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Steel Strapping Market Growth, Industry Forecast Report 2033
Steel Strapping Market Growth
As per the report, the steel strapping market size has grown strongly in recent years. It will grow from $1.09 billion in 2023 to $1.18 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The steel strapping market size is expected to see strong growth in the next few years. It will grow to $1.65 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
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Construction And Infrastructure Sectors Propel Steel Strapping Market Growth
The robust growth in the construction and infrastructure sectors is expected to propel the growth of the steel strapping market going forward. The construction sector encompasses the planning, design, and building of structures, while the infrastructure sector involves the development and maintenance of essential systems such as transportation, utilities, and communication networks. Robust growth in the construction and infrastructure sectors is driven by increasing urbanization, government investments in public projects, and demand for modernization and expansion of existing infrastructure. Steel strapping is widely used in the construction and infrastructure sectors for securing heavy loads, reinforcing concrete structures, and bundling materials for transportation and storage. For instance, in June 2023, according to the report published by the Northern Ireland Statistics and Research Agency, a UK-based public authority for Northern Ireland region, from the first quarter of 2022 to the first quarter of 2023, the overall construction industry expanded by 6.5% compared to 2022. Moreover, the housing sector of construction increased by 11.1% and the infrastructure subsector by 3.7% compared to 2022.Therefore, robust growth in the construction and infrastructure sectors is driving the growth of the steel strapping market.
Eco-Friendly Steel Strapping Production Line Sets Industry Benchmark
Major companies operating in the steel strapping market are focusing on developing production units integrated with energy-efficient technologies, such as eco-friendly production lines, to enhance efficiency and meet increasing demand. Eco-friendly steel strapping production lines incorporate energy-efficient technologies, recycling processes, and advanced coatings to minimize environmental impact and promote sustainability. For instance, in May 2024, Krishca Strapping Solutions Ltd., an India-based manufacturer of high-tensile steel straps for packaging, unveiled a state-of-the-art strapping production line at its facility. The new strapping line aims to enhance operational efficiency and expand production capacity, with an installed capacity of 1,500 MT per month. It incorporates eco-friendly elements, representing a notable achievement in addressing the growing requirements of the steel industry. This enhancement reinforces Krishca Strapping's standing as a prominent figure in the packaging sector, enabling it to accommodate the changing preferences of its customers.
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
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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
Contents of the report:
1. Executive Summary
2. Steel Strapping Market Report Structure
3. Steel Strapping Market Trends And Strategies
4. Steel Strapping Market - Macro Economic Scenario
5. Steel Strapping Market Size And Growth
…..
27. Steel Strapping Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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