Selbyville, Delaware, May 25, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global FRP Grating Market was estimated at $452 million in 2020 and is slated to exceed $605 million by 2027, registering a CAGR of 4.4% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Increasing investments in the construction industry are also likely to offer new growth opportunities. FRP grating has excellent mechanical properties and stiffness-to-weight ratio, making it suitable for the construction industry. Heavy government investments in construction and infrastructural projects in the developing economies are likely to spur the FRP grating market share.
High production cost of FRP grating is likely to hamper the industry growth during the forecast period. Nevertheless, robust developments in emerging economies and rising penetration of product in developing countries are anticipated to offer new growth opportunities to the overall FRP grating market.
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Molded grating was the largest segment that accounted for around 59.4% share in 2020. Molded grating is made up of layers of continuous glass fibers that are oriented for strength, with resin joining the fibers and establishing the shape and corrosion resistance and due to its bidirectional strength, cutouts in the panel around the entrance can be made without the need for extra support, and pipe and other equipment can be penetrated. Additionally, it offers high chemical resistance as well as tolerance of any fiberglass grating. Pultruded grating is expected to witness significant growth owing to its increasing applications in pulp & paper and marine industries.
The polyester segment dominated the global industry and is projected to reach around 49.7% of market share by 2027. On the other hand, the walkways segment accounted for the largest share in 2020 and is anticipated to grow at a CAGR of over 4.6% from 2021 – 2027.
The industrial segment will account for around 35% share in 2027 and is expected to grow at the CAGR of 4.8% during the forecast period. The product is witnessing surging applications of FRP grating in oil & gas, pulp & paper, food & beverage, and mining industries. Furthermore, rapid industrialization in emerging economies is one of the key factors driving the product demand in the industrial sector. The waste & water treatment segment will grow considerably owing to the surging water treatment plants across the globe. Additionally, the rising application of FRP grating in the marine industry is likely to boost industry growth.
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Asia Pacific dominated the global market and is anticipated to grow at a CAGR of 4.7% in the coming years. Surging industrial sectors in developing countries, such as China and India, are projected to expand the demand for FRP grating. Strong growth in industries, such as oil & gas, food & beverage, pulp & paper, and mining, in the Asia Pacific region is expected to boost the overall FRP grating market within the region.
The North America FRP grating market is likely to grow significantly owing to the emerging applications of FRP gratings in the marine industry. Additionally, the growing construction activities in the U.S. are likely to offer new growth opportunities.
The growing product demand with excellent properties in various industries will positively contribute to the overall industry. Key players in the global FRP grating industry include Fibergrate Composite Structures Ltd, Aeron Composite, Ferrotech International FZE, Bedford Reinforced Plastics, Creative Pultrusions, Delta Composites, LLC, AGC Matex Co. Ltd., Eurograte Fiberglass Grating, Fibrolux GmbH, National Grating, Sea Safe Inc, Exel Composites, Strongwell Corporation, and Webforge, among others.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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