Press release
Strong Growth Ahead: Steel Strapping Market Size To Grow At Arecord 8.7% Cagr By 2029
Steel Strapping Market
How Big Is the Steel Strapping Market Size Expected to Be by 2034?
The steel strapping market is expected to grow from $1.18 billion in 2024 to $1.29 billion in 2025 at a CAGR of 9.1%. The growth can be attributed to the industrial revolution, expansion of transportation, innovations in packaging, occupational safety regulations, and growing environmental awareness.
The steel strapping market is projected to grow robustly, reaching $1.8 billion in 2029 at a CAGR of 8.7%. The market is being driven by environmental regulations, technological developments, supply chain volatility, and cost concerns. Emerging trends include corrosion-resistant materials, smart monitoring tools, green packaging solutions, application-specific customization, and automated handling systems.
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What Are the Emerging Segments Within the 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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What Long-Term Drivers Are Shaping Steel Strapping Market Trends?
The growth in the construction and infrastructure sectors is expected to accelerate the expansion of the steel strapping market. Both sectors are driven by urbanization, government spending on public projects, and the demand for modernized infrastructure. Steel strapping is widely used in these sectors for securing loads, reinforcing structures, and bundling materials. For example, in June 2023, the Northern Ireland Statistics and Research Agency reported a 6.5% increase in the construction industry in 2023, with the housing sector rising by 11.1% and infrastructure up by 3.7%. Therefore, the robust growth in these sectors is propelling the steel strapping market.
Who Are the Top Competitors in Key Steel Strapping Market Segments?
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 Are the Latest Developing Trends in the Steel Strapping Market?
Companies in the steel strapping market are prioritizing the development of energy-efficient, eco-friendly production lines to meet growing demand and improve efficiency. For instance, Krishca Strapping Solutions Ltd., an Indian manufacturer, unveiled an advanced strapping production line in May 2024. The new line enhances production capacity, incorporating eco-friendly features, and is designed to produce 1,500 MT of steel strapping per month. This upgrade solidifies Krishca Strapping's position in the packaging industry while addressing sustainability concerns.
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Which Regions Are Becoming Hubs for Steel Strapping Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Steel Strapping Market?
2. What is the CAGR expected in the Steel Strapping Market?
3. What Are the Key Innovations Transforming the Steel Strapping Industry?
4. Which Region Is Leading the Steel Strapping Market?
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