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- High demand from end-use industries due to its benefits such as excellent tensile strength that increases durability & reliability drives the growth of the global steel grating market
PORTLAND, Ore. , Jan. 18, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Steel Grating Market by Material Type (Stainless Steel Grating, Carbon Steel Grating, and Aluminum Steel Grating), Surface Type (Plain Steel Grating and Serrated Steel Grating), Fabrication (Welded Steel Grating, Swage Locked Grating, Press Locked Grating, Riveted Grating, and Close Mesh Steel Grating), Application (Stair Treads, Walkways, Platforms, Security Fence, Drainage Covers, Trench Covers, and Others), and End-Use Industry (Food Processing, Pharmaceuticals, Cement, Steel, Chemical, Papermaking, Oil & Gas, Electric Power, Mining, Marine, Wastewater Treatment, Civil Engineering, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global steel grating industry generated $182.2 billion in 2019, and is expected to garner $261.2 billion by 2027, witnessing a CAGR of 4.7% from 2020 to 2027.
High demand from end-use industries due to its benefits such as excellent tensile strength that increases durability & reliability and technological advancements drive the growth of the global steel grating market. However, carbon emissions generated during the production and ease in availability and advantages of FRP grating hinder the market growth. On the other hand, various customizations offered by market players for grating products present new opportunities in the coming years.
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The carbon steel grating segment to maintain its lead position during the forecast period
Based on material type, the carbon steel grating segment accounted for the largest market share in terms of revenue, contributing to nearly three-fourths of the global steel grating market in 2019, and will maintain its lead position during the forecast period. This is due to the growth of the construction industry in the developing economies and its utilization in trench and drainage covers to drain water and block wastes. However, the stainless steel grating segment is estimated to witness the fastest CAGR of 6.7% from 2020 to 2027. This is attributed to increase in demand from chemical manufacturers across the countries of Europe and the Asia-Pacific region for the resistance provided by this material type to chemical and corrosive environments.
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The oil & gas segment to continue its leadership status by 2027
Based on end-use industry, the oil & gas segment contributed to the highest share in 2019, accounting for more than one-tenth of the global steel grating market, and is expected to continue its leadership status by 2027. This is attributed to rise in offshore oil & gas exploration activities from major oil-producing companies of the U.S., China , and Latin America . However, the pharmaceuticals segment is estimated to grow at the fastest CAGR of 5.5% during the forecast period, owing to increase in investments in building new manufacturing facilities and utilize steel grating to build platform, floor, corridor channel, and stair treads in the plants.
Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific held the largest share in 2019, contributing to more than one-third of the global steel grating market, and will continue its dominance in terms of revenue during the forecast period. Moreover, this region is projected to manifest the largest CAGR of 6.0% from 2020 to 2027. This is attributed to presence of oil refineries, pharmaceutical, and chemical manufacturing facilities in the region. However, North America is estimated to grow at a CAGR of 3.7% during the forecast period.
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