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A recent report published by Infinium Global Research on steel strap market provides in-depth analysis of segments and sub-segments in the global as well as regional steel strap market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional steel strap market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global steel strap market.
Steel strapping is a type of packaging material made from high-tensile steel, which is used for securing and bundling heavy loads for transportation and storage. It is commonly used in industries such as construction, shipping, logistics, and manufacturing for packing products such as lumber, steel, bricks, and heavy equipment. Steel strapping is highly durable and can withstand extreme weather conditions, making it ideal for long-distance transportation. Steel straps come in different sizes, widths, and thicknesses, depending on the type of load they are meant to secure. Regular-duty steel straps are used for lighter loads, while high-tensile steel straps are used for heavier loads. The straps can also be painted or waxed to provide additional protection against corrosion and rust. In addition to the steel strapping itself, there are various tools and accessories available for use with steel strapping, including tensioners, sealers, and dispensers. These tools are designed to ensure the strapping is applied with the correct tension and securely fastened to the load.
The steel strap market is poised for growth, mainly due to the surging demand for steel strapping across different industries such as construction, shipping, logistics, and manufacturing. The global increase in international trade has fueled the demand for safe and secure packaging solutions, where steel strapping has emerged as a cost-effective and durable solution for bundling and securing heavy loads during transportation. The growth of the construction industry and increased investments in infrastructure projects are also expected to drive the demand for steel strapping products. As the focus on environmental sustainability continues to grow, there is a rising demand for eco-friendly packaging solutions such as steel strapping. However, the popularity of unitization in the shipping industry, where products are palletized and shrink-wrapped, may limit the demand for steel strapping products. To mitigate this restraint, the steel strap market is continuously developing new lightweight and high-strength steel straps, which offer better handling and transportation efficiency. These developments are opening new opportunities for the steel strap market.
Among geographies, North America is a significant market for steel strap, primarily driven by the growth in the construction and logistics industries. The United States is the largest market for steel straps in this region. Europe is another significant market for steel strap, mainly driven by the growth in the manufacturing and shipping industries. Germany, France, and the United Kingdom are some of the leading countries in the European steel strap market. The Asia-Pacific region is expected to witness the highest growth in the steel strap market, mainly driven by the increasing demand for steel strapping in the construction and logistics industries. China, India, and Japan are some of the leading countries in this market. The Latin America region is a growing market for steel strap, mainly driven by the increasing investments in infrastructure development and the growth of the manufacturing sector. Brazil and Mexico are the major markets in this region.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 1,160.00 Million |
| Market Size by 2030 | USD 1,992.46 Million |
| Growth Rate from 2023 to 2030 | CAGR of 6.14% |
| Largest Market | North America |
| No. of Pages | 180 |
| Market Drivers |
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| Market Segmentation | By Type, and By Application |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global steel strap market provides a detailed analysis of segments in the market based on Type, and Application.
· Regular Steel
· High Tensile Steel
· Stainless Steel
· Galvanized (Zinc-Coated) Steel
· Consumer Goods
· Automotive
· Manufacturing
· Healthcare
· Real Estate
· Others
· The FROMM Group
· ArcelorMittal
· Independent Metal Strap
· Grip Strapping Technologies
· TAIZHOU MING PAI PACKING CO., LTD.
· GUANG ZHOU CGOOD STEEL CO., LTD.
· Signode Industrial Group LLC
· Suresh Steel Centre
· American Strapping Company
· DuBose Strapping, Inc.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the steel strap market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.