What Has Been the Growth of the Steel Strapping Market So Far?
The steel strapping market has seen considerable growth due to a variety of factors.
• The steel strapping market has grown significantly in recent years. It will increase from $1.18 billion in 2024 to $1.29 billion in 2025, growing at a CAGR of 9.1%.
The growth is driven by the industrial revolution, transportation expansion, innovations in packaging, occupational safety regulations, and growing environmental awareness.
What Are the Future Growth Projections for the Steel Strapping Market?
The steel strapping market is expected to maintain its strong growth trajectory in upcoming years.
• The steel strapping market is projected to grow to $1.8 billion by 2029, with a CAGR of 8.7%.
Factors driving this growth include environmental regulations, technological innovations, supply chain disruptions, market demand fluctuations, and cost pressures. Key trends include enhanced corrosion protection, smart monitoring systems, eco-friendly solutions, customized applications, and the automation of handling processes.
What Are The Core Factors Supporting Growth In The Steel Strapping Market?
The steel strapping market is forecasted to expand due to the substantial growth in the construction and infrastructure sectors. The construction sector includes the conceptualization, designing, and building of structures, while the infrastructure sector is responsible for creating and maintaining crucial systems such as transportation, utilities, and communication networks. This significant expansion in the construction and infrastructure fields is due to accelerating urbanization, public project investments by the government, and the demand for the renovation and enlargement of existing infrastructure. Steel strapping plays an integral role in these sectors by securing heavy loads, fortifying concrete structures, and bundling materials for transport and storage. For example, a report from the Northern Ireland Statistics and Research Agency, a public authority for the Northern Ireland region, revealed in June 2023 that from the first quarter of 2022 to the first quarter of 2023, the construction industry saw a growth of 6.5% compared to 2022. In addition, the housing sub-sector of the construction field saw an increase of 11.1% and the infrastructure sub-sector increased by 3.7% compared to 2022. Thus, the steel strapping market is seeing growth stimulated by the considerable expansion in the construction and infrastructure sectors.
What Are The Major Segments Within 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
Subsegments:
1) By Blue-Tempered Steel Strapping: Cold Rolled Blue-Tempered Steel Strapping, Hot Rolled Blue-Tempered Steel Strapping
2) By Paint-Coated Steel Strapping: Polyester Coated Steel Strapping, Polypropylene Coated Steel Strapping
3) By Galvanized Steel Strapping: Electro-Galvanized Steel Strapping, Hot-Dip Galvanized Steel Strapping
4) By Other Types: Zinc-Plated Steel Strapping, Stainless Steel Strapping
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How Are Emerging Trends Reshaping The Dynamics Of The Steel Strapping Market?
Key players within the steel strapping market are investing in the creation of production facilities that encompass energy-efficient technology, such as green production lines, in order to increase efficacy and satisfy growing demand. Green steel strapping manufacturing lines incorporate minor environmental impact techniques, sustainable practices and advanced finishes. For example, in May 2024, Krishca Strapping Solutions Ltd., a leading Indian provider of high-tensile steel strapping for packaging, launched an advanced strapping production line at their location. Its installed capacity is 1,500 MT monthly, it aims to increase efficiency of operations and the scope of production. This innovative line integrates aspects of eco-friendliness, a significant move in response to the steel industry's escalating needs. This progress further consolidates Krishca Strapping's position in the packaging industry, and they are fully prepared to adapt to their customers' evolving needs.
Who Are the Key Players In The Steel Strapping Market?
Major companies operating in the steel strapping market are:
• ArcelorMittal S.A.
• Shandong Baosteel Industry Co. Ltd.
• Berry Global Inc.
• Fastenal Company
• Samuel
• Son & Co. Inc.
• Nisshinbo Holdings Inc.
• Signode
• Yodogawa Steel Works Ltd.
• M.J.Maillis Group
• Bhushan Power & Steel
• Shanghai Metal Corporation
• Fromm Holding
• Empire Group
• Walzen Strips Pvt. Ltd.
• Pacific Strapping Inc.
• American Strapping Company
• Specta
• Kohan Kogyo Co. Ltd.
• Acme Steel Co.
• AnShan FaLan Co. Ltd.
• Tianjin Hongmei Steel Strips Co. Ltd.
• Midfield Industries Ltd.
• Polychem Ltd.
• Ensho Steel Strapping Co Ltd.
• Linder Strapping
What Is The Most Dominant 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.
