Steel Strapping Market Size & Share, by Tensile Strength (Regular Duty, High Tensile); Coating (Painted & Waxed Strapping, Uncoated Strapping); Applications (Metal Industry, Paper Industry, Glass Industry, Building Industry) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5824
  • Published Date: Mar 05, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Steel Strapping Market size is expected to reach USD 2 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of steel strapping was over USD 1 Billion. In recent years, driven by urbanization, population growth, and infrastructure development initiatives, the world's building industry has experienced strong growth. The higher demand for construction materials and associated packaging solutions, such as steel bands, has been stimulated by this increase in building activity. Therefore, this has increased the export and import of construction materials globally. For instance, in 2019, 39.5% of companies in the construction materials sector exported their products.

Furthermore, due to its superior strength, durability, and resistance to environmental factors, steel strapping is used over other materials such as plastic or polyester. Steel Strapping is chosen by industries that are dealing with heavier and thicker materials or operating in harsh conditions, e.g. construction, mining & shipping for the safety of transport and storage of their products.


Steel Strapping Market overview
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Steel Strapping Sector: Growth Drivers and Challenges

Growth Drivers

  • Increased Adoption of Sustainable Packaging Solutions - Increased awareness of the environment has led to the adoption of environmentally friendly and sustainable practices. As per a report, approximately half of US consumers and 82% of consumers in Europe, North America, and South America are willing to pay extra for sustainable packaging. Manufacturers are exploring in line with the global push for greener, alternative coatings and materials to enhance the recyclability of steel strapping packaging solutions. In addition, the market is being influenced by technological progress and the integration of automated systems.
  • Increased Industrial Manufacturing Globally - Industrial production includes the manufacture of different products, such as heavy machinery, equipment, and components. These items often need to be packed in a secure manner for shipment to distribution centres and final consumers. In order to ensure that these industrial products reach their destination intact, steel strapping provides a robust and reliable solution for bundling and securing them. The harsh environment, including exposure to extreme temperatures, moisture, and mechanical stress, is frequently encountered in industrial production processes. Steel Strapping is widely known for its durability and ability to hold up under tough conditions, which makes it a preferable choice in the packaging industry when reliability is of paramount importance.
  • Growing E-commerce and Global Trade - The need for security and resilience of strap solutions is increasing as e-commerce and international trade continue to rise. The demand for steel strapping is further driven by the need to protect goods during transit, making it a key component of the supply chain. High-value goods such as electronics, appliances, and luxury products are often dealt with by online shopping platforms. Compared to other packaging materials, steel strapping offers superior protection against theft and tampering, making it an ideal choice for the protection of valuable goods during transit.

Challenges

  • Environmental Concerns Among Consumers - The steel production process and the use of traditional steel strapping may be perceived as less environmentally friendly. This could lead to a shift in preferences towards more sustainable alternatives, such as innovative bio-based or recycled strapping materials, challenging the market's growth unless steel strapping manufacturers adapt to more eco-friendly practices.
  • Volatility Due to Fluctuating Raw Material and Transportation Costs may Hinder Market Growth
  • Increased Competition from Alternative Materials may Impede the Market from Growing

Steel Strapping Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 6%

Base Year Market Size (2023)

 ~ USD 1 Billion

Forecast Year Market Size (2036)

 ~ USD 2 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Steel Strapping Segmentation

Tensile Strength (Regular Duty, High Tensile)

High tensile segment for the steel strapping market is anticipated to hold the largest share of 57% during the forecast period. 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. 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. The demand for high-tensile strapping solutions in sectors like steel, construction, and manufacturing is driven by this environment of regulation. Therefore, the expansion of these industries is also, propelling the growth of the segment in the market. For instance, in 2020, the worldwide construction industry produced USD 11.42 trillion worth of goods and services.

Coating (Painted & Waxed Strapping, Uncoated Strapping)

The painted & waxed strapping segment for the steel strapping market is anticipated to hold the second-largest share of 53% throughout the projected period. There is a growth in industries that rely on packaging for shipping and transportation, e.g. manufacturing, logistics, or online shopping. Consequently, 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 steel strapping 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 market includes the following segments:

          Tensile Strength

  • Regular Duty
  • High Tensile

          Coating

  • Painted & Waxed Strapping
  • Uncoated Strapping

          Application

  • Metal Industry
  • Paper Industry
  • Glass Industry
  • Building Industry

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Steel Strapping Industry - Regional Synopsis

APAC Market Forecast

Steel strapping market in the Asia Pacific region is poised to account for the largest share of 34% during the foreseen period. In particular, in countries such as China, India, and Southeast Asia, the Asia Pacific region is experiencing 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. In the Asia Pacific region, the adoption of recycling practices is driven by environmental legislation and sustainability initiatives.

North American Market Statistics

North America steel strapping market is expected to hold a share of 28% by the end of 2036. North America is characterized by a diverse industrial base, including manufacturing, construction, and logistics, all of which require secure and durable packaging materials such as steel strapping. As these sectors grow, the demand for steel plates to bind and protect goods in transport and storage is increasing. To meet special application requirements, steel strapping can be tailored in terms of width, thickness, or surface finish. This flexibility also enables businesses to design packaging solutions according to the specific needs of their products, which is resulting in a growing demand for steel bandaging across North America.

Research Nester
Steel Strapping Market size
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Companies Dominating the Steel Strapping Landscape

top-features-companies
    • Signode
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Walter Surface Technologies
    • SMC Group
    • Arcelor Mittal
    • Acme Steel Company
    • Berry Global Inc.
    • Fastenal Company
    • Polymer Group Inc.
    • Rathi Steel Strips Inc
    • Pacific Steel Strapping Corporation

In-the-news

In The News

  • April 2022 - The new BPT Steel Strapping Tool from Signode, a top manufacturer of automated packaging tools, equipment, and consumables worldwide, is now available. The battery-operated tool's lightweight and balanced design makes it perfect for a variety of steel strapping applications, such as heavy-duty stationary or mobile applications that demand high tension force. With 500 cycles per battery charge, BPT enables smooth, uninterrupted operation and complete mobility across the plant, unrestricted by air hose reach or air quality.
  • November 2023 - In an effort to provide industrial clients with more automation and robotic solutions, Walter Surface Technologies has just introduced a new service. In order to create a quick but comprehensive automatization process, Walter, a member of the A3 - Association for Advancing Automation, collaborated with a wide range of North American system integrators and end-of-arm tool manufacturers that specialize in robotic systems and material removal operations. This included assessing readiness, evaluating requirements and objectives, choosing the best technology, designing the new system, testing and integrating it, reviewing performance, providing training, and providing ongoing maintenance.

Author Credits:  Richa Gupta, Harshita Srivastava


  • Report ID: 5824
  • Published Date: Mar 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increased adoption of sustainable packaging solutions, increased industrial manufacturing globally, and growing e-commerce and global trade are the major factors driving the growth of the steel strapping market.

The market size of steel strapping is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2024-2036.

The major players in the market are Signode, Walter Surface Technologies, SMC Group, Arcelor Mittal, Acme Steel Company, Berry Global Inc., Fastenal Company, Polymer Group Inc., Rathi Steel Strips Inc., Pacific Steel Strapping Corporation, and others.

The high tensile segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Steel Strapping Market Report Scope
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