Steel Strapping Market Size

Steel Strapping Market size is predicted to reach USD 2 Billion by the end of 2036, growing at a CAGR of 6% during the forecast timeline, i.e., 2024-2036. In the year 2023, the industry size of steel strapping was USD 1 Billion. The market is flourishing as a result of the growing production of steel across the globe. Over the previous 50 years, population expansion, urbanization, and growing living standards have caused a more than threefold increase in global steel production, which may lead to a higher likelihood of goods and materials being transported using steel strapping. For instance, approximately 1 billion metric tons of crude steel were produced globally in 2022.

In addition, factors believed to fuel the market growth of steel strapping include the growing need for lightweight strapping materials. Due to its superior strength, durability, and resistance to environmental factors, steel strapping is used over other materials such as plastic or polyester and is chosen by industries including construction, mining, and shipping that are dealing with heavier and thicker materials or operating in harsh conditions for the safety of transport and storage of their products.