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Leading Growth Driver in the Steel Strapping Market in 2025: Construction And Infrastructure Sectors Propel Steel Strapping Market Growth Driver's Influence
Steel Strapping Market
The strong growth in the construction and infrastructure sectors is expected to boost the steel strapping market. The construction sector focuses on building structures, while infrastructure involves essential systems like transportation and utilities. Growth in both sectors is driven by urbanization, government investments, and the need to modernize infrastructure. Steel strapping is used extensively for securing heavy loads and reinforcing structures. According to a report from the Northern Ireland Statistics and Research Agency, construction in Northern Ireland grew by 6.5% from Q1 2022 to Q1 2023. Therefore, the expansion in construction and infrastructure is driving the steel strapping market.
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What growth opportunities are expected to drive the steel strapping market's CAGR through 2034?
The steel strapping market has seen robust growth and will increase from $1.18 billion in 2024 to $1.29 billion in 2025, reflecting a CAGR of 9.1%. The growth is fueled by the industrial revolution, the expansion of transportation networks, packaging innovations, occupational safety regulations, and rising environmental awareness.
The steel strapping market is expected to reach $1.8 billion by 2029, at a CAGR of 8.7%. Growth is attributed to environmental regulations, technological innovations, and market fluctuations. Major trends include corrosion protection, smart monitoring systems, and eco-friendly solutions.
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What are the emerging trends shaping the future of the steel strapping market?
In the steel strapping market, companies are developing eco-friendly production lines to enhance operational efficiency and meet growing demand. For instance, in May 2024, Krishca Strapping Solutions Ltd., an Indian manufacturer, launched a new production line with an installed capacity of 1,500 MT per month. This eco-friendly line uses energy-efficient technologies, reinforcing the company's position in the steel industry while addressing sustainability concerns.
Which growth-oriented segments of the steel strapping market are leading the industry's development?
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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What regions are leading the charge 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.
What companies are at the forefront of innovation 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
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What Is Covered In The Steel Strapping Global Market Report?
•Market Size Forecast: Examine the steel strapping market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the steel strapping market for a structured understanding.
•Key Players Overview: Analyze major players in the steel strapping market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the steel strapping market.
•Segment Contributions: Evaluate how different segments drive overall growth in the steel strapping market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the steel strapping market.
•Industry Challenges: Identify potential risks and obstacles affecting the steel strapping market.
•Competitive Landscape: Review strategic developments in the steel strapping market, including expansions, agreements, and new product launches.
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