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.
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 End-Use Industry:
By Region and Country:
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
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Thickness, End-use Industry, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.0%.
Rapid industrialization and increasing demand from the e-commerce & automotive industries are driving the global market. As a result, motorized vehicles are becoming more efficient, safer, and reliable.
Major global PVC Packing Straps Market players are Teufelberger Stralsund GmbH, Cyklop International, PAC Strapping Products, Inc., CONSENT L.L.C, DuBose Strapping, Inc., Crown Holdings, Inc., Polychem Corporation, Mosca GmbH, FROMM Group, Auto Strap India, LINDER GmbH
The production of plastic products has declined because of increasing environmental awareness, and bio-based products are getting more preference. In addition, the cost of plastic has been rising.
The Asia Pacific region is expected to account for the largest market revenue share in the Global PVC Packing Straps market.
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