FRP Grating Market to Grow with a CAGR of 4.56% through 2028
Surge in technological advancements is expected to
drive the Global FRP Grating Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “FRP Grating Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
FRP Grating Market stood at USD 600.03 million in 2022 and is anticipated to
grow with a CAGR of 4.56% in the forecast period, 2023-2028. The initiatives
taken by government based on FRP Grating has led to favorable market conditions
for the Global FRP Grating Market. Several factors contribute to the growth of
various FRP Grating products.
Government
initiatives focusing on construction and repair work are playing a significant
role in driving the growth of the FRP Grating market. In regions where
infrastructure development is a top priority, the demand for FRP Grating has
witnessed a remarkable surge. This can be attributed to the unique properties
of FRP Grating, such as its exceptional strength, impressive corrosion
resistance, and remarkable longevity, which make it an ideal choice for various
construction-related applications.
Consequently,
government-led construction and repair projects often prioritize the use of FRP
Grating to ensure durability, safety, and long-term cost-effectiveness. This
growing preference for FRP Grating in the construction sector further
reinforces its position as a key component of modern infrastructure development
initiatives.
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"Global FRP Grating Market”
The
exponential surge in technological advancements has had a profound and direct
impact on the remarkable growth of the FRP Grating Market. This can be
attributed to the remarkable enhancement of product properties, which not only
meet but also exceed the specific needs of various industries, thus catapulting
the market to new heights.
Moreover,
the market's growth is further fueled by the emergence of new and innovative
applications for FRP grating across diverse sectors. An exemplary illustration
of this is the incorporation of FRP grating in stair treads, which ingeniously
offers anti-slip solutions, thereby significantly enhancing safety measures and
effectively mitigating the risk of accidents.
In
addition to these transformative advancements, it is worth noting that the
remarkable progress in technology has also paved the way for substantial cost
reductions. Through the implementation of improved manufacturing processes, the
production costs associated with FRP grating have been significantly reduced,
rendering it an affordable and highly sought-after solution for a myriad of
applications across various industries.
TGlobal
FRP Grating Market is segmented into resin type, application, end user, regional
distribution, and company
Based on its application,
the Walkways segment held the largest share in the market. FRP grating, also
known as Fiberglass Reinforced Plastic grating, finds applications across
various industries such as chemical, power plants, and many more. These grating
systems are extensively used for walkways due to their highly flammable resistant
property, making them a preferable choice over traditional steel grating.
Specifically
designed for safe and controlled roof access, the FRP Rooftop Walkway System
provides a non-slip, secure, and all-weather access solution for maintenance of
solar panels and frequently accessed areas without causing any unnecessary
damage to the roofs. These walkways serve as designated routes, playing a
critical role in ensuring the safety of individuals by keeping them away from
potential hazards. Compared to metal
grating, FRP floor grating or FRP walkway grating offers the advantage of being
lightweight and easy to install, making it a practical choice for various
applications.
Based on region,
Europe segment is expected to grow during the forecast period. The growing
demand for alternatives to manual handling of heavy weights can be attributed
to the restrictions imposed by legislation. In this region, light weight
options are gaining potential and capturing the market. Among these options,
composite materials are deemed the most suitable for serving this purpose. Not
only do they provide insulation from electricity, but they also offer slip
resistance, ensuring safety and durability.
Major companies
operating in Global FRP Grating Market are:
- Fibergrate Composite Structures Ltd
- Ferrotech International FZE
- Bedford Reinforced Plastics Inc.
- Creative Pultrusions Inc.
- Delta Composites, LLC
- AGC Matex Co. Ltd.
- Fibrolux GmbH
- Strongwell Corporation
- Techno Composites Domine GmbH
- AIMS International
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“Growing
application of FRP Grating in various end user industries are key drivers of
the FRP Grating market. Growth in competitive landscape and presence of well-established
companies in the market who are dedicated to enhance their productivity of FRP Grating
with every passing year are anticipated to register an impressive growth to Global
FRP Grating Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“FRP Grating Market By Resin
Type (Polyester Resin, Vinyl Ester Resin, Phenolic Resin, Others), By Application
(Stair Treads, Walkways, Platforms, Others), By End User (Industrial, Water
Management, Cooling Towers, Marine, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global FRP Grating Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global FRP Grating Market.
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