Market Introduction
Steel grating is an open grid assembly of metal bars, which is extensively used in multiple applications owing to its low maintenance and corrosion resistance characteristics. Steel grating is used in various industrial environments and to make platforms, stair treads, drainage covers, walkways, and trench covers. Steel gratings have a substantial load-bearing capacity; hence, they 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. Widening application scope of steel grating drives the market growth.
Market Overview and Dynamics
The Asia Pacific steel grating 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. Factors such as increasing demand from oil & gas industry, surging demand for carbon steel grating, and widening application scope of steel grating in Asia Pacific propel the market growth. In addition, product innovations are anticipated to create lucrative opportunities for the steel grating manufacturers during the forecast period. However, the high cost of raw materials restrains the growth of the Asia Pacific steel grating market.
Impact of COVID-19 Pandemic on Asia Pacific Steel Grating Market
The ongoing COVID-19 pandemic has altered the status of the steel grating industry in Asia Pacific. The pandemic is anticipated to cause a loss of more than 3 billion in the region. The consequence and impact can be even worse and totally depends on the spread of the novel coronavirus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, which impact the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the COVID-19 outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to hinder the growth of the steel grating market in the coming period. Till now, India recorded the highest number of COVID-19 confirmed cases in the region, followed by Indonesia, Japan, and Malaysia.
Key Market Segments
Based on material type, Asia Pacific steel grating market is segmented into stainless steel grating, carbon steel grating, and aluminum steel grating. The stainless steel grating segment is expected to dominate the market during the forecast period. By surface type, the Asia Pacific steel grating market is bifurcated into plain steel grating and serrated steel grating. The plain steel grating segment held a larger share in the market during the forecast period. Based on application, the Asia Pacific steel grating market is segmented into stair treads, walkways, platforms, security fence, drainage covers, trench covers, and others. The market for the security fence segment is growing the highest rate.
Major Sources and Companies Listed
A few key players operating in the Asia Pacific 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.
Reasons to Buy Report
Asia Pacific Steel Grating Market Segmentation
Asia Pacific Steel Grating Market, by Material TypeCompany Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 38,038.86 Million |
| Market Size by 2028 | US$ 68,068.77 Million |
| CAGR (2021 - 2028) | 7.6% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Material Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Steel Grating Market is valued at US$ 38,038.86 Million in 2020, it is projected to reach US$ 68,068.77 Million by 2028.
As per our report Asia Pacific Steel Grating Market, the market size is valued at US$ 38,038.86 Million in 2020, projecting it to reach US$ 68,068.77 Million by 2028. This translates to a CAGR of approximately 7.6% during the forecast period.
The Asia Pacific Steel Grating Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Steel Grating Market report:
The Asia Pacific Steel Grating Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Steel Grating Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Steel Grating Market value chain can benefit from the information contained in a comprehensive market report.
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