Portland, OR, Feb. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global steel grating market garnered $182.2 billion in 2019, and is projected to reach $261.2 billion by 2027, portraying a CAGR of 4.7% from 2020 to 2027. The report provides a detailed analysis of changing market trends, key winning strategies, top investment pockets, major segments, product performance, and competitive scenario.
Increase in demand from end-use industries with its properties such as excellent tensile strength and technological advancements fuel the growth of the global steel grating market. However, occurrence of carbon emissions during manufacturing process and abundant availability of FRP grating restrain the market growth. On the other hand, availability of many customizations in grating products creates new opportunities in the next few years.
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Covid-19 Scenario:
- Owing to the lockdown measures implemented across various countries by government, manufacturing activities have been hindered. This resulted in significant decrease in production volumes.
- The supply chain has been disrupted during the lockdown, which in turn, led to shortage of raw materials. Even when governments permitted operation of manufacturing facilities, non-availability or less availability of workforce restrained manufacturing activities.
- Production activities of steel also took plunge, which resulted in reduced production of steel gratings.
- There has been significant reduction in demand from end-use industries such as electric power, construction, oil & gas, and mining due to disruptions in operations during lockdown. However, demand is estimated to increase during the post-lockdown period.
The report provides detailed segmentation of the global steel grating market based on material type, surface type, fabrication, application, end-use industry, and region.
By material type, the carbon steel grating segment held the highest market share, accounting for nearly three-fourths of the market in 2019, and will continue its dominance in terms of revenue during the forecast period. However, the stainless steel grating segment would portray the highest CAGR of 6.7% from 2020 to 2027.
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By end-use industry, the oil & gas segment accounted for the highest share in 2019, contributing to more than one-tenth of the global steel grating market, and is projected to maintain its lead position by 2027. However, the pharmaceuticals segment is expected to witness the largest CAGR of 5.5% from 2020 to 2027.
By region, Asia-Pacific contributed the highest share in 2019, holding more than one-third of the global market, and will maintain its leadership status throughout the forecast period. Moreover, this region is estimated to witness the fastest CAGR of 6.0% from 2020 to 2027. The report also discusses regions including North America, Europe, and LAMEA.
Major players of the global steel grating market analyzed in the research include Nucor Corporation, Sinosteel Corporation, Valmont Industries, Anping Enzar Metal Products Co. Ltd., Alabama Metal Industries, Corporation (AMICO), P&R Metals, Ohio Gratings, Interstate Gratings, Lionweld Kennedy, and Litchgitter GmbH.
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