Global Steel Strapping Market Size By Tensile Strength (Regular Duty, High Tensile), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Steel Strapping Market size was valued at USD 1,142.09 Million in 2022 and is projected to reach USD 1,794.53 Million by 2030, growing at a CAGR of 5.85% from 2023 to 2030.
In recent years, steel strapping has become an increasingly popular packaging material. This is largely because of the expansion of international trade and the globalization of markets, which has provided new opportunities for businesses to broaden their customer base and increase their reach. The Global Steel Strapping Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Steel Strapping Market Definition
Need to keep a hefty load together for shipping or storage? Think about using steel strapping! Typically, it's around 3/8? to 3/4” wide and 0.015? to 0.023? thick, crafted from high-strength steel. To fight off rust and keep it strong, the steel is usually flattened into a ribbon shape and coated with zinc or something similar to prevent corrosion. You'll often find steel strapping doing the heavy lifting in construction, manufacturing, and shipping – basically, anywhere massive weights need to be secured. It's perfect for securing pallets and shipping crates, or even bundling up things like steel beams, pipes, and lumber at a BSS.
Steel strapping is encased around the weight and fastened with steel seals or buckles that are soldered onto the strapping with the aid of a unique device known as a strapping tensioner. Steel strapping may additionally be wrapped and fastened automatically by automated strapping equipment.
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Global Steel Strapping Market Overview
The expansion of various end-use industries has had a significant impact on the growth of the steel strapping market. Secure packaging materials are in high demand by these industries, including automotive, construction, and logistics, for the safe transportation of their heavy loads without damage. Steel strapping has become a popular choice in these industries due to its durability and strength as a packaging material.
Planned operations organizations, for example, have seen a flood popular because of the ascent of web-based businesses and Internet shopping. Steel strapping is frequently used to secure heavy items like construction materials, machinery, and equipment to ensure that they are transported safely and effectively. This ensures the security of merchandise as well as increments consumer loyalty with ideal and harm-free conveyances.
Furthermore, in recent years, steel strapping has become an increasingly popular packaging material. This is largely because of the expansion of international trade and the globalization of markets, which has provided new opportunities for businesses to broaden their customer base and increase their reach. Packaging materials that are robust, long-lasting, and able to withstand the challenges of international transportation are becoming increasingly important as more businesses enter the global market. Steel strapping has proven to be a dependable choice for businesses that want to shield their goods from damage during shipping.
Steel lashing is a famous bundling material utilized in numerous ventures because of its solidness, strength, and capacity to endure outrageous circumstances. However, the steel strapping industry as a whole face a significant obstacle in the form of the high cost of steel strapping. Let’s examine the reasons behind this.
However, sustainable packaging materials have become increasingly popular in emerging markets all over the world in recent years. The steel strapping market has seen a significant boost from this trend, providing manufacturers with an opportunity to expand their bases. We’ll look at how sustainable packaging materials have opened up opportunities for the steel strapping market in emerging markets in this article.
Emerging markets – think countries booming with industrial growth and expanding economies – are becoming a pretty big deal on the world stage. Experts say they'll likely account for an even bigger piece of global economic growth soon. And with manufacturing leading the charge, the need for packaging is surging. That's why we're seeing a growing trend towards sustainable packaging materials in these markets. Companies are looking to lessen their impact on the environment and, you know, actually follow local rules. Learn more about this topic here.
Global Steel Strapping MarketSegmentation Analysis
The Global Steel Strapping Market is segmented on the basis of Tensile Strength and Geography.
Steel Strapping Market, By Tensile Strength
Regular Duty
High Tensile
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Based on Tensile Strength, the market is bifurcated into regular duty and high tensile. High Tensile accounted for the largest market share of 69.09% in 2022, with a market value of USD 789.02 Million, and is projected to grow at the highest CAGR of 6.35% during the forecast period. Regular Duty was the second-largest market in 2022, valued at USD 353.07 Million in 2022; it is projected to grow at a CAGR of 4.68%.
Steel Strapping Market, By Geography
North America
Europe
Asia Pacific
Middle East And Africa
Latin America
To Get a Summarized Market Report By Geography-
On the basis of Regional Analysis, the Global Steel Strapping Market is classified into North America, Europe, Asia Pacific, Middle East And Africa, and Latin America. Asia Pacific accounted for the largest market share of 42.84% in 2022, with a market value of USD 489.23 Million, and is projected to grow at the highest CAGR of 5.67% during the forecast period. North America was the second-largest market in 2022, valued at USD 275.22 Million in 2022; it is projected to grow at a CAGR of 5.73%.
Key Players
The “Global Steel Strapping Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are SMC Group (Shanghai Metal Corporation), ArcelorMittal, FROMM, American Strapping Company, Walzen Strips Pvt. Ltd., BAND-N-GO Inc., Empire Group India, Signode, Samuel, Son & Co., M.J. Maillis Group, Specta Interpak, Kohan Kogyo Co., Ltd., GREENBRIDGE, and LINDER GmbH.The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2023-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
SMC Group (Shanghai Metal Corporation), ArcelorMittal, FROMM, American Strapping Company, Walzen Strips Pvt. Ltd., BAND-N-GO Inc., Empire Group India, Signode, Samuel, & Others
SEGMENTS COVERED
By Tensile Strength and By Geography.
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