What Is The Definition Of The Global Steel Strapping Market?
Steel strapping refers to a type of packaging material used to secure and stabilize items during transportation and storage. It is made from high-tensile steel and is known for its strength, durability, and ability to withstand heavy loads.
Steel Strapping Global Market Report 2024 provides data on the global steel strapping market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The steel strapping market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Steel Strapping Market Size Expected To Change, And What Are The Growth Rate Projections?
The steel strapping market has grown steadily, rising from $1.09 billion in 2023 to $1.18 billion in 2024 at a CAGR of 8.5%. Historical growth has been driven by industrial advancements, the expansion of transportation networks, innovations in packaging, occupational safety regulations, and heightened environmental awareness. The market is anticipated to reach $1.65 billion in 2028 at a CAGR of 8.8%. Future growth factors include stricter environmental policies, technological advancements, market demand fluctuations, and cost pressures. Key trends include enhanced corrosion protection methods, the introduction of smart monitoring systems, environmentally friendly solutions, customized applications, and the adoption of automation and robotics in handling.
Which Drivers Are Accelerating Growth In The Steel Strapping Market?
The robust expansion of the construction and infrastructure sectors is expected to drive the growth of the steel strapping market. The construction sector involves building structures, while infrastructure covers the development of transportation, utilities, and communication networks. The growth of both sectors is driven by urbanization, government investments, and the demand for infrastructure modernization. Steel strapping is widely used in these sectors for securing heavy materials, reinforcing concrete structures, and bundling items for transport and storage. In June 2023, the Northern Ireland Statistics and Research Agency reported a 6.5% growth in the construction industry, with housing increasing by 11.1% and infrastructure by 3.7%. This growth is driving the steel strapping market.
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What Are The Core Segments Of The Global Steel Strapping Market?
The steel strapping market covered in this report is segmented –
1) By Type: Blue-Tempered Steel Strapping, Paint-Coated Steel Strapping, Galvanized Steel Strapping, Other Types
2) By Tensile Strength: Regular Duty, High Tensile
3) By Application: Metal, Paper, Glass, Building, Other Applications
Which Emerging Trends Are Reshaping The Steel Strapping Market Size?
Companies in the steel strapping market are focusing on developing production units equipped with energy-efficient technologies, like eco-friendly production lines, to meet increasing demand and improve operational efficiency. Eco-friendly steel strapping production lines incorporate energy-efficient technologies, recycling processes, and advanced coatings to minimize environmental impact and foster sustainability. For instance, in May 2024, Krishca Strapping Solutions Ltd., an India-based manufacturer of high-tensile steel straps, unveiled a state-of-the-art strapping production line at its facility. This new line aims to improve operational efficiency and expand production capacity, with an installed capacity of 1,500 MT per month. The production line incorporates eco-friendly elements, marking a significant step in meeting the growing needs of the steel industry.
What Is The Largest Region In The Steel Strapping Market?
Asia-Pacific was the largest region in the steel strapping market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the steel strapping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
