The global manhole covers market was valued at US$ 3,653.9 Mn in 2017 and is anticipated to expand at a CAGR of 3.15% from 2018 to 2026, according to a new report titled 'Manhole Covers Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026,' published by Transparency Market Research (TMR). The global manhole covers market is driven by a rise in demand for composite manhole covers. Europe accounts for a major share of the global manhole covers market due to a high degree of investments in municipal and infrastructural construction in the region.
Rise in Demand for Composite Manhole Covers to Drive Market
Composite manhole covers possess high strength along with being light in weight. Traditionally, metal and concrete manhole covers were used. These covers are bulky in nature and are often responsible for injuries to workers while installation or maintenance work. Metal covers are also prone to theft as the metal used in the manhole has some scrap value. Composite covers address both these problems. They are light in weight and possess no scrap value. They are estimated to lead the expansion of the manhole covers market during the forecast period.
Composite Covers Segment to Dominate the Global Manhole Covers Market
Based on product, the global manhole covers market has been segmented into metal covers (cast iron, ductile iron, and steel), concrete covers (conventional concrete and steel fiber reinforced concrete), and composite covers (FRP/GRP and others). The composite covers segment is anticipated to expand at a rapid pace during the forecast period. Expansion of the segment can be attributed to the light weight and high strength of composite covers. Moreover, zero scrap value of these covers prevents theft as opposed to metal covers that are often stolen.
Municipal Application Segment to Dominate the Global Manhole Covers Market
In terms of application, the global manhole covers market has been segmented into municipal, industrial facilities, commercial facilities, utility pits, and others. Municipal is projected to be a prominent segment of the manhole covers market globally. Utility pits is estimated to be rapidly expanding segment of the manhole covers market during the forecast period. Manhole covers for utility pits are required in end-use industries such as telecom, oil & gas, and chemical processing. These end-use industries are anticipated to expand during the forecast period. This, in turn, is anticipated to boost the demand for manhole covers in this application segment.
Based on region, the global manhole covers market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is estimated to be a significant region of the manhole covers market. North America is another prominent region of the manhole covers market. Asia Pacific and Middle East & Africa are likely to be rapidly expanding regions of the manhole covers market in the coming years. Improving economic conditions in developing countries are expected to improve civic and municipal amenities. Demand for manhole covers is expected to be high in developing countries in Asia Pacific. Economic growth in the region and expansion of end-use industries such as oil & gas, chemicals, petrochemicals, and telecom are boosting demand for manhole covers in Middle East & Africa. These regions are projected to create lucrative opportunities for manufacturers in the next few years. Demand growth for manhole covers in Europe and North America is likely to be slow as they are already mature regions of the market. Composite covers is a significant segment of the market in Europe as composite covers have been adopted for a long time in the region.
High Degree of Competition among Market Players
The global manhole covers market is fragmented, with a large number of local players operating in the regional markets along with some leading names. Key players profiled in the report include EJ Group Inc., Eagle Manufacturing Group, Fibrelite, Crescent Foundry, Saint-Gobain, Forecourt Solutions, Polieco Group, Ducast Factory, Terra Firma Industries, Hygrade Products Limited, Prime Composites Australia Ply Ltd., MC Pipes, and Manhole Covers Ltd. Competition among the players is high owing to the tender- based nature of the industry.
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