Steel Strapping Market size is predicted to reach USD 2 Billion by the end of 2036, growing at a CAGR of 6% during the forecast timeline, i.e., 2024-2036. In the year 2023, the industry size of steel strapping was USD 1 Billion. The market is flourishing as a result of the growing production of steel across the globe. Over the previous 50 years, population expansion, urbanization, and growing living standards have caused a more than threefold increase in global steel production, which may lead to a higher likelihood of goods and materials being transported using steel strapping. For instance, approximately 1 billion metric tons of crude steel were produced globally in 2022.
In addition, factors believed to fuel the market growth of steel strapping include the growing need for lightweight strapping materials. Due to its superior strength, durability, and resistance to environmental factors, steel strapping is used over other materials such as plastic or polyester and is chosen by industries including construction, mining, and shipping that are dealing with heavier and thicker materials or operating in harsh conditions for the safety of transport and storage of their products.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6% |
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Base Year Market Size (2023) |
USD 1 Billion |
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Forecast Year Market Size (2036) |
USD 2 Billion |
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Regional Scope |
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Tensile Strength (Regular Duty, High Tensile)
The high tensile segment in the steel strapping market is estimated to gain a revenue share of about 57% by the year 2036. The segment growth can be propelled by the rising usage of heavy-duty applications. High tensile steel strapping offers superior strength and durability compared to other materials and lower grades of steel. This makes it particularly suitable for heavy-duty applications where maximum load stability and security are required, such as in the construction, metalworking, and shipping industries.
Besides this, to comply with safety and security requirements for transport and storage, regulations and standards require the use of high-tensile steel strapping in certain industries.
Coating (Painted & Waxed Strapping, Uncoated Strapping)
The painted & waxed strapping segment in the steel strapping market is set to garner a notable share in the coming years. To guarantee the safe transport of goods, there is a higher demand for strong and durable packaging materials such as paint and wax strapping. In the market, painted & waxed strapping is preferred because of its added protection characteristics.
The coating, whether it is paint or wax, serves as a barrier against environmental factors, reducing the impact of corrosion and rust on the strapping material.
In industries where steel strapping is subjected to different weather conditions during storage and transport, this increased resistance to corrosion is of particular importance. The protective coating not only prolongs the life of the strapping but also ensures that it maintains its integrity and strength over time.
Our in-depth analysis of the global steel strapping market includes the following segments:
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Tensile Strength |
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Coating |
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Applications |
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APAC Market Forecast
The steel strapping market in the Asia Pacific is poised to hold the largest share of about 34% by the end of 2036. The market growth in the region is led by rapid industrialization and urbanization. Demand for steel in the construction, infrastructure development, and manufacturing sectors is stimulated by this growth. As a result, steel scrap is of major use as raw materials in the production of steel. For instance, in India, more than 460 million people live in urban areas, and this figure is increasing annually by about 2%.
In the Asia Pacific region, the adoption of recycling practices is driven by environmental legislation and sustainability initiatives. Recycling of steel helps to conserve natural resources, reduce energy consumption, and minimize carbon emissions associated with the manufacture of steel.
Furthermore, the growing awareness of environmental issues is increasing the pressure on industries to incorporate recycling into their operations, which leads to increased demand for scrap steel.
North American Market Statistics
The North American region will also encounter enormous growth for the steel strapping market in the coming years and will hold the second position owing to the increasing spending in the construction sector. As this industry grows, the demand for steel strapping to bind and protect goods in transport and storage is increasing, which can be tailored in terms of width, thickness, or surface finish.
Author Credits: Richa Gupta
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