New York, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Consegic Business Intelligence analyzes Steel Grating Market is expected to witness significant growth at a remarkable CAGR of 3.7% during the forecast period of 2023-2030. The factors such as the increasing demand from various end user industries are benefiting the market growth, growth in the investment of new residential projects, and others are accelerating the demand for steel grating, which, in turn, is benefiting the market growth. In addition, the increased safety concerns in the various manufacturing industries will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the steel grating market is poised for strong expansion and is expected to reach USD 242.16 Billion by 2030. The market, which was valued at USD 182.14 Billion in 2022, is predicted to grow at a compound annual growth rate of 3.7% during the period 2023-2030. The report highlights the increasing adoption of steel grating in the various end use industries, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the steel grating market.
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Steel grating is employed in various end-use industries, for applications such as stair threads, security fence, drainage covers, walkways, platforms, trench covers, and others. Increasing investment in the development of these industries is expected to provide lucrative growth opportunities for steel grating. For illustration, according to the report by the National Bureau of Statistics of China in February 2023, the total investment in the chemical industry in China accounted for US$ 8087.58 billion in 2022 which was a 4.9% increase from the previous year 2020. Thus, the significant growth in these various industrial sectors across the globe is expected to propel the demand for steel grating for various applications. This, in turn, is benefiting market growth.
Steel grating is also used in the water treatment industry. Steel grating is resistant to corrosion, which provides resistance against water, salt, chlorine, acid, and other water treatment chemicals. Steel grating is also skid resistant which it provides a non-slippery or anti-slip walkaway at water treatment plants. Hence, the growth in the demand for water treatment across the globe is spurring the demand for steel grating. Which is further expected to drive the market growth over the forecast period.
Global Steel Grating Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | USD 242.16 Billion |
| CAGR (2023-2030) | 3.7% |
| By Material Type | Stainless Steel Grating, Carbon Steel Grating, Aluminum Steel Grating, and Others |
| By Product Type | Plain Steel Grating, and Serrated Steel Grating |
| By Fabrication | Welded Steel Grating, Press Locked Grating, Riveted Grating, Close Mesh Steel Grating, Swage Locked Grating, and Others |
| By Application | Stair Treads, Security Fence, Drainage Covers, Walkaways, Platforms, Trench Covers, and Others |
| By End-use Industry | Chemical Industry, Food Industry, Oil & Gas, Water Treatment Plants, Petrochemicals, Pharmaceutical Industry, Marine and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Alabama Metal Industries, Lionweld Kennedy, Marco Specialty, Meiser GmbH, NJMM Inc., Nucor Corporation, Ohio Gratings, P&R Metals, Inc., Sinosteel Corporation, and Valmont Industries, Inc. |
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Global Steel Grating Market Segmentation Details:
Based on Material Type, the carbon steel grating segment contributed the largest shares to the market growth in 2022. Carbon steel grating is a very versatile material and offers various benefits. Carbon steel gratings are heavily utilized in various municipal as well as commercial applications. Carbon steel grating is used for the manufacturing of platforms, walkways, and stairways as it provides resistance against slipping in icy and wet conditions. Carbon steel gratings are also used for the manufacturing of drainage covers and treads for both municipal as well as industrial applications. Thus, due to the above beneficial properties of carbon steel grating, the demand for carbon steel grating is increasing, which, in turn, is benefiting the segment growth.
Based on Product Type, serrated steel grafting accounted for the largest market share in the year 2022. Serrated steel grating is employed in various places where a slip resistant or anti-slip surface is required. Serrated steel gratings are used as stair thread grating, walkways, platforms, and floors in commercial, industrial as well as civil buildings. The significant growth in urbanization across the world is anticipated to drive the segment growth over the forecast period. For instance, according to the data published by the World Bank, the urban population across the globe is expected to double by the year 2050. Hence the growth in the urban population will improve the demand for new residential, commercial as well as industrial sectors and is expected to further drive the segment growth over the forecast period.
Based on Fabrication, the welded steel grafting segment contributed the largest shares to the market growth in 2022. Welded steel grating is majorly used in industrial applications for the manufacturing of walkaways, stair threads, platforms, and security fences. Welded steel grating can withstand high shear forces. It can also tolerate heavy and dynamic loads, which makes it best suited for industrial flooring applications. The increasing investment in the industrial sector across the globe is expected to drive the segment’s growth over the recast period. For instance, according to the data published by the Bureau of Economic Analysis in September 2022, in the U.S. the foreign direct investment in the industrial sector across the country was increased by USD 403.3 billion in 2020 to USD 6.49 trillion in 2021.
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Based on Application, the walkaways segment contributed the largest shares to the market growth in 2022. Steel grating is employed in various buildings and construction, industries, and public spaces as a walkway. Steel grating provides a durable, strong, and safe surface for pedestrian walkways in a wide range of environments. Steel grating walkways are used in various end user industries such as chemical, automotive, cement, oil and gas, and other industries for the manufacturing of anti-skid surfaces and a strong ground for heavy engineering works, which, in turn, is benefiting the market growth.
Based on End-use Industry, oil & gas accounted for the largest market share in the year 2022 Steel grating is used in the oil and gas industry for various applications such as for the manufacturing of platforms, stair threads, walkaways, and other applications. The increasing capital expenditure in the oil & gas industry across the globe is expected to drive the demand for steel grating from the oil and gas industry across the globe over the forecast period. For instance, according to the data published by International Energy Forum, the capital expenditure on upstream oil and gas activities across the globe increased by 39% in 2022 accounting for US$ 499 billion.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. This is due to the growth of the various end-use industries, including chemical, petrochemical, pharmaceutical, oil & gas, water treatment, and other industries across the region. For instance, according to the data published by the Ministry of Commerce & Industry in May 2022, the Indian pharmaceutical industry accounted for US$ 50 billion in the financial year 2021-22 which is expected to reach USD 65 billion in 2030. This significant growth in the industries across the region is expected to provide lucrative growth opportunities for the growth of the steel grating market across the region over the forecast period.
Competitive Landscape
Nucor Corporation, Ohio Gratings, and Lionweld Kennedy are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of steel grating. Further, the steel grating market is expected to grow steadily due to rising demand from the various end-use industries, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the forecast years. Additionally, the trend toward increasing the development of new steel grating manufacturing facilities in the forecast years, thereby anticipated to increase the competition in the market.
Recent Developments
- In June 2023, Nucor Corporation, a steel manufacturing company announced the investment of USD 15 Billion for the construction of a new manufacturing unit at Crawfordsville, Indiana.
- In March 2023, Ohio Gratings, which is a manufacturer of aluminum and steel grating announced the acquisition of Precision Component Industries, LLC. To expand their end user industry sector across automotive, aviation, space exploration, and military sectors.
- In March 2021, Prodac Bekaert announced the acquisition of Grating Peru, which is a civil construction company. The acquisition will expand Prodac’s product portfolio for coated wires and steel transformation for construction and infrastructure applications.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 35.55% and was valued at USD 64.75 Billion in 2022 and is expected to reach USD 86.57 Billion in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 25.02% during the base year of 2022.
- Based on material type, the carbon steel grating segment accounted for the highest share contribution to the steel grating market statistics in 2022.
- Among the product type segment, serrated steel grating is expected to dominate the segment in terms of value share.
- Based on fabrication, the welded steel grating segment accounted for the highest share contribution to the steel grating market statistics in 2022.
- In the context of the application, the welded steel grating segment is expected to contribute significant shares to the growth of steel grating market statistics during the forecast period.
- Based on end-use industry, the oil & gas segment accounted for the highest share contribution to the steel grating market statistics in 2022.
- North America is expected to grow with the highest CAGR in steel grating market due to the increasing investments in new building and construction projects in countries such as U.S., Canada, and others.
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List of Major Global Steel Grating Market:
- Alabama Metal Industries
- Lionweld Kennedy
- Marco Specialty
- Meiser GmbH
- NJMM Inc,
- Nucor Corporation
- Ohio Gratings
- P&R Metals, Inc.
- Sinosteel Corporation
- Valmont Industries, Inc.
Global Steel Grating Market Segmentation:
- By Material Type
- Stainless Steel Grating
- Carbon Steel Grating
- Aluminum Steel Grating
- Others
- By Product Type
- Plain Steel Grating
- Serrated Steel Grating
- By Fabrication
- Welded Steel Grating
- Press Locked Grating
- Riveted Grating
- Close Mesh Steel Grating
- Swage Locked Grating
- Others
- By Application
- Stair Treads
- Security Fence
- Drainage Covers
- Walkaways
- Platforms
- Trench Covers
- Others
- By End-use Industry
- Chemical Industry
- Food Industry
- Oil & Gas
- Water Treatment Plants
- Petrochemicals
- Pharmaceutical Industry
- Marine
- Others
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Frequently Asked Questions in the Steel Grating Market Report
- What was the market size of the steel grating industry in 2022?
- In 2022, the market size of steel grating was USD 182.14 Billion
- What will be the potential market valuation for the steel grating industry by 2030?
- In 2030, the market size of steel grating will be expected to reach USD 242.16 Billion.
- What are the key factors driving the growth of the steel grating market?
- Increasing demand from various end user industries is benefiting the market growth.
- What is the dominating segment in the steel grating market by fabrication?
- In 2022, the welded steel grating segment accounted for the highest market share of 29.05% in the overall steel grating market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the steel grating market?
- Asia Pacific accounted for the highest market share in the overall steel grating market.
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