According to a report published by Grand View Research, Inc.; the strapping materials market is likely to reach a valuation of around USD 7.5 billion by 2025. Increasing demand for sustainable packaging in various end-use industries can propel the market over the forecast period (2014 to 2025).
The plastic strapping material can be recycled and extensively used as a sustainable packaging materials. Plastic strapping is a durable substitute to numerous other packaging materials including, aluminum, glass, and tin. The flexibility of plastics enables manufacturers to transform it into different shape, size and any other specification according to customer requirement. It also saves the packaging space as compared to other materials. All these factors are expected to boost the growth of the market in near future.
Full Research Report On Strapping Materials Market Analysis:
Rising demand for medical devices, pharmaceutical products, consumer electronics, and textile products is anticipated to boost the demand for strapping materials. Growing e-commerce and logistics sectors can positively influence the global market in near future. Corrugated cardboard and paper are extensively used in e-commerce industry for retail-ready packaging. This materials is used for display and sale at the point of purchase. The material is also used to protect goods from damages and vibrations during handling or transport. This factor is expected to boost the growth of the global market in the forthcoming years. However, lack the ability to shield products from moisture and water damage could restrict the market growth.
The worldwide strapping materials market can be segmented on the basis of material, application, and region. Based on materials, the market can be categorized into polypropylene, polyester, and steel. The polypropylene segment is projected to showcase significant growth in terms of revenue at a CAGR of around 6.2% through 2025. The ability of polypropylene to recover high elongation can propel the demand over the forecast period.
As per application, the market is split into industrial logistics and warehouse, food and beverage, metal, building and construction, corrugated cardboard and paper, and newspaper and graphics. In 2016, industrial logistics and warehouse was the estimated as the largest application segment with around 26.68% of the global market share in terms of revenue. The newspaper and graphics segment is expected to witness steady rise in demand owing to increasing production and circulation of magazines and print advertisements.
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Geographically the market can be divided into North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. Asia Pacific is expected to emerge as the fastest growing region with a CAGR of around 6.5% through 2015. Growing application of strapping in several industries including newspaper and graphics, industrial logistics and warehouse, and food and beverages can drive the regional market growth.
In 2016, North America was the second largest region in terms of revenue and estimated for around 25.21% in terms of overall market share. Rapid growth of industrial logistics and warehousing along with packaged food industries is boosting demand for strapping materials in the region. Growing building and construction activities can further boost the regional market over the forecast period. The regional growth is mainly supported by Canada, Mexico, and the U.S.
The United States is considered as one of the major global trade partners, whereas, Canada is anticipated to create greater trade opportunities in the coming years. The U.S. is expected to register remarkable growth at a CAGR of nearly 6.3% through 2025. This growth can be attributed to growing demand from food and beverage industry owing to innovations in food and beverage packaging. The on-the-go lifestyle of consumers is driving the demand for packaged food. This is expected to stimulate the growth of packaging industry in the region.
Europe is expected to grow at a remarkable CAGR over the forecast period on account of demand from food and beverages industries and logistics and warehousing from Germany and the U.K. Germany is one of the major logistics hubs in Europe. As per the Federal Logistics Associations Statistics Office, Germany is anticipated to display significant growth in logistics due to growth of air cargo and waterway transport over the estimated period.
Key players operating in the market include Polychem Corporation; Strapack, Inc.; MOSCA GmbH; and Signode Packaging Systems Corporation. Major companies are focused on diversifying their product portfolio with the help of innovation and business collaborations. To put this into perspective, Mosca recently introduced a ROM Fusion Automatic Strapping Machine and PP Straps Virgin Grade at the IndiaCorr Expo. The company has developed a strapping material including polyester/polyethylene terephthalate (PET), polypropylene (PP), and Eco-strap— produced with biocompatible plastic polylactide (PLA). These materials are suitable for strapping packages, cartons, pallets, and other containers.
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