Steel strapping refers to a type of packaging material used to secure and stabilize items during transportation and storage. It is made from high-tensile steel and is known for its strength, durability, and ability to withstand heavy loads.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting 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.
Key Industry Players
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
The steel strapping market report table of contents includes:
1. Executive Summary
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