There are good opportunities for the entire ecosystem of the FRP grating market, and it is expected that the FRP grid market will maintain a good compound annual growth rate of 5.1% in the forecast period from 2017 to 2022. Good corrosion resistance, fatigue resistance, high strength, high stiffness, good durability, low life cycle cost, low maintenance cost and light weight are the main factors driving the demand of FRP grating in most terminal industries. FRP grating are gaining market momentum in most end-of-life industries by replacing traditional metal grids.
The global FRP grating market is divided according to the molding and extrusion technology. Molded gratings are expected to remain the dominant segment of the FRP grating market during the forecast period, however, pultrusion grating may achieve higher growth in the same period due to higher strength and stiffness. All major companies are using pultrusion molding processes to produce FRP grating, and may stick with the technology for the foreseeable future. Pultrusion grating are used in all major industries including industry, oil and gas, pulp and paper, and mining.
The global market for FRP grating is divided into polyester, vinyl ester, phenolic and others, depending on resin type. Polyester is expected to remain the dominant resin type in the global FRP grating market during the forecast period. This type of resin is also expected to see the highest growth in the next five years due to its low cost, good chemical resistance and mechanical properties. Phenolic resins are also growing healthily in the market, especially in the oil and gas industries.
According to the end industry, industrial applications are likely to remain the largest segment of the global FRP grating market during the forecast period. Since FRP grating have higher properties than metal ones, this section is also expected to see the highest increase in the same period. The oil and gas sector will also see healthy growth over the same period, driven by a rebound in oil and gas production and increased use of FRP grating.
The asia-pacific region is expected to remain the leading market for FRP grating during the forecast period. China and India will continue to be the growth drivers for the FRP grating market in the asia-pacific region, providing greater demand for FRP grating for industry, oil and gas, and cooling tower applications. The region is also likely to see the highest growth in the same period.
