Home > Chemicals & Materials > Advanced Materials > Functional Materials > Steel Strapping Market

Steel Strapping Market Size

Report ID: GMI7750
Published Date: Dec 2023
Report Format: PDF

Download Free Sample

Steel Strapping Market Size

Steel Strapping Market was valued at around USD 1.11 billion in 2023 and is anticipated to grow at a CAGR of around 6.1% between 2024 and 2032.

To get key market trends

Download Free Sample

The robust growth in the construction and infrastructure sectors, where steel strapping is essential for bundling and securing materials, contributes significantly to market demand. Additionally, the expanding manufacturing and industrial activities, especially in the metal and glass industries, require reliable strapping solutions for packaging and transport. The steel strapping market is further stimulated by the global emphasis on sustainable packaging practices, with steel strapping offering durability and recyclability. As e-commerce and international trade continue to surge, the need for secure and resilient strapping solutions to safeguard goods during transit further propels the demand for steel strapping, positioning it as a crucial component in the logistics and packaging ecosystems.

Steel Strapping Market Report Attributes
Report Attribute	Details
Base Year:	2023
Steel Strapping Market Size in 2023:	USD 1.11 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.1%
2032 Value Projection:	USD 1.9 Billion
Historical Data for:	2018 - 2023
No. of Pages:	200
Tables, Charts & Figures:	191
Segments covered:	Tensile Strength, Coating, Applications
Growth Drivers:	Rising Construction and Infrastructure Activities Expanding Industrial Manufacturing E-commerce and Global Trade Surge
Pitfalls & Challenges:	Environmental Concerns and Sustainable Alternatives

Learn more about the key segments shaping this market

Download Free Sample

One potential pitfall for the market lies in increasing environmental awareness and regulations. 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.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Market size for steel strapping was valued at around USD 1.11 billion in 2023 and is estimated to reach USD 1.9 billion by 2032 owing to the robust growth in the construction and infrastructure sectors, where steel strapping is essential for bundling and securing materials.

Metal industry segment had a market share of around 28% in 2023 and is expected to grow at a lucrative pace through 2032 as the industry often deals with heavy, irregularly shaped, and sharp-edged materials, necessitating robust strapping solutions.

North America steel strapping market share was worth USD 353.9 million in 2023 and is anticipated to expand at a significant pace from 2024-2032 owing to the region's thriving manufacturing sector, particularly in industries such as construction, metal, and logistics,

Acme Steel Company, Berry Global Inc., Fastenal Company, National Industries Inc., Nisshinbo Holdings Inc., Pacific Steel Strapping Corporation, Polymer Group Inc., and Rathi Steel Strips Ltd.