Steel Strap Market: Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

The report on the global steel strap market provides qualitative and quantitative analysis for the period from 2021-2030. The global steel strap market was valued at USD 1,160.00 million in 2022 and is expected to reach USD 1,992.46 million in 2030, with a CAGR of 6.14% during the forecast period 2023-2030. The study on steel strap market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

Steel strapping is a packaging material manufactured from high-tensile steel, utilized for bundling and securing heavy loads during transportation and storage. It is widely used in industries like construction, shipping, logistics, and manufacturing to pack heavy items such as steel, lumber, bricks, and equipment. The robustness and ability to endure harsh weather conditions make it suitable for long-distance transport.

Steel straps are available in different sizes, widths, and thicknesses, tailored to the load being secured. For lighter loads, regular-duty steel straps are preferred, while heavy-duty loads require high-tensile steel straps. The straps can also be painted or waxed to prevent rust and corrosion. Additionally, there are various tools and accessories like tensioners, sealers, and dispensers to help apply the strapping with appropriate tension and securely fasten it to the load. Overall, steel strapping is an essential and cost-effective option for secure packaging and transporting heavy loads.

The Automotive Segment Holds a Significant Market Share in the Steel Strap Market

Based on Application, the steel strap market is segmented into consumer goods, automotive, manufacturing, healthcare, real estate, and others. Among these, the automotive segment holds a significant market share in the steel strap market. Steel strap is widely used in the automotive industry for securing and transporting heavy components such as engines, transmissions, and suspension parts. The automotive industry is a significant end-user of steel straps, driven by the need for safe and secure transportation of heavy and bulky automotive parts. Steel strap provides a cost-effective and durable solution for bundling and securing these parts during transportation.

The growth of the automotive industry globally is expected to drive the demand for steel strap products in the coming years. Moreover, the increasing awareness of environmental sustainability is also expected to drive the demand for eco-friendly packaging solutions like steel strap in the automotive industry. The use of Steel Straps can help reduce waste and promote recycling, thereby reducing the environmental impact of the automotive industry.

North America is a Significant Region in the Steel Strap Market

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. In the United States, the construction industry is a significant end-user of steel strapping products, as they are used for bundling and securing heavy materials such as lumber, steel, and bricks during transportation. The logistics industry is another major end-user of steel strapping products, which are used for the safe and secure transportation of heavy and bulky goods. In recent years, there has been an increasing demand for eco-friendly packaging solutions, including steel strapping, which is expected to drive market growth in North America. Additionally, the growing trend towards e-commerce and online shopping is also expected to drive the demand for steel straps in the region.

Report Findings

1) Drivers

• The steel strap market is expected to grow due to the increasing demand for steel strapping in various industries such as construction, shipping, logistics, and manufacturing.
• The growth of the construction industry and increased investments in infrastructure projects are expected to drive the demand for steel strapping products

2) Restraints

• The popularity of unitization in the shipping industry, where products are palletized and shrink-wrapped, may limit the demand for steel strapping products

3) Opportunities

• 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.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached include

• 1. Key Opinion Leaders associated with the publisher
• 2. Internal and External subject matter experts
• 3. Professionals and participants from the industry

The primary research respondents typically include

• 1. Executives working with leading companies in the market under review
• 2. Product/brand/marketing managers
• 3. CXO level executives
• 4. Regional/zonal/country managers
• 5. Vice President level executives

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include

• 1. Company reports and publications
• 2. Government/institutional publications
• 3. Trade and associations journals
• 4. Databases such as WTO, OECD, World Bank, and among others.
• 5. Websites and publications by research agencies

Segments Covered

The global steel strap market is segmented on the basis of type, and application.

The Global Steel Strap Market by Type

• Regular Steel
• High Tensile Steel
• Stainless Steel
• Galvanized (Zinc-Coated) Steel

The Global Steel Strap Market by Application

• Consumer Goods
• Automotive
• Manufacturing
• Healthcare
• Real Estate
• Others

Company Profiles

The companies covered in the report include

• 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.

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the steel strap market.
2. Complete coverage of all the segments in the steel strap market to analyze the trends, developments in the global market, and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global steel strap market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.