Dublin, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The "Strapping Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global strapping materials market achieved a size of $6.6 billion in 2022, and it is predicted to grow to $9.5 billion by 2028, showcasing a compound annual growth rate (CAGR) of 5.86% during the period from 2023 to 2028.
Strapping materials are used for reinforcing and bundling products such as cartons, newspapers, pipes, lumber, and concrete blocks with bands, metal straps, or wires. These materials facilitate easy handling and shipping and are commonly used for closing corrugated boxes, securing pallet loads during transportation and storage, holding bales of agricultural products or textiles, and more. The food and beverage (F&B) industry is increasingly adopting strapping materials for cost-efficient unitization, packaging, and palletization of food products.
Market Trends:
Several trends are influencing the growth of the strapping materials market:
- Industrial Logistics: Strapping materials are widely used in industrial logistics to bundle products together and secure pallet loads during transportation and storage.
- Construction Industry: Steel straps are employed in the construction sector due to their high tensile strength, resistance to high temperatures, and durability, making them suitable for packaging metal.
- Print Industry: Plastic strapping finds applications in the print industry due to its elongation and recovery properties.
- Technological Advancements: Investment firms and capital venture companies are investing in strap manufacturing to introduce novel features. Technological advancements, such as automatic strapping machines, are offering growth opportunities.
- E-commerce: The e-commerce industry relies on corrugated cardboard and paper packaging to protect goods from damage and vibration.
Key Market Segmentation:
The strapping materials market is segmented based on material, application, and region:
- Material: Segments include steel, polypropylene, and polyester.
- Application: Segments cover industrial logistics and warehouse, food and beverage, corrugated cardboard and paper, newspaper and graphics, building and construction, and metal.
- Region: The market is analyzed across North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Competitive Landscape:
Key players in the global strapping materials market include Crawford Packaging Inc., Cyklop Gmbh, Dynaric Inc., Martin Packaging Limited, Mosca GmbH, Plastofine Industries, Polychem Corporation, Signode Industrial Group LLC (Crown Holdings Inc.), Strapack Corporation, Tesa Tapes (India) Private Ltd., TITAN Umreifungstechnik GmbH & Co. KG, and Unipack Trading Inc.
Key Questions Answered in This Report
1. What was the size of the global strapping materials market in 2022?
2. What is the expected growth rate of the global strapping materials market during 2023-2028?
3. What are the key factors driving the global strapping materials market?
4. What has been the impact of COVID-19 on the global strapping materials market?
5. What is the breakup of the global strapping materials market based on the material?
6. What is the breakup of the global strapping materials market based on the application?
7. What are the key regions in the global strapping materials market?
8. Who are the key players/companies in the global strapping materials market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6.6 Billion |
| Forecasted Market Value (USD) by 2028 | $9.5 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/n9519r
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