Market Overview:
The global steel grating market size was valued at around USD 192.9 billion in 2021 and expected to grow at a CAGR of 4.8% during the forecast period. Steel grating refers to a type of grating that is made from steel, typically in the form of flat bars and cross bars, and is commonly used as a platform or flooring for industrial applications. The global steel grating market refers to the market for steel grating products, which are used in a wide range of applications including walkways, stair treads, drainage covers, and other industrial and commercial flooring applications. The market includes various types of steel grating products such as welded steel grating, pressure locked grating, and others. The demand for steel grating products is driven by various factors such as industrial growth, infrastructure development, and increasing construction activities across the globe.
Covid-19 Impact:
The COVID-19 pandemic has had a significant impact on the global steel grating market, as it has affected various industries and supply chains across the globe. The pandemic has led to a slowdown in construction and infrastructure development activities in many countries, which has reduced the demand for steel grating products. Additionally, disruptions in the global supply chain due to lockdowns, travel restrictions, and border closures have caused delays in the delivery of raw materials and finished products, affecting the overall production of steel grating products.
However, the steel grating market has also experienced some positive impacts due to the pandemic. With the increasing emphasis on hygiene and safety, there has been a growing demand for products such as antimicrobial grating, which can help to prevent the spread of viruses and bacteria. Furthermore, as many countries are investing in the development of healthcare infrastructure to cope with the pandemic, there has been a growing demand for steel grating products for use in hospitals, clinics, and other healthcare facilities.
Overall, while the COVID-19 pandemic has caused significant disruptions and challenges for the global steel grating market, there are also opportunities for growth and innovation in response to the changing needs and demands of the market.
Market Dynamics:
Drivers:
Growing demand from construction and infrastructure development: Steel grating is widely used in construction and infrastructure development projects, such as bridges, industrial flooring, and drainage covers. The increasing demand for such projects in emerging economies, coupled with the need for infrastructure maintenance and repair in developed countries, is driving the demand for steel grating products.
Expansion of the industrial sector: Steel grating is also used in the industrial sector for applications such as platforms, walkways, and stair treads. As the industrial sector expands in many countries, there is a growing demand for steel grating products to support these operations.
Advantages over other materials: Steel grating has several advantages over other materials, such as durability, strength, and corrosion resistance. These advantages make steel grating a preferred choice for many applications, driving demand in the market.
Increasing safety concerns: Steel grating is used in many safety-critical applications, such as walkways and stair treads. The growing emphasis on safety and workplace regulations is driving demand for high-quality steel grating products that meet safety standards.
Technological advancements: Advancements in technology have enabled the development of new and innovative steel grating products, such as antimicrobial grating, which is in high demand due to the COVID-19 pandemic. These advancements are driving growth and innovation in the market.
Restraints:
Fluctuating raw material prices: The price of steel, which is the primary raw material for steel grating, is subject to fluctuations due to factors such as supply and demand, trade policies, and global economic conditions. This can lead to price volatility and affect the profit margins of steel grating manufacturers.
Environmental concerns: The production of steel grating has an environmental impact, such as carbon emissions, waste generation, and water usage. As governments and consumers become more environmentally conscious, there is increasing pressure on industries to reduce their environmental impact, which could impact the steel grating market.
Competition from alternative materials: While steel grating has several advantages over alternative materials such as aluminum and fiberglass, these materials are gaining popularity due to their lighter weight and lower cost. This could lead to increased competition in the steel grating market.
Regional Analysis:
North America: The North American steel grating market is driven by demand from the construction and industrial sectors, as well as the need for infrastructure maintenance and repair. The United States and Canada are the major markets in this region.
Europe: The European steel grating market is driven by the growing demand for infrastructure development and construction activities. Countries such as Germany, the United Kingdom, and France are the major markets in this region.
Asia Pacific: The Asia Pacific steel grating market is the largest and fastest-growing market, driven by the increasing demand for infrastructure development and construction activities in emerging economies such as China, India, and Southeast Asia.
Middle East and Africa: The Middle East and Africa steel grating market is driven by demand from the construction and industrial sectors, as well as infrastructure development activities in countries such as the United Arab Emirates, Saudi Arabia, and South Africa.
Latin America: The Latin American steel grating market is driven by demand from the construction and industrial sectors, as well as infrastructure development activities in countries such as Brazil, Mexico, and Argentina.
Market Segmentation:
Type: The market can be segmented by type of steel grating such as welded steel grating, press-locked steel grating, and swage-locked steel grating.
Material: The market can be segmented by the type of material used for steel grating such as carbon steel, stainless steel, and aluminum.
Application: The market can be segmented by application such as construction, industrial, and infrastructure development.
End-user industry: The market can be segmented by end-user industry such as energy and utilities, automotive and transportation, manufacturing, and oil and gas.
Region: The market can be segmented by region such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Competitive Landscape:
The global steel grating market is highly competitive, with several key players operating in the market.
Some of the major players in the market include:
AMICO
Nucor Corporation
Harsco Corporation
Grating Pacific
Ningbo Lihongyuan Steel Grating Co., Ltd
Other notable players in the market include Webforge, Ohio Gratings, Inc., Interstate Gratings, and Lionweld Kennedy. These companies compete on factors such as product quality, pricing, innovation, and customer service to maintain their market position and gain market share.
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Market Research Process
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
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