The polyester segment of the FRP grating market is expected to witness the highest growth
The FRP Grating Market is expected to reach USD 574.2 Million by 2021, at a CAGR of 4.24% from 2016 to 2021. The properties of FRP grating, such as high strength, lightweight, and resistance to corrosion make them suitable for use in the petrochemical, water treatment, oil & gas, shipbuilding, and offshore industries.
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The FRP grating market is driven by the increasing demand for corrosion-resistant and thermally stable materials in various industries. The need to replace steel/metal materials with lightweight and high strength materials is a key factor expected to drive the growth of the FRP grating market in the near future. FRP grating is resistant to a range of chemicals, water, and corrosion, and are lightweight, due to which they are increasingly being used in stair treads, walkways, and platforms covers, among others.
Based on resin type, the polyester segment of the FRP grating market is expected to witness the highest growth during the forecast period, owing to the increasing use of polyester resins in the marine, industrial, and water management end-use industries. Polyester resins have high strength and resistance to corrosion and a range of chemicals.
Asia-Pacific is estimated to be the largest market for FRP grating. The FRP markets in China, India, and Japan are expected to witness high growth in near future because of the growing industrial sector in these countries.
The high cost of production and the availability of low-cost substitutes can restrain the growth of the FRP grating market.
Major manufacturers of FRP grating include Strongwell Corporation (U.S.), Techno Composites Domine GmbH (U.K.), McNichols Company (U.S.), Meiser GmbH (Germany), Bedford Reinforced Plastics (U.S.), AGC Matex Co. Ltd. (Japan), Kemrock Industries & Exports Ltd. (India), Eurograte Fiberglass Grating (Italy), Ferrotech International FZE (UAE), and Exel Composites (Finland).
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