The Rise of Steel Racks: Industrial and Residential


By Annie Nguyen - October 26th, 2024 at 17:21:00 PCT

Photo by: Squarespace’s image stock
Photo by: Homedant-Speedrack Co., Ltd.

Global Market Overview

  • The global steel shelving market was valued at approximately USD 4.1 billion in 2022 and is projected to grow at a CAGR (Compound Annual Growth Rate) of around 3.5% from 2023 to 2030. By 2030, the market is expected to reach USD 5.6 billion.

  • Growth is primarily driven by the increasing need for organized storage solutions in warehousing, retail, and industrial settings, along with the rising popularity of modular and customizable shelving systems in residential markets.

Regional Insights

  1. Asia-Pacific

    • Asia-Pacific is one of the fastest-growing markets for steel shelving, with China, India, and Southeast Asia leading the demand. The region accounted for over 40% of the global market share in 2022, largely due to rapid industrialization, e-commerce growth, and increased warehousing needs.

    • The projected growth rate for the Asia-Pacific region is around 4-5% CAGR through 2030, driven by continued investments in logistics infrastructure and the expansion of retail and manufacturing industries.

  2. North America

    • North America, particularly the U.S., is a significant market for steel shelving, with applications in retail, manufacturing, and warehouse storage. The region was valued at approximately USD 1.2 billion in 2022.

    • The growth rate in North America is expected to be around 3% CAGR from 2023 to 2030, supported by the expansion of e-commerce and automated warehousing solutions.

  3. Europe

    • In Europe, the steel shelving market is mature, with steady growth projected at 2-3% CAGR. Germany, the UK, and France are leading contributors, with strong demand in the manufacturing and retail sectors.

    • Emphasis on sustainable and recyclable materials, such as steel, is further driving the adoption of steel shelving in the region.

Factors Driving Market Growth

  • E-commerce Expansion: The growth of e-commerce has increased the need for efficient warehousing and storage solutions worldwide.

  • Industrialization and Urbanization: The development of industrial and urban infrastructure in emerging markets is a significant driver.

  • Sustainability Trends: Steel's recyclability makes it a favorable material in line with global sustainability efforts.

Sources: Grand View Research - Industrial Shelving Market Report, Allied Market Research, Mordor Intelligence