Steel Grating Market to Garner $261.2 Billion, Globally, By 2027 at 4.7% CAGR, Says Allied Market Research
- 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.
Prime determinants of growth
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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- Manufacturing activity has taken a toll due to the lockdown imposed by governments in many countries. The shortage of raw materials has been occurred due to disrupted supply chain. In addition, non-availability or less availability of workers is another hindrance due to which manufacturing activities came to halt.
- The demand from the end-use industries such as oil & gas, construction, electric power, and mining reduced considerably due to discontinuation in operations during the lockdown. However, demand is expected to grow during the post-lockdown period.
The carbon steel grating segment to maintain its lead position during the forecast period