Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Global Strapping Materials Market Size, Share & Trends Analysis Report by Application, Product (Steel, Polypropylene [PP], Polyester [PET]), Region, and Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
This market analysis report on the Global Strapping Materials industry provides a detailed examination of its diverse facets and nuanced insights into its projected growth trajectory from 2023 to 2030. With an expectation to surpass a market size of USD 9.14 billion by the end of the forecast period, stakeholders and investors are witnessing a compound annual growth rate (CAGR) of 4.9%.
Polypropylene Leads, Driving the Segment to New Heights
Dominating the market in terms of revenue generation, the polypropylene (PP) product segment emerged emphatically and is expected to maintain a market-leading CAGR of 5.3% through 2030. The robust growth of the polypropylene segment reflects its versatility across multiple industries, primarily due to its high elongation recovery characteristic.
Strapping Materials Market Overview
- The strapping materials market growth is fuelled by the ongoing pursuit of sustainable packaging solutions that support recycling.
- Plastic strapping, featuring prominently in the market, offers customization flexibility, space-saving benefits in packaging, and complies with stringent cargo securement standards.
- The dynamic food and beverages sector, along with industrial logistics, warehouse segments, and the corrugated cardboard and paper industry, is a significant demand driver, particularly in developed economies such as the U.S., Germany, and the U.K.
Asia Pacific Emerges as Leader Driving Global Demand
Commanding the largest revenue share at 36.1% in 2022, Asia Pacific remains the geographical powerhouse guiding the global market and is expected to continue its reign with the fastest regional CAGR of 5.6%. The region's market proliferation is attributed to excessive deployment of strapping materials across diverse industrial verticals including food and beverages, logistics and warehouses, and the paper industry.
Industrial Logistics and Warehousing Maintain Dominance in Demand
The industrial logistics and warehouse application of strapping materials took up a dominant share of 27.2% of market revenue in 2022. This segment’s diverse strapping material requirements solidify its status as the largest consumer and are indicative of a broader trend of efficiency improvements in material handling and shipping. The recent findings and projections sketched in this market analysis report paint a promising picture for the Global Strapping Materials Market.
With sustainability at its core and spearheaded by PP-based strapping materials, the market is standing on the precipice of substantial growth amid burgeoning industrial demand. Interested parties, investors, and market participants can expect to find deep-dive information on market segmentations by product, application, region, and insightful trends analysis that could shape future market strategies.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 75 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $6.2 Billion |
| Forecasted Market Value (USD) by 2030 | $9.14 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
Companies Profiled
- Cyklop
- UNIPACK
- Mosca GmbH
- Panorama Packaging Pvt. Ltd.
- Plastofine Industries.
- GREENBRIDGE
- Signode Industrial Group LLC
- Signor Polymers Pvt. Ltd.
- StraPack, Corp.
- Titan Umreifungstechnik GmbH & Co. KG
- 3M
For more information about this report visit https://www.researchandmarkets.com/r/rrc72w
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