Plastic Strapping Materials Market Growth 2023, Scope, Rising Trends, Industry Share, Revenue, Challenges, Future Opportunities and Forecast Analysis Till 2033: SPER Market Research
Plastic strapping is available in a variety of materials, including polypropylene, polyester, and composite. Plastic strapping materials are used in a variety of industries, including food and beverage, automotive, transportation and logistics, building and construction, textile and others. Plastic strapping materials market has been steadily growing over the last three years, owing to a more cost-effective and secure unitizing solution for strapping than steel strapping. Steel strapping is difficult to handle manually because of its sharp edges, and it can be dangerous to a strapping operator. Plastic strapping materials are lightweight and can be removed or attached by hand.
According to SPER market research, ‘Plastic Strapping Materials Market Size- By Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Global Plastic Strapping Materials Market is predicted to reach USD 1.68 billion by 2033 with a CAGR of 6.9%.
There is an increasing demand for better logistics and warehousing, which will drive the expansion of strapping materials. This is due to the rise of the e-commerce sector, which is growing three times faster than the overall retail industry in the United States. Because of the expansion of e-commerce, the transportation and logistics sector has expanded, as has the number of storage centres. Strapping materials are used in many areas to ensure the safe carriage of heavy industrial equipment and commodities such as wood, paper, metal, brick, and others.
Polymers are bad for the environment. They are not environmentally friendly since plastic items do not decompose naturally and, if not properly disposed of or recycled, can harm the environment. This has hampered their production. At the moment, shoppers prefer bio-based items, which help to realise customer potential while facing hazards and raising environmental consciousness. These factors are majorly affecting the growth of the global plastic straps market. Polyester and polypropylene, both crude oil byproducts, are often utilised as basic materials in the manufacture of plastic straps. As a result, fluctuations in crude oil prices affect the price of raw materials used in the fabrication of plastic straps.
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The influence of COVID-19 accelerated the expansion of the strapping materials market. This is owing to an increase in strapping material demand in numerous industries such as logistics and warehousing, pulp and paper, and others. Due to the expansion of e-commerce, there was an increase in demand for logistics and warehousing during covid. According to the United Nations Conference on Trade and Development, e-commerce’s share of global retail trade will rise to 17% in 2020 from 14% in 2019.This will raise the need for strapping materials because strapping materials are required in the packaging of commodities such as newspapers, pipes, and other items.
Corrugated boxes also use strapping materials. The Federation of Corrugated Box Manufacturers claims Corrugated boxes have become more popular as a result of the rise of e-commerce.
Geographically, with a market share of about 40%, Asia Pacific will be the largest and fastest-growing region in the Strapping Materials market during the forecast period. This is due to significant expansion in applications such as industrial logistics, food and beverage, consumer electronics, and others in Asia Pacific countries such as China, India, and South Korea. Some of the market key players are: Auto Strap India Crown Holdings, Dubose Strapping, Fromm Packaging Systems.
Strapping Materials Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Plastic Strapping Materials Market is segmented as; Polyester Straps, Polypropylene Straps, Nylon Straps, Other.
By End User: Based on the End User, Global Plastic Strapping Materials Market is segmented as; Paper Steel, Bricks & Tiles, Fiber, Cotton, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
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Strapping Materials Market Outlook
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