FRP Grating Market to experience an impressive growth of 5.1% during 2017-2022
February 05, 2020
There are healthy opportunities existing in the entire ecosystem of the FRP Grating Market which is projected to grow at a healthy CAGR of 5.1% during the forecast period of 2017 to 2022. An excellent corrosion and fatigue resistance, high strength and stiffness, high durability, low life-cycle cost, low maintenance cost, and low weight are the major factors driving the demand of FRP grating in most of the end-use industries. FRP grating is gaining the market traction in most of the major end-use industries by replacing the traditional metal gratings.
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FRP Grating Market Segment Insights:
By Process Type:
The global FRP grating market is segmented based on the process type as molded grating and pultruded grating. Molded grating is expected to remain the most dominant segment of the FRP grating market during the forecast period, whereas pultruded grating is likely to witness higher growth during the same period, driven by its higher strength and stiffness. All major players are manufacturing FRP gratings utilizing the pultrusion process and are likely to stick with the technology in the foreseeable future as well. Pultruded gratings are used in all major industries including industrial, oil & gas, pulp & paper, and mining.
By Polyester grating Type:
Based on the resin type, the global FRP grating market is segmented as polyester grating, vinylester grating, phenolic grating, and other gratings. Polyester is projected to remain the most dominant resin type in the global FRP grating market during the forecast period. The resin type is also likely to witness the highest growth over the next five years, driven by its low cost, excellent chemical resistance, and good mechanical performance. Phenolic resin is also experiencing a healthy growth in the market, especially in the oil & gas industry.
By End-Use Industry Type:
Based on the end-use industry, industrial sector is likely to remain the largest segment of the global FRP grating market during the forecast period. The segment is also likely to witness the highest growth during the same period, driven by higher preference of FRP grating over metal ones. The oil & gas segment is also expected to register a healthy growth during the same period, driven by rebounding oil & gas exploration activities and higher usage of FRP gratings.
By Region:
Asia-Pacific is expected to remain the most dominant market for FRP gratings during the forecast period. China and India would remain the growth engines of the Asia-Pacific’s FRP grating market and are continuously creating a greater demand for FRP grating in industrial, oil & gas, and cooling tower applications. The region is also likely to witness the highest growth during the same period.
Key Players:
The supply chain of this market comprises raw material suppliers, FRP grating manufacturers, distributors, oil & gas exploration companies, industrial buyers, etc. The global FRP grating market is highly fragmented with the presence of more than 100 global and regional players. Most of the players have presence in other pultruded applications as well, such as rebars, structural profiles, and ladder rails.
Strongwell Corporation, Suzhou Grating Co., Ltd., Fibergrate Composite Structures Ltd., Bedford Reinforced Plastics, Inc., ChinaGrate Composite Structures (Nantong) Ltd., Valmont Industries, Inc., Meiser GmbH, and Grand Fiberglass Co., Ltd. are the major players in the global FRP grating market. Regional expansion, new product development, and an advancement in the pultrusion technology are the key strategies adopted by major players to gain a competitive edge in the market throughout the globe.
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- Emerging trends
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