Report : Asia Pacific Steel Grating Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material Type (Stainless Steel Grating, Carbon Steel Grating, and Aluminum Steel Grating), Surface Type (Plain Steel Grating and Serrated Steel Grating), and Application (Stair Treads, Walkways, Platforms, Security Fence, Drainage Covers, Trench Covers, and Others)
Increasing Demand from Oil & Gas Industry to Escalate Market Growth During 2021–2028
According to the latest market study on “APAC Steel Grating Market Forecast to 2028 – COVID-19 Impact and Analysis – by Material Type (Stainless Steel Grating, Carbon Steel Grating, and Aluminum Steel Grating), Surface Type (Plain Steel Grating and Serrated Steel Grating), and Application (Stair Treads, Walkways, Platforms, Security Fence, Drainage Covers, Trench Covers, and Others),” the market was valued at US$ 38,038.86 million in 2020 and is projected to reach US$ 68,068.77 million by 2028; it is expected to grow at a CAGR of 7.6% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
Steel grating is an open grid assembly of metal bars, which is extensively used in multiple applications owing to its low maintenance requirements and corrosion resistance. Steel gratings have a substantial load-bearing capacity and hence are used in flooring applications. The wide range of steel grating applications include manhole covers, stair treads, handrails, platforms, drainage covers, trench covers, and walkways. Rapid industrialization in emerging countries, such as India and China, and growing spending on infrastructure development by governments provide lucrative growth opportunities to the steel grating market players.
Steel grating drilling platforms are lightweight and explosion-proof, and feature anti-rust, huge bearing capacity, and non-slip properties. They are highly suitable for ocean as they lessen the chance of accidents. Thus, to explore and exploit offshore oil and natural gas resources, the steel gratings are extensively used in drilling platform. Besides, in the oil & gas sector, steel gratings are used in a wide range of applications, such as docks, ramps, platforms, crossover platforms, trench covers, security fences, catwalks, flooring, and machine guards. These gratings are also extensively used as platforms, floors, and walkways in the mining sites, power plants, and commercial buildings, as well as on roads and railway tracks.
Impact of COVID-19 Pandemic on Steel Grating Market
The US, India, Brazil, Russia, France, the UK, Italy, Spain, Germany, Colombia, Argentina, and Mexico are among the most affected countries across the world in terms of COVID-19 confirmed cases and reported deaths as of March 2021. COVID-19 pandemic has affected various industries in the world due to lockdowns, travel bans, and business shutdowns. The manufacturing industry is suffering serious disruptions in the form of supply chain breaks, technology events cancellations, and office shutdowns due to this outbreak. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, which impacts the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are hindering the growth of the steel grating market in the region. Till now, India recorded the highest number of COVID -19 confirmed cases in the region, followed by Indonesia, Japan, and Malaysia.
A few of the major key players operating in the APAC steel grating market are Alabama Metal Industries Corporation; Kraty Mostostal Kraków SP. Z O.O.; Lichtgitter GmbH; Lionweld Kennedy Flooring Ltd; Gebrüder MEISER GmbH; Valmont Industries, Inc.; Ningbo Lihongyuan Steel Grating Co., Ltd.; Sinosteel Corporation; YanTai Rising Steel Grating Co., Ltd.; and Yantai Xinke Steel Structure Co., Ltd.
The report segments the APAC Steel Grating market as follows:
By Material Type
- Stainless Steel Grating
- Carbon Steel Grating
- Aluminum Steel Grating
By Surface Type
- Plain Steel Grating
- Serrated Steel Grating
- By Surface Type
- Stair Treads
- Security Fence
- Drainage Covers
- Trench Covers
- Asia Pacific
- Rest of Asia Pacific
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