PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514968
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514968
Strapping Materials Market size was valued at USD 6,980.01 million in 2023, expanding at a CAGR of 5.20% from 2024 to 2032.
Strapping is crucial for securing and bundling packages and loads for storage and shipment. A variety of strapping materials are utilized to ensure the safety of cartons and other items. The market offers different types of strapping materials to meet various strapping and packaging requirements. These materials are crafted from a range of polymers, steel, and composite materials based on specific needs and demands. Strapping plays a vital role in numerous industries, including packaging, shipping, agriculture, construction, lumber yards, and more. For instance, premium polypropylene (PP) strapping material stretch rolls are engineered to endure the demands of semi-automatic strapping machines. Known for their durability and cost-effectiveness, these strapping band rolls are highly sought after and commonly used for securing medium to heavy loads. They can also be utilized with manual strapping tools like sealers and hand tensioners.
Strapping Materials Market- Market Dynamics
The rise in e-commerce platforms and the escalating requirement for secure packaging are expected to contribute to a surge in market demand
E-commerce transactions frequently involve the direct shipment of products to consumers. It is of utmost importance to ensure that the packaging is secure to prevent any damage or tampering during transit. Strapping materials offer a reliable solution for bundling and securing packages, guaranteeing their safe arrival. The scope of e-commerce is vast, encompassing a wide variety of products ranging from small electronics to large appliances. It is projected that the e-commerce market will generate a staggering USD5.5 trillion, with sales expected to account for 23% of the global retail sector by 2027. In 2023, the U.S. e-commerce market achieved a revenue of USD 925.4 billion. Moreover, advancements in strapping materials, such as enhanced strength, flexibility, and eco-friendly options, present promising opportunities for market growth. However, fluctuations in raw material prices and competitive pricing pressures may pose challenges to the growth of the market.
Strapping Materials Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.20% over the forecast period (2024-2032)
Based on product type segmentation, Polypropylene was predicted to show maximum market share in the year 2023
Based on application segmentation, Industrial logistics was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Strapping Materials Market is segmented based on Product Type, Application, and Region.
The market is divided into four categories based on product type: Steel, Polypropylene, Polyester, Nylon, and Others. Polypropylene dominates the market. Polypropylene strapping is widely used due to its versatility, cost-effectiveness, and suitability for a variety of applications.
The market is divided into two categories based on application: Food & beverage, Industrial logistics, Consumer electronics, Building & construction, and others. Industrial logistics dominates the market. Industrial logistics involves the efficient movement, storage, and handling of goods, where strapping materials ensure the safety and integrity of products. The strapping materials market is crucial for the industrial logistics sector, driven by factors such as the growth in global trade, e-commerce, and the need for load stability and safety.
Strapping Materials Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The dominant region in this market is Asia Pacific, primarily due to the rapid growth of the packaged food and industrial logistics and warehouse industries, along with increasing building and construction activities. The demand for packaged food products in Asia Pacific has been fueled by urbanization and changing lifestyles. Countries like China, India, and Southeast Asian nations have witnessed a significant rise in e-commerce and manufacturing activities, leading to a strong need for efficient logistics and warehousing solutions. According to Agriculture and Agrifood Canada, China, being the global second biggest economy, was the major importer of administered or packaged Agni-food and seafood products in 2020, with a value of USD75.8 billion. Canada, on the other hand, was the ninth-largest supplier to China, with exports showing a compound annual growth rate of 19.8% from 2016 to 2020, amounting to USD 3.3 billion. In 2020, the retail sales of packaged food in China reached USD284 billion. Europe holds the second-largest region for market growth, driven by urbanization and population growth.
The competitive landscape of the strapping materials market is marked by fierce competition among various companies that produce and supply strapping products for packaging, transportation, and logistics purposes. These companies are heavily investing in research and development to enhance the durability, efficiency, and cost-effectiveness of their strapping materials. Notably, advancements in plastic strapping are being made to increase strength and reduce environmental impact. As the demand for eco-friendly solutions rises, companies are concentrating on manufacturing recyclable and biodegradable strapping materials. This involves the creation of new polymers that provide the same level of strength and flexibility as traditional materials but with a reduced environmental footprint. To strengthen their market presence and expand their product offerings, companies frequently partake in mergers and acquisitions, allowing them to acquire new technologies, broaden their customer base, and enter new markets.
On March 25, 2024, 3M is excited to introduce a cutting-edge innovation that will transform the packaging, shipping, and selling processes across different global industries. Leveraging state-of-the-art materials science, 3M is launching a unique padded, paper-based mailer material that is fully recyclable at curbside. This revolutionary product not only helps businesses optimize their packaging procedures but also promotes environmental sustainability.
On March 30, 2023, EAM-Mosca Corp., a US-based subsidiary of Mosca GmbH from Germany, is excited to reveal an exclusive sales and marketing partnership with Reisopack S.L. from Spain.
GLOBAL STRAPPING MATERIALS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
StraPack, Inc
Dynaric
Signode Packaging Systems Corporation
Plastofine Industries
Polychem Corporation
Titan Umreifungstechnik
Signor Polymers
3M
Cyklop International
Milan Ligocki UNIPACK
Crawford Packaging
Mosca GmbH
Others