Paint-Coated Steel Strapping Market Size, Share, Growth, And Industry Analysis by Type (Ordinary Steel, High-strength Steel) by Application (Metal Industry, Paper Industry, Glass Industry, Building Industry & Others) and Regional Insights and Forecast To 2031

Updated On: 29 April 2024

paint-coated steel strapping market Report Overview

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The global paint-coated steel strapping market size was USD 504.6 million in 2022 and is expected to reach USD 645.9 million by 2028, exhibiting a CAGR of 4.2% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

Paint-coated steel strapping is a versatile product characterized by a layer of protective paint applied to high-quality steel strips. This coating serves as a barrier against corrosion and environmental elements, extending the strapping's lifespan. It finds extensive applications across industries such as construction, where it's employed to secure heavy building materials, and in shipping for container and pallet strapping to ensure cargo stability during transportation. Manufacturers also use it for bundling and packaging. The paint-coated steel strapping's ability to withstand harsh conditions and its robust tensile strength make it an indispensable choice for those seeking durable and reliable strapping solutions.

The market is experiencing a consistent expansion primarily due to several key factors driving demand. First, the growing global construction and infrastructure development projects necessitate reliable strapping solutions for securing heavy materials and equipment. Second, the expanding e-commerce industry relies on secure packaging and shipping, boosting demand for this durable strapping. Additionally, heightened awareness of environmental concerns has led to a shift away from disposable materials, favoring the longevity and recyclability of paint-coated steel strapping. Finally, the need for corrosion-resistant strapping solutions in various industries exposed to adverse weather conditions continues to contribute to the growth of market, making it a preferred choice for a wide range of applications.

COVID-19 Impact: Global Supply Chain Disruptions and Lockdown Measures Cause Temporary Decline In Production And Distribution

The COVID-19 pandemic significantly impacted the market in several ways. Initially, the global supply chain disruptions and lockdown measures in various regions led to a temporary decline in production and distribution. Many construction projects were put on hold, affecting demand. However, as industries adapted to the new normal, the market saw a rebound. The emphasis on e-commerce and online shopping surged during the pandemic, driving demand for secure packaging and shipping, indirectly benefiting the market. Moreover, the pandemic highlighted the importance of reliable, long-lasting, and corrosion-resistant strapping solutions for industries seeking resilience against supply chain interruptions. This emphasized the enduring relevance and utility of paint-coated steel strapping, contributing to its steady recovery and continued growth. 

Latest Trends

"Integration of Smart Technology For Enhanced Tracking Notable Trend In Market"

A notable trend in the paint-coated steel strapping industry is the integration of smart technology for enhanced tracking and security. Some companies are developing innovative strapping products embedded with RFID tags and sensors, allowing real-time monitoring of cargo integrity during transportation. These technologically advanced solutions provide crucial data on strapping tension, environmental conditions, and even potential tampering, ensuring the safe and efficient delivery of goods. Leading players in the market, such as Signode Packaging Systems and Samuel Strapping Systems, have been at the forefront of this trend, investing in research and development to offer more sophisticated and digitally connected strapping solutions. As a result, the market is evolving to meet the demands of a more interconnected and data-driven logistics landscape.

paint-coated steel strapping market SEGMENTATION

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• By type

Depending on the market given are types: Ordinary Steel, High-strength Steel.

The Ordinary Steel type will capture the maximum market share through 2028.

• By Application

The market is divided into metal industry, paper industry, glass industry, building industry & others based on application.

The market players in cover segment like Metal Industry will dominate the market share during 2022-2028.

Driving Factors

"Superior Environmental Sustainability to Drive Growth In The Market"

One key driving factor behind the growth of the market is its superior environmental sustainability. In an era of heightened environmental consciousness, the adoption of paint-coated steel strapping has gained traction as a more eco-friendly alternative to traditional packaging materials. Steel is highly recyclable, and the paint-coating provides corrosion resistance, extending the product's life span and reducing the need for frequent replacements. As industries and governments increasingly prioritize sustainability and waste reduction, the market benefits from a heightened demand for greener strapping solutions. This factor not only promotes market growth but also aligns the industry with global sustainability objectives, making paint-coated steel strapping a compelling choice for eco-conscious businesses.

"Rapid Expansion Of The Global Logistics to Act As Another Significant Driver For The Market Growth"

Another significant driving factor for the paint-coated steel strapping market growth is the rapid expansion of the global logistics and transportation industry. With the continued growth of e-commerce, international trade, and supply chain complexity, the need for reliable and durable strapping solutions has surged. Paint-coated steel strapping is preferred due to its ability to secure heavy loads and withstand long-distance shipping, making it essential for ensuring the integrity of transported goods. This growing demand from the logistics sector propels market growth as strapping manufacturers and suppliers work to meet the rigorous requirements of this dynamic and expanding industry, emphasizing the strength, durability, and corrosion resistance of their products to address the unique challenges of modern transportation and distribution.

Restraining Factors

"Fluctuating Cost Of Raw Materials to Acts As A Restraining Factor For The Sector"

A significant restraining factor for the sector is the fluctuating cost of raw materials, particularly steel. Steel prices are subject to volatility due to various factors such as global supply and demand, trade policies, and economic conditions. Sharp increases in steel prices can lead to higher production costs for paint-coated steel strapping manufacturers, which may, in turn, result in increased product prices. This can deter potential buyers and impact the affordability of paint-coated steel strapping solutions, potentially driving some customers to seek alternatives or consider cost-saving measures. Market players need to carefully manage these cost fluctuations to maintain market competitiveness and ensure steady demand.

paint-coated steel strapping market Regional Insights

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"North America To dominate the Market Due To Industrial Demand, And Eco-Conscious Initiatives"

North America emerges as the leading region in the paint-coated steel strapping market share, driven by a robust industrial sector, extensive logistics networks, and an increasing focus on sustainable packaging solutions. The region's well-established construction and manufacturing industries rely heavily on secure strapping for the transportation of goods. Moreover, the rapid growth of e-commerce and the need for dependable packaging materials have fueled the demand for paint-coated steel strapping. Additionally, stringent regulations promoting environmental sustainability have accelerated the adoption of steel as a recyclable and corrosion-resistant alternative. With a combination of industrial demand, logistics efficiency, and eco-conscious initiatives, North America is expected to maintain its prominent position in the global market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Signode (U.S.)
• Samuel Strapping (Canada)
• Baosteel (China)
• Anshan Falan (China)
• M.J.Maillis Group (Greece)
• Yongxin (China)
• Specta (Russia)
• Bhushan Steel (India)
• Tianjin Hongmei (China)
• Wiscom (Austria)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.