Steel Grating Market Forecast 2023 - 2030

By Material Type :

The material type segment is categorized into stainless steel grating, carbon steel grating, aluminum steel grating, and others. In 2022, the carbon steel grating segment accounted for the highest market share in the steel grating market. 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.

However, the stainless-steel grating segment is expected to be the fastest-growing segment during the forecast period. This is due to its applications in sewer projects, chemical washdown areas in abattoirs, food processing facilities, pharmaceutical and laboratory settings, swimming pools and recreational facilities, and marine and coastal environments.

By Product Type :

The product type segment is categorized into plain steel grating and serrated steel grating. In 2022, the serrated steel grating segment accounted for the highest market share in the steel grating market. 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 expected to drive the segment growth over the estimated 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.

By Fabrication :

The fabrication segment is categorized into welded steel grating, press locked grating, riveted grating, close mesh steel grating, swage locked grating, and others. In 2022, the welded steel grafting segment accounted for the highest market share of 29.05% in the overall steel grating market. 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 segment growth over the forecast 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 increased by US$ 403.3 billion in 2020 to US$ 6.49 trillion in 2021.

However, the swage locked grating segment is expected to be the fastest-growing segment during the forecast period because of the high demand for ceiling manufacturing, increasing government investments in industrial sectors, and others.

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By Application :

The application segment is categorized into stair treads, security fence, drainage covers, walkaways, platforms, trench covers, and others. In 2022, the walkaways segment accounted for the highest market share in the steel grating market. 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. The significant growth in these industries is expected to improve the demand for steel grating for walkaway applications across the globe over the forecast period. For instance, according to the report by European Automobile Manufacturers' Association in February 2023, the new car registration across the globe accounted for 66.2 million units in 2022, and in China, the sales of cars increased by 7.6% by the previous year.

However, the platforms segment is expected to be the fastest-growing segment during the forecast period owing to the significant demand from the chemical, cement, and fertilizer industries across the globe.

By End-use Industry :

The end-use industry segment is categorized into the chemical industry, food industry, oil & gas, water treatment plants, petrochemicals, pharmaceutical industry, marine, and others. In 2022, the oil and gas segment accounted for the highest market share in the steel grating market. Steel grating is used in the oil and gas industry for various applications such as 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 million.

However, the pharmaceutical industry segment is expected to be the fastest-growing segment during the forecast period owing to the significant growth in the industry across the globe along with the increasing investments in the pharmaceutical R&D sectors.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 35.55% and was admired at USD 64.75 Billion and it is expected to reach USD 86.57 Billion in 2030. In Asia Pacific, India accounted for the second highest market share of 20.57% during the base year of 2022. 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 US$ 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.

Furthermore, North America is expected to witness significant growth over the forecast period, growing at a CAGR of 4.1% during 2023-20230. This is due to the increasing investments in the manufacturing sector in the region.