FRP Grating Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2307
FRP Grating Market size is anticipated to observe high gains owing to increasing requirement for corrosion resistant and thermally stable materials in numerous industries. Shifting trends to replace steel materials with high strength and lightweight materials is anticipated to boost industry size. Superior features including resistance towards chemicals, water and fatigue will remain key factors enhancing product adoption in pharmaceutical, marine, and food processing industries.
Rapid infrastructure expansion coupled with rise in construction expenditure are key factors propelling FRP grating market scope. Rising corrosion problems in conventional floor support procedures has improved product penetration in infrastructure repairing sector. As per industry experts, around 25% of the global construction failures are caused due to corrosion. Inadequacy associated with steel scraping triggering concrete failures will significantly foster product demand.
Increase in government budgets on repairing and construction in several developing countries has positively impacted FRP grating market growth. For instance, China construction spending was more than 1.6 trillion in 2015, while Japan spent over 730 billion in the same year. Ongoing industrialization and urbanization leading to elevate infrastructure and manufacturing facilities will support product penetration.
On the basis of resin, polyester is projected to be key contributing resin in the overall market. Superior features including improved mechanical performance at economical cost are key factors supporting segment penetration. Increasing product penetration in marine industry due to resistance to corrosion will positively impact FRP grating market growth. Other resins such as phenolic will experience significant growth owing to its growing demand in the oil & gas industry.
Walkway is expected to be the leading application amongst stair treads and platform covers during the forecast time period. This latest trend gaining momentum in the industry particularly owing to evolution of smart airports. Rise in advancement of energy efficient walkways offering attractive opportunities to optimize energy through reduced friction by scraping solutions will propel FRP grating market expansion.
Based on end-use, industrial sector is projected to account for the largest FRP grating market share due to increasing preference over metal substitutes. In addition, oil & gas will depict a significant growth over the forecast timeframe, driven by recovering oil & gas exploration activities and higher product usage.
Pultruded grating is recognized as suitable process as it provides enhanced dimensional stability, high strength, lightweight, impact resistance, low flammability, impact resistance and minimal maintenance features. Development in technological aspects in the manufacturing processes will further stimulate FRP grating market expansion.
Major key restraint faced by industry participant includes limited profile shapes, low cutting & fabricating ability and high resin content resulting in a more brittle material. Threat of substitutes at low cost may hamper FRP grating market growth.
Asia Pacific is anticipated to dominate the overall FRP grating market share owing to rising adoption of high performance scraping materials in several industries. China and India are projected to be the key contributing countries across the region as they generate greater product demand for industrial, oil & gas and cooling tower applications.
North America is expected to generate high revenue as it represents a central economic zone for several businesses. Presence of key manufacturers and substantial development in the end-user industries will support the regional industry growth. Rise in usage of FRP building materials as they are well recognized for restoration of tainted concrete structures will boost product demand. In addition, these materials improve strength and performance of infrastructures and are appropriate under severe environmental circumstances.
Global FRP grating market share is fragmented in nature due to the large presence of domestic as well as regional industry players. Key industry participants include Strongwell, Valmont Industries, FiberGrate Composite Structures, Bedford Reinforced Plastics, Meiser, Grand Fiberglass and ChinaGrate Composite Structures.
Other prominent players are Techno Composites Domine, Amico Seasafe, McNichols, AGC MAtex, Kemrock Industries & Exports, Daikure, Ferrotech International, Liberty Pultrusions and Exel Composites. New product launches, regional expansion coupled with development of pultrusion technology are major strategies adopted by several FRP grating market players to gain a competitive edge over the forecast timespan.
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