According to our new research study on "Steel Grating Market to 2027 – Global Analysis and Forecast – by Material Type, Surface Type, Application, and Geography," the market is projected to grow from US$ 77.49 billion in 2019 to US$ $138.7 Bn by 2027; it is expected to grow at a CAGR of 7.6% during 2020–2027.
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In 2019, Europe held a significant share of the global steel grating market. Europe comprises developing economies such as Germany, France, the UK, Russia, and Italy. Promising growth of industries such as aerospace, automotive, and medical supports the steel grating market growth in the region. These gratings find major applications in industrial, residential and non-residential construction, and civil engineering applications.
Increasing Demand from Oil & Gas Industry
Steel gratings are lightweight platforms exhibiting anti-corrosion properties and superior bearing capacities. They are slip-resistant and explosion-proof, which makes them highly suitable for the oil & gas sector. Thus, the steel grating platforms are extensively used in the drilling operations in the exploration of offshore oil and natural gas resources. Besides, they are used in docks, ramps, platforms, crossover platforms, trench covers, security fences, catwalks, flooring, and machine guards in the oil & gas sector. Safety is a crucial factor in this sector. Apart from the oil & gas sector, the steel gratings are being used as platforms, floors, and walkways in the mining industry, power plants, commercial buildings, and roads and railway construction.
Impact of COVID-19 on Steel Grating Market
The COVID-19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The discontinuation of operations of various plants and factories in regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa has affected the global supply chains as well as disturbed manufacturing processes, delivery schedules, and chemicals and material sales. The manufacturing sector is suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. Emerging economies experienced the major impact of the COVID-19 pandemic due to strict lockdown measures, decreasing demand and prices of raw materials, and revenue drop in wide range of industries. Despite this, steel demand is expected to bounce back in these economies in early 2021.
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Steel Grating Market: Segmental Overview
Based on material type, the steel grating market is segmented into stainless steel grating, carbon steel grating, and aluminum steel grating. The market for the carbon-steel grating is is expected to grow at the highest CAGR of 8.3% during 2020–2027. Carbon steel gratings are the most extensively used construction and flooring materials in several industries. Light-duty carbon steel gratings are used in applications such as walkways, carts, dollies, and hand trucks. Based on surface type, the steel grating market is segmented into plain steel grating and serrated steel grating. The plain steel grating segment dominated the market in 2019, with approximately two-thirds of the market share. Based on application, the steel grating market is segmented into stair treads, walkways, platforms, security fence, drainage covers, trench covers, and others. The platforms segment accounts for a significant share in the market. Platform steel gratings find applications in parking lots, power plants, factories, waste treatment plants, wherein there are used in building the operating or parking places. The characteristics such as durability...
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