PVC Packing Straps Market

PVC Packing Straps Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global PVC Packing Straps Market grew at a CAGR of 3.5% between 2017-2021 and is estimated to be US$ 184.3 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.0% and is expected to reach a valuation of US$ 272.8 Mn by 2032 end.

The demand for these straps is likely to surge in the logistics industry with urgent need to pack goods well to prevent damage. Expansion of the e-commerce industry and increasing shift of retailers towards cross-platforming are anticipated to aid growth.

Market Dynamic

RISING R&D AND INNOVATION DRIVE THE MARKET FOR PVC PACKAGING STRAPS

The global PVC packaging strap market is anticipated to attain double-digit growth over the forecast period. The spread of new PVC plastic strap innovations is boosting growth. Steady growth in communication and the rise in vehicle usage is expected to boost the demand for plastic straps. The major driving factor for the market is R&D activities in various industries around the globe leading to an increase in the production of different types of products. Plastic straps have played a significant role as they bolstered business growth by enhancing product life and reducing the wastage of materials. The rising disposable income levels are likely to drive the market for plastic straps in the coming years

ENVIRONMENTAL ISSUES & PRICING HAMPER THE MARKET GROWTH

Plastic products hamper the environment. They are not eco-friendly, which has deteriorated the speed of their manufacturing. And nowadays, the public prefers to use bio-based products, which are helping in recognizing the potentiality of the consumers and have created threats and posed threats and eco-awareness.

However, the Plastic strap market is highly competitive; the Pricing of raw materials such as petroleum, natural abrasives, and other components are the most challenging factors that lead to a wide price variation across different parts of the world.

GAINING TRACTION IN THE END-USE INDUSTRY WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

The end-user Industry is a highly promising field with the growth of increasing purchasing power per unit household and disposable income. Additionally, the rise in opportunities occurs due to its high tensile strength and being lightweight and flexible, making it available for handling. Along with this, since the middle class is increasing hence the growth of the paper industry, steel industry, etc.

Market Segments Covered in Report

By Thickness:

• Below 0.5mm
• 5mm-0.75mm
• 76mm-1mm
• Above 1mm

By End-Use Industry:

• Food & Beverage
• Pharmaceuticals
• Electrical & Electronics
• Automotive
• Building & Construction
• E-commerce
• Chemicals & Fertilizers

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why are below 0.5 mm Segment projected to ensure the fastest growth during the forecast period?

In the growing global market for packing straps, it is evident that thickness matters. By thickness, the Below 0.5 mm Segment is estimated to exhibit an exponential growth of 1.6x (2021); packing straps below 0.5 mm thickness are considered the ideal size and the preferred choice of end-use industries. Its robust strength has generated the highest share in the global market due to its robust strength.

The cost-effective and reliable packing straps below 0.5mm thickness stand out as the product is preferred by end-use industries and are extensively used in different packaging applications such as Packing of Cans, Cartons, and Bottles.

Why is the Automobile & E-commerce segment expected to expand the fastest during the forecast period?

The global electric vehicle industry is expected to witness steady growth in the coming years, boosted by an increasing adoption rate of these vehicles and technological advancements. The focus is also on new business functionality to offer increased customer satisfaction. Furthermore, the growing demand for e-commerce merchandise in retail stores and the rising use of social media platforms are expected to stimulate market growth in the next five years. Increasing concerns about the environment and pollution due to manufacturing processes are anticipated to boost demand for PVC packing straps shortly

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the Asia Pacific market held a sizeable revenue share of 47.9%. Asia Pacific market is estimated to be a prevalent region within the upcoming years. The growing plastics strap industry has attracted many investors in the area. Moreover, countries like China and India are helping to grow the demand for plastic straps in the market. This was due to the increase in setting up of more industries for the product to minimize logistics costs, which will gain more profits.
• North American region covers the major part of the market share, whereby a rise in production and more consumption. The United States occupies a large area and has a significantly high economy in the market. This region contributes towards developing better logistics and increasing inclination towards the packaging industry. The presence of more of the key players drives up the plastic straps market growth.

Competition Analysis

The global PVC packing straps market is highly fragmented, with the presence of a large number of key players. The demand for high-quality and durable PVC packing straps worldwide has been continuously rising due to consumer awareness regarding product safety, security, and environmental concerns.

Some of the key developments that have taken place in the PVC Packing Straps Market include:

• In April 2022, Teufelberger Stralsund GmbH acquired Maillis Plastics Solutions (MPS), a rival, which will aid the business in growing its plastics processing operations. Additionally, this acquisition would help the company strengthen its position as the technological leader in the strapping sector.
• In July 2021, Mosca GmbH established a new subsidiary to increase its market share in Europe. The new subsidiary would assist the business in satisfying the market’s requirements and the increased demand for effective strapping solutions.

A list of some of the key suppliers present in the market are:

• Teufelberger Stralsund GmbH
• Cyklop International
• FROMM Group
• Auto Strap India
• CONSENT L.L.C
• DuBose Strapping, Inc.
• LINDER GmbH
• PAC Strapping Products, Inc.
• Crown Holdings, Inc.
• Polychem Corporation
• Mosca GmbH

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.