Global Steel Grating Walkways Market Insights 2024: Key Trends, Market Size, and Growth Forecast
Steel Grating Walkways Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has the Steel Grating Walkways Market Grown Over the Years and What is its Size?
The steel grating walkways market has seen steady progress in recent years. It is projected to grow from a significant $177.24 billion in 2023 to $184.90 billion by 2024, representing a Compound Annual Growth Rate CAGR of 4.3%. The growth during the historic period can be attributed to factors such as industrial infrastructure expansion, an increased focus on workplace safety, urbanization resulting in increased construction projects, the rising demand for corrosion-resistant materials, the strict adherence to regulatory compliance requirements, and the emergence of offshore oil and gas exploration activities.
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What is the Expected Growth of the Steel Grating Walkways Market in the Future?
The steel grating walkways market size is anticipated to experience consistent growth in the upcoming years. It is projected to accelerate to $219.87 billion in 2028, boasting a Compound Annual Growth Rate CAGR of 4.4%. The optimistic growth trends in the forecast period can be credited to factors such as increasing industrialization, infrastructure development, stringent safety regulations, a surge in demand for durable materials, expansion of construction projects, and an increase in investments in public utilities. Furthermore, the course of the forecast period is expected to witness the adoption of composite materials, the development of smart grating systems, advances in customizable and modular grating systems, industrial process advancements, and the incorporation of digital twin technology.
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What Factors Drive the Growth of the Steel Grating Walkways Market?
The expected industrial expansion is a key driver that is anticipated to spur the growth of the steel grating walkways market. This upsurge in industrial expansion is driven by the necessity to meet the growing demand, enhance economic growth, and improve competitive advantage through increased production capacity and technological advancements. Steel grating walkways are employed in industry for safe and durable access platforms, walkways, and maintenance areas due to their strength, slip resistance, and drainage capabilities.
For instance, in July 2024, according to data from the Federal Reserve Board, a US-based banking organization, industrial production jumped from 101.5 in January 2024 to 104.0 in June 2024. This data signifies an increase in industrial output over this period, thereby, further propelling the growth of the steel grating walkway market.
Who are the Major Market Players in the Steel Grating Walkways Industry?
Prominent firms operating in the steel grating walkways market include Nucor Corporation, Eaton Corporation plc, Valmont Industries Inc., Hill & Smith PLC, McNichols Co., Farwest Steel Corporation, Ohio Gratings Inc., Walker Forge Inc., Grating Pacific Inc., Metalex, Triple-S Steel Holdings Inc., Interstate Gratings LLC, Weldlok, Gebrüder MEISER GmbH, Lichtgitter GmbH, Marco Specialty Steel Inc., Screen Systems Wire Workers Limited, Gitterwerk M. Schulz GmbH & Co. KG, Alabama Metal Industries Corporation, P&R Metals Inc., Indiana Gratings Inc., Ningbo Lihongyuan Steel Grating Co. Ltd., Lionweld Kennedy Flooring Ltd.
How is the Steel Grating Walkways Market Segmented?
The steel grating walkways market discussed in this report is segmented as follows:
1 By Material Type: Carbon Steel Grating, Stainless Steel Grating, Mild Steel Grating
2 By Fabrication: Welded Steel Grating, Swage Locked Grating, Press Locked Grating, Riveted Grating, Close Mesh Steel Grating
3 By Surface Type: Serrated Steel Grating, Plain Steel Grating
Which Regions Hold a Major Share in the Steel Grating Walkways Market?
In 2023, Asia-Pacific emerged as the largest region in the steel grating walkways market. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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