The global PVC packing straps market has witnessed a steady rise in demand and was valued at approximately USD 134 million in 2022. As of 2023, the market is projected to reach a valuation of USD 139.8 million, with an expected compound annual growth rate (CAGR) of 4.3% from 2023 to 2033, ultimately reaching an estimated worth of USD 213 million by the end of the forecast period.
PVC packing straps are lightweight, versatile, durable, and cost-effective, making them a popular choice in various industries for holding, stabilizing, and bundling materials. These straps are highly regarded for their strength and resistance, offering long-lasting performance at a fraction of the cost compared to other strapping materials. Their wide-ranging applicability and affordability continue to drive their adoption across multiple sectors.
The PVC packing straps market has seen significant demand for straps in the 0.76 mm to 1 mm thickness range, with a notable absolute dollar opportunity of USD 34.2 million created in 2022 alone. These straps cater to the diverse needs of industries such as packaging, e-commerce, and electronics, ensuring secure bundling and transportation of goods.
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Geographically, East and South Asia dominate the global PVC packing straps market, driven by rapid economic growth and the expansion of key sectors, particularly e-commerce and electronics. This regional growth is expected to fuel continued demand for PVC packing materials.
Key Takeaways from Global PVC Packing Straps Market
- The global PVC packing straps market grew at a CAGR of 3.8% from 2018 to 2022.
- China led global plastic production with 32% share in 2020, and was the top trade partner of the EU27 plastic industry.
- Packaging remained the largest end-use market for plastics, accounting for 40.5% of the market share.
- The U.S. PVC packing straps market is estimated at USD 27.0 million in 2023, with projections to reach USD 40.5 million by 2033.
- The e-commerce segment is expected to grow at a CAGR of 5.5% during the forecast period.
Competitive Landscape
The global market for PVC packing straps is extremely fragmented, with several prominent competitors. To compete with their rivals, manufacturers use a variety of marketing methods such as mergers and acquisitions, expansions, collaborations, and product improvements.
Leading companies are also launching new items to increase their market presence among customers all around the world. Furthermore, they are working to create new high-quality PVC packing straps in order to acquire a competitive advantage.
Key Players
Teufelberger Stralsund GmbH; Cyklop International; FROMM Group; Auto Strap India; CONSENT L.L.C; DuBose Strapping Inc.; LINDER GmbH; PAC Strapping Products Inc.; Crown Holdings Inc.; Polychem Corporation; Mosca GmbH
Recent Industry Developments in the Market
- In April 2022, Teufelberger Stralsund GmbH took over its competitor Maillis Plastics Solutions (MPS), which might help the company in expanding the plastics processing business. This acquisition would also assist the company in expanding its technological leadership in the strapping industry.
- In July 2021, Mosca GmbH founded a new subsidiary for strengthening its presence in the European market. The new subsidiary would help the company in meeting the high demand for efficient strapping solutions and it would assist in fulfilling the requirements of the market.
PVC Packing Straps Market Outlook by Category
By Thickness:
- Below 0.5 mm
- 0.5 mm to 0.75 mm
- 0.76 mm to 1 mm
- Above 1 mm
By End Use Industry:
- Food & Beverage
- Pharmaceuticals
- Electrical & Electronics
- Automotive
- Building & Construction
- E-commerce
- Chemicals & Fertilizers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- The Middle East & Africa
- Oceania
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