Global FRP Grating Market to reach USD 0.73 billion by 2027.Global FRP Grating Market is valued approximately at USD 0.55 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4.24% over the forecast period 2021-2027.
The U.S. current-account deficit increased and reached US$ 234.8 billion in Q4 2021. However, the Canadian Dollar exchange (CAD) increased by 29.9% in Q1 22 to reach US$ 294.4 billion, widening the imbalance by US$ 68.6 billion. In the first quarter of 2022, exports of goods and services rose by US$ 27.7 billion, totaling US$ 1.07 trillion. However, the nation’s goods and services deficit decreased to US$ 79.9 billion in June from US$ 87.9 billion in May, which was corrected, a US$ 5.7 billion decrease that indicated some relief. On the other hand, the annual inflation rate in the country hit 8.7%.
A fiberglass reinforced plastic grating is a grating structure that is made up of a resin and fiberglass matrix. FRP is a sustainable, energy-efficient, and environmentally friendly material. These gratings, unlike steel grating, are made of a composite material that does not corrode, making them suitable for use in harsh situations and lowering maintenance costs.
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These FRP grades are used in a variety of end-use industries, including water management, cooling towers, marine, and others. The demand for FRP gratings over traditional iron and steel gratings is increasing due to advantages such as high strength, lightweight, corrosion resistance, and other factors. Furthermore, an increase in grating demand in the construction industry will boost the market in the coming years. For instance, as per Statista, the construction sector in India contributed about USD 36.24 billion to the country’s GDP in January 2019. This was the highest contribution ever recorded in the sector. The railway sector in the country received the greatest financial allocation ever in 2019. In addition, governments in developing economies such as India have undertaken projects such as the Pradhan Mantri Awas Yojana and Smart City Projects to provide modern services to their rising populations. However, High Production Costs of FRP Grating, may impede market growth over the forecast period of 2021-2027.
The Asia-Pacific region dominates the worldwide FRP grating market and is expected to continue to do so during the forecast period. The demand for FRP grating in the construction sector is increasing due to the numerous advantages it provides, such as corrosion resistance, low conductivity, fire retardance, lightweight, high strength, and so on.
Major market player included in this report are: National Grating Meiser GmbH Kemrock Industries & Exports Ltd. Eurograte Fiberglass Grating Delta Composites LLC Bedford Reinforced Plastics Mcnichols Co. Locker Group AGC Matex Co. Ltd Liberty Pultrusions
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Process: Molded Pultruded By Resin type: Polyester Vinyl Ester Phenolic Others By Application: Stair treads Walkways Platforms Others By End use Industry: Industrial Water management Cooling towers Marine Others By Region: North America U.S. Canada Europe UK Germany France Spain Italy ROE
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Asia Pacific China India Japan Australia South Korea RoAPAC Latin America Brazil Mexico Rest of the World
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