February 23, 2023 06:17 ET | Source: The Insight Partners The Insight Partners
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, Manhole Covers Market Forecast to 2028. Manhole Covers Market growth can be attributed to the increasing construction activities. The manhole covers market is highly competitive, owing to the presence of many regional and global players. Players compete based on product quality, product differentiation, and price. Market players are adopting different strategies to stand out as strong competitors in the market. Manhole Cover Frame
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Global Manhole Covers Market – Report Scope:
Manhole Covers Market: Competition Landscape
The major players operating in the global manhole covers market include EJ Group Inc, John Bouchard & Sons Co, LF Manufacturing Inc, Neenah Foundry Co, Terra Firma Industries Pty Ltd, Fibrelite Composites Inc, Eagle Manufacturing Corp, Industrie Polieco–Mpb Srl, Co Pvt Ltd, and Compagnie de Saint-Gobain SA, and Crescent Foundry. Manufacturers operating within the global manhole covers market focus on product innovation. This has led to significant investments in research and development activities, and in expanding production capacities by the manufacturers.
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In 2022, Europe region accounted for the largest share of the global manhole covers market and the market in the region is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. The construction industry in Europe contributes a major part to the GDP of the region. The construction industry supports the growth of the European economy by assisting the supply chain, which creates several services and business opportunities. Germany, the UK, and Russia are a few economically strong European countries which witnessed significant growth in the construction sector. In 2021, various construction projects were commenced that included A303/A30/A358 Road Corridor Improvement—
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The project involves the construction of a 12.8 km road corridor between Honiton, Taunton, and Amesbury (Somerset, the UK); E39 Herdal-Royskar Motorway—the project involves the construction of a 110 km, four-lane motorway between Herdal and Royskar in Norway; Nizhnekamsk-Naberezhnye Chelny Bypass—the project includes the construction of the Nizhnekamsk-Naberezhnye Chelny Bypass in Tatarstan, Russia; Banja Luka-Prijedor-Novi Grad Motorway—the project involves the construction of an 80 km motorway from Banja Luka via Prijedor to Novi Grad in Bosnia and Herzegovina; and Llogara Tunnel—the project involves the construction of 12.8m wide, two-lane, 5.7–6 km long tunnel from St. Eliza Bridge to Palasa Bridge in Albania. Such initiatives by governments of European countries are further bolstering the demand for manhole covers in the region.
Composite manhole covers are widely used as a substitute for iron or metal covers. Composite covers are not corroded by gases, water, crack, or fracture and they do not conduct electricity. Furthermore, composite manhole covers block rainwater seeping into underground tanks through the soil. Traditional cast iron and steel products produce noises due to improper installation. Composite manhole covers reduce noises and cause minimal radio frequency interference. Composite manhole covers have demand in electricity power stations, railway stations and lines, or gas/oil filling stations. These innovative features of composite manhole covers make them a better option for urban development, which, in turn, is anticipated to drive the manhole covers market during the forecast period.
Based on product type, the manhole covers market is segmented into metal covers, composite covers, and concrete covers. The composite covers segment is expected to register the highest CAGR during the forecast period. Composite manhole covers are of different types and available in various designs and materials, and each material offers different benefits. These composite manhole covers are made of fiber reinforced plastic; it consists of unsaturated polyester resin, glass fiber, quartz, and two different types of additives such as bulk molding compounds and sheet molding compounds. Fiber reinforced composite manhole covers have a good surface, are wear-resistant, and have a high load-bearing capacity. Moreover, glass reinforced plastic composite manhole covers are strong, lightweight, corrosion resistant, nonthermal and nonconductive and require minimal maintenance.
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Based on the application, manhole covers market is categorized into municipal, commercial facilities, industrial facilities, and utility pits and others. Municipal segment is predicted to register the highest CAGR during the forecast period. Manhole covers are defined as removable covers used for the opening of a manhole leading to a drain or sewer. The municipal utilization of manhole covers includes stormwater systems, sewer systems, wastewater collection systems. Manhole covers are used in gas lines, water distribution systems, drainage pipelines, and various other municipal applications. They also allow easy and safe access passage to the utility pits for performing maintenance and regular checking.
Impact of COVID-19 Pandemic on Manhole Covers Market
The COVID-19 pandemic severely impacted various economies across the globe. The pandemic significantly hampered the manhole covers market growth, due to adverse effects on the growth of the building & construction industry. In Asia Pacific, a decline in consumer demand due to job security and income concerns led to low investment in the building & construction industry, reducing the need for manhole covers. Further, many manhole covers’ manufacturers suffered from a shortage of raw materials, resulting in rising costs and lengthening of lead times. However, the building & construction sector revived with the resumption of operations in 2021. This has positively impacted the manhole covers market growth.
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