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 GFRG market is projected to reach USD 3.44 billion by 2023, at a CAGR of 7.0% between 2018 and 2023.
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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. The growth of the MEA GFRG market can be attributed to the increased demand for GFRG from the building & construction industry in the region.
Based on type, the Type X segment of the GFRG market 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 increased demand for Type X GFRG in both residential and non-residential buildings, such as homes, offices, institutes, and hospitals. Type X GFRG have a high noise reduction coefficient, along with the good temperature resistance property, which enhances their acoustic property by absorbing sound or preventing echo. Thus, properties of Type X such as low cost, improved sound absorption capability, good fatigue, temperature resistance, and recyclability have contributed to the increased use of Type x GFRG in green building constructions.
Based on application, the exterior segment of the GFRG market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. 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.
Based on end user, the non-residential segment of the GFRG market is projected to grow at the highest CAGR between 2018 and 2023, in terms of value or volume. Properties of GFRG such as mold & moisture resistance, abuse & impact resistance, and fire resistance make them an ideal material for use in non-residential buildings. As GFRG are good absorbers and attenuator of sound, they are widely used in offices, museums, hospitals, and institutions where sound absorption and aesthetic appeal is a priority.
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