(MENAFN- EIN Presswire) EINPresswire/ -- What Is The Estimated Industry Size Of Steel Strapping Market?
The market size of steel strapping has experienced significant growth in the past few years. The market, valued at $1.18 billion in 2024, is projected to increase to $1.26 billion in 2025, representing a compound annual growth rate (CAGR) of 7.2%. Factors contributing to this historic growth include industrial revolution, growth in the transportation sector, innovations in packaging, occupational safety rules, and increased environmental consciousness.

The market size of steel strapping is projected to witness substantial growth in the upcoming years, expected to reach $1.71 billion by 2029 with a compound annual growth rate (CAGR) of 7.9%. This anticipated growth during the forecast period can be attributed to factors such as environmental rules, advancements in technology, supply chain interruptions, market demand fluctuations, and cost pressures. Key trends expected during this period include enhanced corrosion protection, intelligent monitoring systems, eco-friendly solutions, tailored solutions for a range of applications, and the incorporation of automation and robotics in handling operations.

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What Are The Major Factors Driving The Steel Strapping Global Market Growth?
The escalating expansion of the construction and infrastructure industries is set to fuel the growth trajectory of the steel strapping market in the future. The construction sector pertains to the strategizing, sketching, and construction of structures, whereas the infrastructure sector entails the creation and upkeep of vital systems like transport, utilities, and communication networks. The vigorous growth seen in the construction and infrastructure domains can be attributed to the rise in urbanization, government funding in public works, and the need for modernizing and enlarging existing infrastructure. Steel strapping plays a crucial role in these sectors, being extensively employed for the purpose of securing heavy loads, bolstering concrete structures, and assembling materials for transport and storage. In evidence of this, a report released by the Northern Ireland Statistics and Research Agency, a public authority for the Northern Ireland region in the UK, showed that from the first quarter of 2022 to the first quarter of 2023, the general construction industry grew by 6.5% compared to the previous year. The housing segment of construction also saw a rise by 11.1% and the infrastructure subsection growing by 3.7% compared to 2022. Therefore, the strong growth in the construction and infrastructure sectors is bolstering the expansion of the steel strapping market.

Who Are The Leading Companies In The Steel Strapping Market?
Major players in the Steel Strapping include:
. 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.
. J Group
. Bhushan Power & Steel.

What Are The Key Trends And Market Opportunities In The Steel Strapping Sector?
Leading companies in the steel strapping market, such as Krishca Strapping Solutions Ltd., are focusing their resources on creating manufacturing facilities that prioritise energy-efficient technologies, including eco-friendly production methods, to effectively meet the growing demand. These green production lines take advantage of the latest innovations in energy efficiency, recycling processes, and sophisticated coatings to reduce environmental harm and foster sustainability. In May 2024, Krishca Strapping Solutions, a prominent Indian manufacturer specializing in high-tensile steel straps for packaging, introduced an advanced strapping production line at their establishment. With an output capacity of 1,500 MT per month, this ambitious new line aims to increase operational effectiveness and production volume. Its environmental-friendly features demonstrate a significant stride in fulfilling the evolving needs of the steel industry. This development further solidifies Krishca Strapping's influential position in the packaging market and helps them adapt to their customers' shifting preferences.

What Are The Primary Segments Covered In The Global Steel Strapping Market Report?
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

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Which Region Is Forecasted To Grow The Fastest In The Steel Strapping Industry?
In 2024, Asia-Pacific led the steel strapping market as the largest region. It is projected that North America will witness the most rapid growth during the forecast period. The steel strapping market report encompasses regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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