America - 11%, and Middle East & Africa - 9%
This report provides a comprehensive analysis of key companies listed below:
• USG Corporation (US)
• CertainTeed (US)
• Saint-Gobain Gyproc (France)
• Knauf Danoline (Denmark)
• Georgia-Pacific (US)
• American Gypsum (US)
• Formglas (Canada)
• Continental Building Products (US)
• Chiyoda UTE (Tokyo)
• Gillespie (UK)
This report covers the GFRG market and forecasts the size of the market till 2023. The report includes the segmentation of the GFRG market based on type, application, end user, and region. The Porter’s Five Forces analysis and key market dynamics such as drivers, restraints, challenges, and opportunities influencing the growth of the GFRG market have been discussed in the report. The report also provides company profiles of major players operating in the GFRG market.
Benefits of Buying the Report:
The report is expected to help market leaders/new entrants in the GFRG market in the following ways:
• This report segments the GFRG market and provides the closest approximation of revenues for the overall market and its subsegments across different verticals and regions.
• The report helps stakeholders understand the pulse of the market and provides information on key drivers, restraints, challenges, and opportunities for the GFRG market.
• This report is also expected to help stakeholders understand their competitors and gain insights into improving their position in the GFRG market. The competitive landscape section includes an ecosystem of competitors and detailed information on new product developments, expansions & investments, agreements/contracts, and mergers & acquisitions.