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Steel Strapping Market Analysis, Trends, Growth, Research And Forecast 2033
Steel Strapping Market Analysis
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According to The Business Research Company's, 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 growth in the historic period can be attributed to industrial revolution, transportation expansion, packaging innovations, occupational safety regulations, and environmental awareness.
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%. The growth in the forecast period can be attributed to environmental regulations, technological advances, supply chain disruptions, market demand fluctuations, and cost pressures. Major trends in the forecast period include advanced corrosion protection, smart monitoring systems, environmentally friendly solutions, customized solutions for various applications, and automation and robotics in handling.
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Market Drivers and Trends:
The increasing incidence of waterborne diseases is expected to propel the growth of the pH meters market going forward. Waterborne diseases are illnesses caused by harmful microorganisms or pollutants in water due to poor sanitation or contamination. Waterborne diseases are on the rise due to factors such as insufficient sanitation, water pollution, and climate change-induced weather extremes. Regular pH monitoring (6.5-8.5) with pH meters promises clean drinking water and protects against waterborne diseases such as cholera and typhoid. In wastewater treatment, pH meters are critical for maximizing disinfection and decreasing disease spread. For instance, in May 2024, according to the UK Health Security Agency, a UK-based government agency, in 2022, 20 cases of cholera were reported in England, a jump from 2 cases in 2021. Therefore, the increasing incidence of waterborne diseases is driving the growth of the pH meters market.
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.
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Major Key Players of the Market:
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
Steel Strapping Market 2024 Key Insights:
• 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%.
• Construction And Infrastructure Sectors Propel Steel Strapping Market Growth
• Eco-Friendly Steel Strapping Production Line Sets Industry Benchmark
• Asia-Pacific was the largest region in the steel strapping market in 2023
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