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.
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)
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:
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Tensile Strength |
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Coating |
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Application |
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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.
Author Credits: Richa Gupta, Harshita Srivastava
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