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What is the Long-Term Projected Growth Rate for the Steel Strapping Market, and What Are the Key Drivers?

The size of the steel strapping market has experienced significant growth over recent years. Progressing from $1.18 billion in 2024, it is projected to increase to $1.29 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 9.1%. Factors such as industrial revolution, greater transportation facilities, innovative packaging techniques, enforcement of occupational health and safety regulations, and heightened environmental consciousness have contributed to the growth in the historical period.

In the coming years, the steel strapping market is anticipated to witness robust expansion. The market is estimated to reach the $1.8 billion mark in 2029, growing at a compound annual growth rate (CAGR) of 8.7%. Factors contributing to this growth throughout the forecast period include environmental mandates, technological breakthroughs, supply chain interruptions, shifts in market demand, and cost constraints. Anticipated trends throughout the forecast period encompass enhanced corrosion protection, intelligent monitoring systems, eco-friendly alternatives, tailored solutions for diverse applications, and the incorporation of automation and robotics in handling processes.

Which Drivers Are Expected to Have the Greatest Impact on the Steel Strapping Market’s Growth?

The steel strapping market is forecasted to expand due to the substantial growth in the construction and infrastructure sectors. The construction sector includes the conceptualization, designing, and building of structures, while the infrastructure sector is responsible for creating and maintaining crucial systems such as transportation, utilities, and communication networks. This significant expansion in the construction and infrastructure fields is due to accelerating urbanization, public project investments by the government, and the demand for the renovation and enlargement of existing infrastructure. Steel strapping plays an integral role in these sectors by securing heavy loads, fortifying concrete structures, and bundling materials for transport and storage. For example, a report from the Northern Ireland Statistics and Research Agency, a public authority for the Northern Ireland region, revealed in June 2023 that from the first quarter of 2022 to the first quarter of 2023, the construction industry saw a growth of 6.5% compared to 2022. In addition, the housing sub-sector of the construction field saw an increase of 11.1% and the infrastructure sub-sector increased by 3.7% compared to 2022. Thus, the steel strapping market is seeing growth stimulated by the considerable expansion in the construction and infrastructure sectors.

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Which Companies Are Leading the Charge in Expanding the Steel Strapping Market?

Major companies operating in the steel strapping market are:

• ArcelorMittal S.A._x000D_

• Shandong Baosteel Industry Co. Ltd._x000D_

• Berry Global Inc._x000D_

• Fastenal Company_x000D_

• Samuel_x000D_

What New Trends Are Reshaping the Steel Strapping Market and Its Opportunities?

Key players within the steel strapping market are investing in the creation of production facilities that encompass energy-efficient technology, such as green production lines, in order to increase efficacy and satisfy growing demand. Green steel strapping manufacturing lines incorporate minor environmental impact techniques, sustainable practices and advanced finishes. For example, in May 2024, Krishca Strapping Solutions Ltd., a leading Indian provider of high-tensile steel strapping for packaging, launched an advanced strapping production line at their location. Its installed capacity is 1,500 MT monthly, it aims to increase efficiency of operations and the scope of production. This innovative line integrates aspects of eco-friendliness, a significant move in response to the steel industry’s escalating needs. This progress further consolidates Krishca Strapping’s position in the packaging industry, and they are fully prepared to adapt to their customers’ evolving needs.

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What Are the Key Components of the Steel Strapping Market, and How Do Its Segments Perform?

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

What Are the Top Regions Fueling Growth in the Steel Strapping Market?

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.

What Defines the Scope of the Steel Strapping Market?

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.

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