A new report published by Future Market Insights titled, The move toward environmentally friendly packaging solutions is expected to boost the growth of the polyester straps market, which is predicted to reach US$ 1 billion in value in 2023. The market is anticipated to experience new opportunities as a result of the trend, which is anticipated to produce a projected CAGR of 7.4% between 2023 and 2033 and an estimated total worth of US$ 2.1 billion by 2033.
The rising demand from sectors like transportation, e-commerce, and construction is one of the key drivers boosting the polyester straps market. To secure bulky loads, pallets, and bundles, the industries need high-performance strapping systems that are dependable. Polyester straps are the best choice for securing large and bulky objects since they have exceptional tensile strength and can resist high tension. The straps made of polyester are lightweight.
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The technological advancements in strap manufacturing processes are propelling the growth of the polyester straps market. Manufacturers are investing in research and development to improve the properties and performance of polyester straps. Advanced manufacturing techniques and innovations in polymer engineering have led to the development of straps with higher tensile strength, better elongation characteristics, and improved resistance to external factors. The advancements are driving the adoption of polyester straps as they offer superior load containment, enhanced safety, and increased efficiency in packaging operations.
The globalization of trade and the expansion of the e-commerce industry are also significant drivers of the polyester straps market. There is a growing need for secure and reliable packaging solutions, with the increasing volume of goods being transported globally. Polyester straps provide strong and reliable bundling and palletizing options for the safe transportation of goods, ensuring that they reach their destination intact. The growth of e-commerce platforms and the rising demand for online shopping have further boosted the demand for polyester straps as they are essential for the secure packaging of products during shipping.
Key Takeaways from the Market Study
- Global polyester straps market was valued at US$ 973 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.2%.
- India is expected to hold a dominant CAGR of 8.5% during the forecast period.
- By thickness, the 5mm to 15mm mm segment is expected to constitute a CAGR of 7.3% in 2033.
- On the basis of application, bundling segment is expected to dominate the market with a CAGR of 7.2% in 2033.
- From 2023 to 2033, polyester straps market is expected to flourish at a CAGR of 7.4%.
- By 2033, the market value of polyester straps is expected to reach US$ 2.1 billion.
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Global Polyester Straps Market By Category
By Thickness:
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- Below 0.5mm
- 0.5mm-0.75mm
- 0.76mm-1mm
- Above 1mm
By Packing Grade:
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- Hand Grade Polyester Straps
- Machine Grade Polyester Straps
By Width:
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- 5mm-15mm
- 16mm-25mm
- 26mm-35mm
- Above 35mm
By Breaking Strength:
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- Up to 220kg
- 221kg to 300kg
- 301kg to 500kg
- 501kg to 1,000kg
- Above 1,000kg
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Global Polyester Straps Market: Vendor Insights
The report has included some of the key players operating in the global laundry care market such as Teufelberger Holding Ag, Samuel Strapping Systems, FROMM Packaging Systems Inc., Mosca GmbH, Industrial Yarns Pty Ltd., Linder GmbH, The Plastic Strapping Company Ltd., Northshore Strapping Company, Plastic Extruders Ltd., National Webbing Products and others. Launching of bio-gradable Polyester Straps is a key focus area for key players in this market both at the international as well as regional level. Manufacturers are preferring recycled raw materials for manufacturing Polyester Straps.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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