At a compound annual growth rate of 6.7%, the size of the worldwide Strapping Materials market is projected to reach US$1.2 billion in 2027.
Growth of various industries like food and beverage, constructions and so on has caused rise of several players operating in the respective industries. The growth in these industries is at a fast pace and there are many key players working in the field. Growth and success of these businesses are dependent on smooth operation of their logistics divisions, as it plays an important role in the successful operation of all types of business. Strapping materials are an important part of logistics, with respect to packaging of materials for transportation. A strapping material is any type of material that is used for packaging of materials for transportation. Some of the common strapping materials are plastics, steel and woven cords and many others. The material used depends on the weight of the equipment along with transportation means.
Growing demand from the food and beverage sector along with continuous research and new developments in the industry is expected to help in growth of strapping materials market share. Growing demand and preference for packaged food, owing to the busy lifestyle of people is expected to grow tremendously.
The strapping machine market, is also growing rapidly. Strapping machines are equipment that strap or seal one or more products. Strapping machines are widely used in shipping industries for proper packaging of products and parcels.
The strapping materials market share is segmented on the basis of materials as steel, plastic, woven cord and nylon. Plastic segment is further categorized as polypropylene and polyester. Steel is preferred for heavy applications as it has high break strength and is extremely reliable. Whereas, plastic strapping and especially polyester strapping is becoming more popular owing to its high strength, elasticity and recovery and ability to endure high tension. The plastic strapping material contributes maximum share to the strapping materials market share and is expected to govern the market during the forecast period. Growth in plastic strapping segment is at a fast pace owing to the growth in industries of food and beverages and electronics.
Segmentation based on application of Global strapping materials market size is done into food and beverage, consumer electronics, industrial, building and construction and many others. Among these industrial application segment dominates the strapping market segment. This is owing to the growth of industrial sectors in North America, Europe and Asia Pacific. Also, countries like Middle East and Saudi Arabia are experiencing growth owing to rapid industrial development in the manufacturing sector.
Segmentation of strapping materials market share on the basis of region is done as North America, Eastern Europe, Latin America, Asia Pacific, Western Europe, and Middle East and Africa. Growth in Asia-Pacific region is at maximum and is probable to keep growing owing to the growing urbanization and modernization.
Key players of Global strapping materials market size are Strapack, Technopack Corporation, Signode, Martin Packaging, and many others.
Key segments of the global Strapping Materials market
By End-User 2018-2027 (USD Million)
• Food Packaging
• Jersey Beverage cans and bottles,
• Bakery products,
• Dairy products,
• Frozen food packaging
Regional Overview, 2018-2027 (USD Million)
• North America
o Rest of Europe
o Southeast Asia
o Rest of Asia-Pacific
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
• Central & South America
o Rest of South America