iCrowdNewswire Jan 8, 2021 2:13 PM ET
According to a new report published by Allied Market Research, titled, “U.S. Steel Grating Market: Opportunity Analysis and Industry Forecast, 2020–2027,”. The U.S. steel grating market was valued at $25.0 billion in 2019, and is projected to reach $33.2 billion by 2027, growing at a CAGR of 3.7% from 2020 to 2027.
DOWNLOAD SAMPLE PAGES @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1390
Steel gratings consist of steel reinforced grids made from steel bars arranged by welding or pressure grid-shaped lock. The U.S. steel grating market includes gratings made from stainless steel, carbon steel, and aluminum. Manufacturers of steel gratings use various ASTM-compliant grades of steel such as galvanized steel grating, carbon steel, and stainless steel. They are widely used in almost all the industrial and commercial establishments such as oil & gas, electric generation, pharmacy, paper making, and chemical. The slip resistance of the flooring and walkway is an essential consideration in any project. Proper walkways and platforms are crucial to safeguard worker safety. Thus, safety steel grating and stair treads help in reducing accident rates by providing a safer walking-working surface.
The U.S. steel grating market is driven by its current demand from various industry verticals. U.S. has a well-established manufacturing sector that is constantly expanding. Being a global exporter, investing in new industrial infrastructure becomes important. Such expansions increase the demand for industrial floorings, stairways, and platforms; thus, increasing the demand for steel gratings.
The steel industry is an energy-intensive industry; hence, the cost of steel is high. The cost further rises during grating fabrication and transportation. In addition, availability of fiber-reinforced plastic (FRP) is expected to act as a restraint in the U.S. steel grating market. FRP grating has proved to be an effective and economical alternative to steel gratings. FRP offers corrosion resistance over a wide range of pH, which makes it suitable in various chemical environments. High strength-to-weight ratio, good slip resistance, low initial cost & low maintenance, and flame-retardant performances are some of its merits that has made it useful in all the application currently covered by steel gratings.
Innovations in the steel grating value chain is expected to offer fresh opportunities for the U.S. steel grating market growth. Market players of steel grating in the U.S. focus on increasing their market share through client customization and product differentiation. Designing new grating patterns using CAD software as well as computerized production allows them to implement new patterns. Faster production rates achieved through automation are expected to reduce the cost of gratings. Innovations in anti-slip coatings for gratings will in turn boost the demand for steel gratings. For instance, MEBAC anti-slip coating from IKG can be applied to any steel grating to increase the coefficient of friction under a wide range of conditions. This leads to increased slip resistance of the steel gratings.
The U.S. steel grating market is segmented on the basis of material type, surface type, fabrication, application, and end-use industry.
Based on material type, the U.S. steel grating market is segmented into stainless steel grating, carbon steel grating, and aluminum steel grating. Carbon steel grating is the leading segment that dominated the global market with more than two-third of the total share in 2019.
Based on the surface type, the market is divided into plain steel grating and serrated steel grating. Serrated steel grating is the leading segment that dominated the global market with more than three-fifths of the total share in 2019.
Based on fabrication, the market is segmented into welded steel grating, swage locked grating, press locked grating, riveted grating, and close mesh steel grating. Welded steel grating is the leading segment that dominated the global market with more than one-third of the total share in 2019.
On the basis of application, the market is segmented into stair treads, walkways, platforms, security fence, drainage covers, trench covers, and others. Walkways is the leading segment that dominated the global market with more than one-fifth of the total share in 2019.
The end-use industries of steel grating include food processing, pharmaceuticals, cement, steel, chemical, papermaking, oil & gas, electric power, mining, marine, wastewater treatment, civil engineering, and others. Oil & gas is the leading segment that dominated the global market for nearly three-fifths of the total share in 2019.
Based on region, the U.S. steel grating market size is segmented into New England, Mid Atlantic, South, Mid-West, South West, and West. South West accounted for the major U.S. steel grating market share in 2019. South West is the leading segment that dominated the global market with more than one-fifth of the total share in 2019.
The key players engaged in the production of steel gratings in U.S. are Eaton Corporation, Farwest Steel Corporation, Grating Pacific Inc., IKG, Indiana Gratings Inc., Interstate Gratings LLC, Mcnichols Co. Inc., Nucor Corporation, P&R Metals, Lichtgitter GmbH, and Valmont Industries Inc.
Due to the COVID-19 outbreak, industrial manufacturing activities have been hampered across the U.S. Steel grating are widely used in chemical, automotive, and construction industry. These industries have halted their operations due to disrupted supply of raw materials amid shutdown declared by U.S. government to prevent the transmission of coronavirus. This is expected to decrease the demand for steel grating till the industrial activities across these sectors resume.
Volatility in raw material prices of steel grating is one of the major challenges for manufacturers. Raw materials used in steel grating include steel. During the COVID-19 outbreak, crude steel prices decreased significantly, but now as governments of many countries are lifting their lockdown to start their economic activities, the price of crude steel is gaining momentum. The rise or fall in crude steel prices has a direct impact on the price movements of steel grating. Manufacturers have to cope with fluctuating raw material costs, which reduce their profit margins.
Key findings of the study
The carbon steel grating segment dominated the U.S. steel grating market with around 82.5% of the share in terms of revenue.
The stainless-steel grating segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.8% from 2020 to 2027.
The serrated steel grating segment dominated the U.S. steel grating market with around 61.4% of the share in terms of revenue. This segment is also projected to grow at the highest CAGR of 3.8% in terms of revenue.
The walkways segment dominated the U.S. steel grating market with around 22.5% of the share in terms of revenue.
The drainage cover segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.2% from 2020 to 2027.
The oil & gas segment dominated the U.S. steel grating market with around 12.3% of the share in terms of revenue.
The key players operating in the U.S. steel grating market include Eaton Corporation, Farwest Steel Corporation, Grating Pacific Inc., IKG, Indiana Gratings Inc., Interstate Gratings LLC, Mcnichols Co. Inc., Nucor Corporation, P&R Metals, Lichtgitter GmbH, and Valmont Industries Inc.
+1 888 212 3539
Keywords: U.S. Steel Grating Market, U.S. Steel Grating Market size, U.S. Steel Grating Market growth, U.S. Steel Grating Market trends, U.S. Steel Grating Market forecast, U.S. Steel Grating Market 2021