The global Polyester Straps Market is anticipated to reach a valuation of US$ 1.0 billion in 2023, driven by shift towards sustainable packaging solutions. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 7.4% between 2023 and 2033 and reaching a total valuation of approximately US$ 2.1 billion by 2033.
One of the major factors contributing to the growth of the polyester straps market is the increasing demand from industries such as logistics, e-commerce, and construction. The sectors require reliable, high-performance strapping solutions to secure heavy loads, pallets, and bundles. Polyester straps provide excellent tensile strength and can withstand significant tension, making them ideal for securing heavy and bulky items. The lightweight nature of polyester straps makes them easy to handle and reduces transportation costs.
The technological advancements in strap manufacturing processes are propelling the Polyester Straps Market Growth. Manufacturers are investing in research and development to improve the properties and performance of polyester straps. Advanced manufacturing techniques and innovations in polymer engineering have developed straps with higher tensile strength, better elongation characteristics, and improved resistance to external factors. The advancements are driving the adoption of polyester straps as they offer superior load containment, enhanced safety, and increased efficiency in packaging operations.
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The globalization of trade and the expansion of the e-commerce industry are also significant drivers of the polyester straps market. There is a growing need for secure and reliable packaging solutions, with the increasing volume of goods being transported globally. Polyester straps provide strong and reliable bundling and palletizing options for the safe transportation of goods, ensuring that they reach their destination intact. The growth of e-commerce platforms and the rising demand for online shopping have further boosted the demand for polyester straps as they are essential for the secure packaging of products during shipping.
Citing data from the World Trade Organization, the United States recorded exports worth $1.4 trillion and imports valued at $2.4 trillion in 2022. This solidifies its role as a significant global trading partner. Moreover, the recently enacted government relief package, designed to bolster economic recovery following the pandemic, signals a notable uptick in international trade activities within the United States for the foreseeable future. Projections suggest that the country is poised to achieve a robust Compound Annual Growth Rate (CAGR) of 7.3% during the analysis period.
Key Takeaways from the Market Study
- Global polyester straps market was valued at US$ 973 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.2%.
- India is expected to hold a dominant CAGR of 8.5% during the forecast period.
- By thickness, the 5mm to 15mm segment is expected to constitute a CAGR of 7.3% in 2033.
- Based on application, the bundling segment is expected to dominate the market with a CAGR of 7.2% in 2033.
- From 2023 to 2033, the polyester straps market is expected to flourish at a CAGR of 7.4%.
- By 2033, the market value of polyester straps is expected to reach US$ 2.1 billion.
Advancements in packaging automation across the globe are a major factor expected to propel the growth of the polyester straps market shortly, remarks an FMI analyst.
The Prominent Players in the Polyester Straps Market are:
- Teufelberger holding ag,
- Samuel Strapping Systems,
- FROMM Packaging Systems Inc.,
- Mosca GmbH,
- Industrial Yarns Pty Ltd.,
- Linder GmbH,
- The Plastic Strapping Company Ltd,
- Northshore Strapping Company,
- Plastic Extruders Ltd.,
- National Webbing Products,
- Campanini UGO S.P.A,
- Signor limited,
- Consent LLC,
- Narrowtex Pty (Ltd.),
- Universal Strapping Inc.,
- Mil-Spec Packaging,
- Bowmer Bond Narrow Fabrics Limited,
- Nottingham Narrow Fabrics Ltd,
- DAE YANG STRAPS CO., LTD, and
- Johnson Plastics & Supply
Recent Developments:
- In January 2022, Dynaric Inc. launched its advanced polyester strapping machine, equipped with cutting-edge technology for efficient and precise strapping operations. The machine offers fast strapping speed, high tension capability, and automatic tension adjustment, improving productivity and ensuring optimal performance in various packaging applications.
- In September 2021, PAC Strapping Products, Inc. introduced its new line of polyester strapping with enhanced break strength and improved tensile properties. The new strapping products are designed to provide superior load containment and security for a wide range of applications, including palletizing, bundling, and unitizing.
- In October 2021, Yongsun Industrial Co., Ltd. introduced its new range of embossed polyester strapping. The embossed surface of the strapping provides enhanced grip and friction, ensuring secure bundling and preventing slippage during transportation.
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Global Polyester Straps Market Segmentations:
By Thickness:
- Below 0.5mm
- 0.5mm-0.75mm
- 0.76mm-1mm
- Above 1mm
By Packing Grade:
- Hand Grade Polyester Straps
- Machine Grade Polyester Straps
By Width:
- 5mm-15mm
- 16mm-25mm
- 26mm-35mm
- Above 35mm
By Breaking Strength:
- Up to 220kg
- 221kg to 300kg
- 301kg to 500kg
- 501kg to 1,000kg
- Above 1,000kg
By End Use Industry:
- Food & Beverage
- Pharmaceuticals
- Electronics & Electricals
- Automotive
- Construction & Allied Industries
- Paper & Allied Industries
- Textiles & Apparels
- Chemicals & Fertilizers
- Others
By Application:
- Heavy Duty Bailing
- Bundling
- Palletizing
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa (MEA)
About the Packaging Division at Future Market Insights (FMI)
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Thickness, Packaging Grade, Width, Breaking Strength, End Use, and Application over the next 10 years.
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Old Source: Polyester Straps Markets to Reach 1,073.8 ‘000 Tonnes by the end of 2027 – Future Market Insights
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