Steel Strapping Market Share

APAC Market Forecast

The steel strapping market in the Asia Pacific is poised to hold the largest share of about 34% by the end of 2036. The market growth in the region is led by rapid industrialization and urbanization. Demand for steel in the construction, infrastructure development, and manufacturing sectors is stimulated by this growth. As a result, steel scrap is of major use as raw materials in the production of steel. For instance, in India, more than 460 million people live in urban areas, and this figure is increasing annually by about 2%.

In the Asia Pacific region, the adoption of recycling practices is driven by environmental legislation and sustainability initiatives. Recycling of steel helps to conserve natural resources, reduce energy consumption, and minimize carbon emissions associated with the manufacture of steel.

Furthermore, the growing awareness of environmental issues is increasing the pressure on industries to incorporate recycling into their operations, which leads to increased demand for scrap steel.

North American Market Statistics

The North American region will also encounter enormous growth for the steel strapping market in the coming years and will hold the second position owing to the increasing spending in the construction sector. As this industry grows, the demand for steel strapping to bind and protect goods in transport and storage is increasing, which can be tailored in terms of width, thickness, or surface finish.