Global Molded FRP Grating Market - 2020-2027
Moulded FRP grating is a mesh of horizontal and vertical layers of liquid resin and continuous fiberglass rovings. As the name suggests, it is made in a large metal mold. The multi-directional strength of molded FRP grating means cut-outs to make room for pipework or navigate complex flooring layouts without extra reinforcement. Another advantage of molded FRP is that it comes in standard sizes, is ordered in bulk, and stored until needed.
The global market for molded FRP grating has been valued at US$ XX billion in 2019. It is further expected to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
Molded FRP grating market has shown an exceptional penetration in countries such as the U.S., Germany, and China. Increased usage of molded FRP grating is due to expansion in the construction sector, driving the market growth. In developing countries, companies are coming up with energy-efficient walkways to the global molded FRP grating market.
Rise in demand for environmentally friendly and sustainable products
Stringent Government regulations toward using sustainable products have probable to aid the market demand for FRP grating, as they are efficient eco-friendly. It has some other essential characteristics also such as excellent durability, even after that it is recyclable also.
Airborne fibers during re-gel coatings create opportunities for molded FRP grating
Fiberglass reinforced plastic (FRP) grating needs to be re-gel coated about every five years and can result in airborne fibers, which may be an issue to people living with asthma. This process needs to be done in a very thoughtful manner. So, this is expected to hinder the growth of the molded FRP grating market.
Regulatory Trend in the Global Molded FRP Grating Market
In June 2018, Fibergrate introduced the new DynaRound round tube guardrail and handrail product. The product also provides extreme strength for durability and resistance to corrosion, strengthening the company.
COVID-19 Impact Analysis
COVID-19 virus outburst has widely affected the global market economies in many terms, such as directly affecting supply chain disruption, production and demand, and financial impact. Moreover, the COVID-19 pandemic has directly impacted the manufacturers' supply chain worldwide with the shutdown and lockdown policies to reduce the virus's risk. Therefore, the key global manufacturers are investing in the production to meet the global market's updated demand.
Despite the pandemic, there is an expectation of the overall environmentally friendly and sustainable products growth, which is expected to drive the molded FRP grating market size in the global market during the forecast period.
Based on the grating height, the molded FRP grating market has been classified into 10-30mm, 31-50mm, and above 50mm.
10-30mm segment is expected to grow at the fastest CAGR over the forecast period
The 10-30mm segment is expected to hold the highest market share in the global molded FRP grating market due to the rising usage in storing the beverage industry products across the globe. Moreover, these 10-30mm molded FRP grating provides desired thickness to the material and specializes in anti-slip properties by providing grit on the surface, increasing its applications in various sectors. These molded FRP gratings are generally applicable in the chemical, construction, walkways, and many more areas.
Based on the application, the molded FRP grating market has been classified into walkways, docks, and handrails, walls, and others.
Walkways segment dominates the global market throughout the forecast period
Walkways are the most extensive application for molded FRP grating market, as it is seen across various industries such as power plants, chemical, and others. FRP grating is vastly used for walkways, and owning to its highly flammable resistant property, FRP is majorly preferable over steel. FRP Rooftop Walkway System, specially designed for Safe & Controlled roof access, provides non-slip, safe, and all-weather access for the maintenance of solar panels and frequently accessed areas without any un-necessary damage on roofs. Walkways act as designated routes, which are very crucial to keep people away from all hazards. Compared to the metal grating, FRP floor grating or FRP walkway grating is lightweight and easy to install.
North America dominated the global molded FRP grating market
Asia-Pacific is expected to hold the dominant market share in the molded FRP grating market worldwide and is predicted to lead throughout the forecast period, followed by North America and Europe. Moreover, the rising demand for the construction industry and rising industrialization in developing countries such as China, India, and Indonesia are expected to enhance the region's market size in the future. Thus, the growth in demand from various industries will drive the region's market during the forecast period.
Europe is expected to account for the highest growth in the market over the forecast period due to rising offshore installations and growth in overall chemical plants that are expected to drive the demand for the molded FRP grating in the domestic market in the coming years.
The molded FRP grating market is moderately competitive with the presence of large global and small local companies. Some of the crucial molded FRP grating players which are contributing to the growth of the market include AGC MATEX CO., LTD (A subsidiary of AGC Inc.), Fibergrate (A subsidiary of RPM International Inc.), LOCKERGROUP (A subsidiary of Valmont Industries, Inc.), Ferrotech International FZE, SEASAFE, INC., Gebruder MEISER GmbH, Lionweld Kennedy Flooring Ltd, McNICHOLS CO., INC., Strongwell Corporation, AIMS International, Suzhou Grating Co., Ltd., JiangYin RunLin Molding New Materials Co., Ltd., American Grating, GRAND FIBERGLASS Co., Ltd., and Peabody Engineering & Supply, Inc., among others.
The molded FRP grating market's key players are adopting numerous growth strategies such as expansion, product development & launches, acquisitions, and collaborations, which contribute to enhancing its growth despite a competitive environment.
AGC MATEX CO., LTD (A subsidiary of AGC Inc.)
Overview: AGC MATEX CO., LTD (A subsidiary of AGC Inc.) provides safety, security, and convenience. The company is part of the AGC Group. It has 60 years' experience in FRP parts manufacturing; it fulfills customers' requirements in a wide range of fields. Its design expertise has garnered high regard and aims to contribute to society by supplying solutions in infrastructure, high-quality architecture, communications, and corrosion-resistant plants. It has also endeavored to lower the company's environmental impact by introducing an environmental management system.
Product Portfolio: The company's product portfolio includes FRP power cable troughs, FRP electric cable protection pipes, FRP solar panel mounting frames/bases, wind energy areas.
The global molded FRP grating market report would provide access to an approx. 63 market data table, 50 figures, and 220 pages.
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