Steel Strapping Global Market Report 2024

The steel strapping market size has grown strongly in recent years. It will grow from $1.09 billion in 2023 to $1.18 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed during the historic period can be attributed to several factors, including the industrial revolution leading to increased manufacturing and shipping activities, expansion in transportation networks facilitating broader distribution of goods, innovations in packaging technology improving product protection and efficiency, the implementation of occupational safety regulations ensuring worker safety in handling materials such as steel strapping, and growing environmental awareness driving sustainable packaging solutions.

The steel strapping market size is expected to see strong growth in the next few years. It will grow to $1.65 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to several factors, including stringent environmental regulations promoting sustainable practices, ongoing technological advances enhancing the performance of steel strapping, supply chain disruptions influencing packaging choices, fluctuations in market demand impacting the adoption of packaging materials, and cost pressures driving the need for cost-effective solutions. Major trends expected in the forecast period include advancements in corrosion protection technologies for steel strapping, the implementation of smart monitoring systems to track packaging integrity and performance, a shift towards environmentally friendly solutions in response to sustainability concerns, the development of customized strapping solutions tailored for specific applications, and increased automation and robotics in handling and securing items during transportation and storage.

The steel strapping market is poised for growth, driven by the robust expansion in the construction and infrastructure sectors. The construction sector involves the planning, design, and construction of structures, while the infrastructure sector encompasses the development and maintenance of critical systems such as transportation and utilities. The strong growth in these sectors is fueled by factors such as urbanization, government investments in public projects, and the need for modernizing existing infrastructure. Steel strapping plays a crucial role in these sectors, used for securing heavy loads, reinforcing concrete structures, and bundling materials for transportation and storage. For example, data from the Northern Ireland Statistics and Research Agency shows a 6.5% expansion in the overall construction industry in the first quarter of 2023 compared to 2022, with significant growth in the housing and infrastructure subsectors. This growth trend is propelling the steel strapping market forward.

Key players in the steel strapping market are concentrating on developing production units that integrate energy-efficient technologies, such as eco-friendly production lines, to improve efficiency and meet rising demand. These eco-friendly production lines incorporate recycling processes, advanced coatings, and energy-efficient technologies to reduce environmental impact and promote sustainability. For instance, Krishca Strapping Solutions Ltd. recently introduced a state-of-the-art strapping production line at its facility in India. This new line aims to boost operational efficiency and production capacity, with a focus on eco-friendly elements to address environmental concerns and meet industry demands. This development underscores Krishca Strapping's commitment to sustainability and meeting customer preferences in the packaging sector.

In March 2024, ArcelorMittal S.A. acquired a 28.4% stake in Vallourec S.A. for €955 million ($1038 million), as part of its strategy to enhance its presence in the downstream, value-added tubular market. Vallourec S.A. is a France-based provider of steel strapping, aligning with ArcelorMittal's goal of expanding its capabilities in this segment.

Major companies operating in the steel strapping market are ArcelorMittal S.A., Shandong Baosteel Industry Co. Ltd., Berry Global Inc, Fastenal Company, Samuel, Son & Co. Inc., Nisshinbo Holdings Inc., Signode, Yodogawa Steel Works Ltd., M.J.Maillis Group, Bhushan Power & Steel, Shanghai Metal Corporation, Fromm Holding, Empire Group, Walzen Strips Pvt. Ltd., Pacific Strapping Inc, American Strapping Company, Specta, Kohan Kogyo Co. Ltd, Acme Steel Co., AnShan FaLan Co. Ltd., Tianjin Hongmei Steel Strips Co. Ltd., Midfield Industries Ltd, Polychem Ltd., Ensho Steel Strapping Co Ltd, Linder Strapping.

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.

The countries covered in the steel strapping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Steel strapping is a packaging material utilized to secure and stabilize items during transportation and storage. It is crafted from high-tensile steel, known for its robustness, durability, and capacity to endure heavy loads.

The primary types of steel strapping include blue-tempered steel strapping, paint-coated steel strapping, galvanized steel strapping, and other variations. Blue-tempered steel strapping is produced by subjecting steel to high temperatures followed by rapid cooling to create a resilient blue-colored oxide layer. The tensile strengths available in steel strapping encompass regular duty and high tensile variants, suitable for securing various materials such as metal, paper, glass, construction materials, and more.

The steel strapping market research report is one of a series of new reports that provides steel strapping market statistics, including steel strapping industry global market size, regional shares, competitors with steel strapping market share, detailed steel strapping market segments, market trends, and opportunities, and any further data you may need to thrive in the steel strapping industry. This steel strapping market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The steel strapping market consists of sales of specialty steel strapping, stainless steel strapping, and zinc coated steel strapping. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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