GFRG panel is made of glass fiber reinforced gypsum. GFRG panels are primarily employed in the construction sector due to the use of glass fiber reinforced gypsum in the sector. It is made from gypsum plaster, which is known for its excellent durability and binding ability. GFRG panel is also referred to as rapid wall.
GFRG panels offer high resistance to degradation by weathering. GFRG panels have the ability to resist earthquakes measuring up to 8 Richter scale. These panels possess low specific weight. This makes it an ideal material in the construction industry.
Low Cost, Light Weight, and Eco-friendliness of GFRG Panel to Drive Market
GFRG panels offer high resistance to fire, heat, water, termites, rot, and corrosion. They also possess high compressive strength, shearing strength, flexural strength, and ductility. Furthermore, GFRG panels are approved as green building materials by the U.S. Green Building Council (USGBC). Hence, these are eco-friendly alternatives to conventionally available panels such as drywall or plasterboards. The construction time required for GPRG panels is less. This helps save time and money. GFRG panels possess excellent heat thermal efficiency. Therefore, its fabrication ensures less cost for cooling and heating. Additionally, beams or columns are not needed for installation of these panels. Thus, the use of GFRG panels helps significantly lower construction costs, time, and energy. These factors are expected to boost the demand for these panels in the near future.
Impact of COVID-19 on Global GFRG Panel Market
The coronavirus pandemic has severely impacted the global building & construction sector. Shortage of raw materials has led to disruption of the supply chain. This is likely to adversely affect the production of GFRG panels in the near future. Furthermore, lockdowns in developed and developing countries have led to closure of manufacturing as well as construction sites across the globe. Developers in the construction sector are struggling to obtain permits for on-going as well as new construction projects. Imposition of lockdowns has compelled laborers to migrate to their hometowns. This, in turn, has led to shortage of labor. These factors are likely to pose threats to the production as well as sale of GFRG panels.
Restraints of Global GFRG Panel Market
Drywall or plasterboards are potential substitutes of GFRG panels. The cost of plasterboards is lesser than that of GFRG panels. Plasterboards also offer better properties in comparison to GFRG panels.
Manufacture of GFRG panels requires skilled labor. Furthermore, GFRG panels are fragile, as they are made of fiber materials. Therefore, special care need to be taken for their loading and transportation. This is expected to hamper the global market in the near future.
Asia Pacific to Hold Prominent Share of Global GFRG Panel Market
In terms of region, the global GFRG panel market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific is anticipated to hold major share of the global GFRG panel market during the forecast period. Rise in shortage of houses in developing countries, including India, Vietnam, South Korea, and Thailand, is expected to drive the GFRG panel market in these countries.
Europe and North America are the key regions, wherein majority of producers of GFRG panels operate
The market in Latin America and Middle East & Africa is expected to expand at a slower pace, as these regions rely on import of GFRG panels from developed countries. Furthermore, the cost of manufacture of GFRG panels is high in these regions due to lack of availability of raw materials.
Key Players Operating in Global Market
The global GFRG panel market is highly consolidated. Manufacturers across the globe are engaged in marketing of their product line to enhance product reach among end consumers across the globe. Key players operating in the global GFRG panel market include:
FACT RCF BUILDING PRODUCTS LTD(FRBL)
Horizons Industrial Development Co. L.L.C.
Global GFRG Panel Market: Research Scope
Global GFRG Panel Market, by End-use
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