Market Trends of FRP Grating Industry
This section covers the major market trends shaping the FRP Grating Market according to our research experts:
Pultruded Segment to be the Largest Segment for FRP Grating Market
- Pultruded grating is made by pulling and molding the fiberglass and pitch into cross rods and bars with either an 'I' or 'T' profile. The bars are joined utilizing cross rods opposite to the bars. The closer together the bars are, the more grounded the grating. Pultruded gratings can be utilized in longer spans.
- Pultruded gratings are high quality pultruded bar grating solely made that can be utilized like customary metal grates or fiberglass molded grating yet offers the characteristic advantages of pultrusion. It is a perfect swap for steel, aluminum, or molded fiberglass gratings.
- Pultruded grating is also used in the pulp and paper industry. The market estimation of paper and pulp all around the world is expected to encounter an expansion in the five-year time frame between 2019 and 2024, from about USD 63.3 billion to USD 79.6 billion by 2024.
- All the aforementioned factors are expected to drive the FRP grating market during the forecast period.
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Asia-Pacific to Dominate FRP Grating Market
- Asia-Pacific region holds a prominent share in the FRP grating market globally and is expected to dominate the market during the period of forecast.
- FRP Grating demand from construction industry is surging owing to the many benefits offered like corrosion resistance, low conductivity, fire retardance, lightweight, high strength and so on.
- By 2020, Asia-Pacific is anticipated to lead the construction spending representing almost 46% of the share across the globe with nations like China, India, Indonesia making a significant commitment to the business.
- Asia-Pacific wastewater treatment market size is projected to be USD 2.6 billion in 2019 and is foreseen to arrive at an estimation of USD 3.6 billion by 2024.
- Total oil demand from the region in 2019 is estimated to be 35.8 million barrels per day and it is anticipated to increase to 36.7 million barrels per day in 2020.
- India's total oil refining capacity in 2019 was around 238.60 million tons, which is the second-largest in the Asia-Pacific region. Out of this total oil refining capacity, about 35.36% is processed by privately-owned companies.
- Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast period.
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