Global PET Strap Market size was valued at US$ 672.7 Mn in 2019 and the total revenue is expected to grow at 3.2% through 2020 to 2026, reaching nearly US$ 763.9 Mn. The Global PET Strap market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The Global PET Strap market report also provides trends by market segments, technology, and investment with a competitive landscape.
Global PET Strap Market Overview:
PET Polyester Strap is produced from environment protective Polythene Terephthalate “material. Being an auxiliary steel strap it is used with a guide strapping tool through clip sealing or battery operated pet strap sealing tool. Not like the traditional strapping method, polyester strapping absorbs shocks and impacts during transportation. PET strap is the frequently used thermoplastic polymer resin in the family of polyester strapping. It is majorly used for the transportation of packaging materials, liquids & foods, clothing, building materials, and containers. Features of PET strap include high shock absorption ability, corrosion resistance, high tensile strength, recyclability, tear resistance, and elasticity. In terms of long term usage, this strap is highly vigorous and UV light-resistant. PET strap is a less costly alternative to steel strap as it has lesser strength of packaging requirements.
Global PET Strap Market Dynamics:
The PET straps market has perceived noteworthy growth in recent years, owing to the swelling use of plastic straps in the paper, bricks, tiles, and cotton industries. The response for plastic straps is amassed in these industries due to various properties accessible by them that include lightweight, ease of handling, and high flexibility. Indian PET Straps Market PET straps are mostly used by the cotton industry and account for a 45% share, followed by appliance, automotive, and others. India has about 30 manufacturers, with the western region being the principal supplier. The market recorded a high CAGR of 14% from 2015 to 2020. PET Straps has been the third-largest market of recycled PET Industry in positions of revenues, and the second-largest market in terms of production volume. The strapping materials market in the U.S. was valued at USD 978.0 million in 2016 and is anticipated to register a CAGR of 6.3% from 2017 to 2025. The rise in the call from the food and beverage industry shadowed by continuous innovation in food and beverage packaging in the U.S. is expected to lift market growth. The growth of packaged food in the U.S. on account of the on-the-go lifestyle of consumers is probable to endorse the packaging industry. Ultimatum for strapping materials will be driven by growth in industries such as food and beverages, industrial logistics and warehouse, and grooved cardboard and paper in developed economies including U.S., Germany, and U.K. There is rising consciousness among consumers regarding supportable and environment-friendly packaging. Consumers also believe in innovative designs from manufacturers of corrugated cardboard and paper, which will ultimately boost the application segment over the forecast period. However, these materials cannot defend products from damage resulting from rain, moisture, or frost. This may pose a challenge to the growth of this segment. The rise in demand for consumer household appliances, electronics, pharmaceutical products, medical devices, and textile goods, which is probable to result in high demand for strapping material as a suitable packaging material. Development in mail orders and the logistics business, along with an extension of the e-commerce industry, is anticipated to further boost the demand for strapping materials. The collective demand from end-use industries owing to hasty globalization and industrialization is driving the market growth. Additionally, the rising packaging industry and intensifying demand for strapping material across consumer electronics, household appliances, pharmaceutical products, medical devices, and textile goods are further fuelling the market growth.
Global PET Strap Market Segment Analysis:
By Type, is segmented into polyester straps, polypropylene straps, nylon straps, others (paper straps, composites straps, and corded & woven straps). The polypropylene straps segment controlled the plastic straps market in 2017, in terms of value. The growth of this segment of the market can be accredited to the widespread applicability of these straps in various end-use industries as they offer high tensile strength, ease of handling, increased flexibility and excellent elongation properties. To know about the Research Methodology :- Request Free Sample Report By End Use, is segmented into paper, steel, bricks & tiles, fibre, cotton, others (print and corrugated boards). The paper end-use industry segment is projected to lead the plastic straps market, in terms of value during the forecast period.
Global PET Strap Market Regional Insights:
In terms of region, North America dominates the PET strap market owing to the rapid extension in the automobile industry in the region. PET straps are also used on a huge scale in the logistics segment in North America. In terms of volume, Europe is also predictable to be a key region of the PET strap market soon. The Asia Pacific is estimated to be a fast-growing region of the market in terms of volume during the forecast period. Latin America, especially Brazil, is probable to be a substantial user of the PET strap market in the next few years. The objective of the report is to present a comprehensive analysis of the global PET Strap market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global PET Strap market dynamics, structure by analyzing the market segments and project the global PET Strap market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the global PET Strap market make the report investor’s guide.
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Global PET Strap Market Scope: Inquire before buying
Global PET Strap Market, by Region
• North America • Europe • Asia Pacific • The Middle East and Africa • South America
Global PET Strap Market Key Players
• Crown Holdings (US • Polychem Corporation (US) • Teufelberger (Austria) • FROMM Packaging (US) • Messersi Packaging (Italy) • Dubose Strapping (US) • Auto Strap (India) • PAC Strapping (US). • S & K Packaging Industries • North Shore Strapping Inc. • Ruparel Polystrap Pvt Ltd. • Consent LLC. • Auto Strap India • Linder GmbH • Plastic Extruders Ltd • Narrowtex Pty (Ltd.) • Signor Polymers Pvt Ltd.
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