Press release
Steel Grating Market is projected to reach $261.2 billion by 2027, growing at a CAGR of 4.7% from 2020 to 2027
According to a new report published by Report Ocean, titled, “steel grating market: opportunity analysis and industry forecast, 2020–2027,” the global steel grating market was valued at $182.2 billion in 2019, and is projected to reach $261.2 billion by 2027, growing at a CAGR of 4.7% from 2020 to 2027.GET SAMPLE PAGES @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1421
Steel gratings consist of steel reinforced grids made from steel bars arranged by welding or pressure grid-shaped lock. The global steel grating market includes gratings made from stainless steel, carbon steel, and aluminum. Manufacturers of steel gratings use various ASTM (American society for testing and materials)-compliant grades of steel such as galvanized steel grating, carbon steel, and stainless steel. They are widely used in almost all industrial and commercial establishments such as oil & gas, electric generation, pharmacy, paper making, and chemical. Slip resistance of flooring and walkway is an essential consideration in any project. Proper walkways and platforms are crucial to safeguard worker safety. Thus, safety steel grating and stair treads help in reducing accident rates by providing a safer walking-working surface.
The global steel grating market is driven by its current demand from various industry verticals. Countries such as the U.S., Germany, China, and India have a well-established manufacturing sector that is constantly expanding. Such expansions increase the demand for industrial floorings, stairways, and platforms; thus, increasing the demand for steel gratings.
The steel industry is an energy-intensive industry; hence, the cost of steel is high. The cost further rises during grating fabrication and transportation. In addition, availability of fiber-reinforced plastic (FRP) is expected to act as a restraint in the global steel grating market. FRP grating has proved to be an effective and economical alternative to steel gratings. FRP offers corrosion resistance over a wide range of pH, which makes it suitable in various chemical environments. High strength-to-weight ratio, good slip resistance, low initial cost & low maintenance, and flame-retardant performances are some of its merits that has made it useful in all applications currently covered by steel gratings.
Innovations in the steel grating value chain is expected to offer fresh opportunities for the global steel grating market growth. Market players of steel grating globally focus on increasing their market share through client customization and product differentiation. Designing new grating patterns using CAD software as well as computerized production allows them to implement new patterns. Faster production rates achieved through automation are expected to reduce the cost of grating. Innovations in anti-slip coatings for gratings boost the demand for steel gratings. For instance, MEBAC anti-slip coating from IKG can be applied to any steel grating to increase coefficient of friction under a wide range of conditions. This leads to increased slip resistance of steel gratings.
The global steel grating market is segmented on the basis of material type, surface type, fabrication, application, and end-use industry.
On the basis of material type, the global steel grating market is segmented into stainless steel grating, carbon steel grating, and aluminum steel grating. Carbon steel grating is the leading segment that dominated the global market with more than two-third of the total share in 2019.
On the surface type, the market is divided into plain steel grating and serrated steel grating. Serrated steel grating is the leading segment that dominated the global market with more than three-fifths of the total share in 2019.
On the basis of fabrication, the market is segmented into welded steel grating, swage locked grating, press locked grating, riveted grating, and close mesh steel grating. Welded steel grating is the leading segment that dominated the global market with more than one-third of the total share in 2019.
On the basis of application, the market is segmented into stair treads, walkways, platforms, security fence, drainage covers, trench covers, and others. Walkways is the leading segment that dominated the global market with more than one-fifth of the total share in 2019.
End-use industries of steel grating include food processing, pharmaceuticals, cement, steel, chemical, papermaking, oil & gas, electric power, mining, marine, wastewater treatment, civil engineering, and others. Oil & gas is the leading segment that dominated the global market for nearly one-fifth of the total share in 2019.
On the basis of region, the global steel grating market size is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the major global steel grating market share in 2019, and dominated the global market with nearly one-third of the total share in 2019.
Key players operating in the global steel grating market include Nucor Corporation, Valmont Industries, Sinosteel Corporation, Alabama Metal Industries, Corporation (AMICO), Anping Enzar Metal Products Co. Ltd., Ohio Gratings, P&R Metals, Lionweld Kennedy, Interstate Gratings, and Litchgitter GmbH.
COVID-19 Analysis:
Due to the COVID-19 outbreak, industrial manufacturing activities have been hampered across the globe. Steel grating is widely used in chemical, automotive, and construction industries. These industries have halted their operations due to disrupted supply of raw materials amid shutdown declared by government of various countries to prevent the transmission of coronavirus. This is expected to decrease the demand for steel grating till the industrial activities across these sectors resume.
Volatility in raw material prices of steel grating is one of the major challenges for manufacturers. Raw materials used in steel grating include steel. During the COVID-19 outbreak, crude steel prices decreased significantly, but now as governments of many countries are lifting their lockdown to start their economic activities, the price of crude steel is gaining momentum. Thus, rise or fall in crude steel prices has a direct impact on price movements of steel grating. Manufacturers have to cope with fluctuating raw material costs, which reduce their profit margins.
Key findings of the study
The carbon steel grating segment dominated the global steel grating market with around 71.4% of the share, in terms of revenue.
The stainless-steel grating segment is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 6.7% from 2020 to 2027.
The serrated steel grating segment dominated the global steel grating market with around 61.6% of the share in terms of revenue. This segment is also projected to grow at the highest CAGR of 4.9% in terms of revenue.
The walkways segment dominated the global steel grating market with around 22.6% of the share in terms of revenue.
The drainage cover segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.2% from 2020 to 2027.
The oil & gas segment dominated the global steel grating market with around 11.7% of the share in terms of revenue.
The pharmaceuticals segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.5% from 2020 to 2027.
The welded steel grating segment dominated the global steel grating market with around 35.3% of the share in terms of revenue.
The close mesh steel segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.3% from 2020 to 2027.
Asia-Pacific dominated the global steel grating market with around 35.9% of the share in terms of revenue. This segment is also projected to grow at the highest CAGR of 6.0% in terms of revenue.
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