The global PET straps market is expected to rise at a CAGR of ~6.8%, during the forecast period. The PET straps market is expected to witness a soaring growth in 2021 with revenues up 6.3% each year.
A new forecast by FMI estimates that the PET straps profit margin will nearly double between 2021 and 2031. The majority of demand for PET straps is because of high usage in packaging heavy weight logistics due to it absorbs shocks and impacts during transportation.
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PET Straps Market: Introduction
PET straps are utilized in an extensive range of usage for holding, heavy-duty bailing, bundling, palletizing, load unitizing in several end-use industries. PET straps will witness an exponential rise in demand during the forecast period because of their increased usage for packaging applications in pharmaceuticals, automobiles, food & beverage, electrical & electronics and others.
PET straps demand is keenly due to the variety of usage for product packaging in several end-use sectors, by which there is always a huge competition between key players to procure next-generation packaging solutions for end-users.
Moreover, the excellent shock and impact absorbing qualities of PET straps are the biggest reason for its extensive usage for heavyweight applications. Major competitors are invested in research and development to increase the usage of PET straps for more end-use industries. These factors will augment the demand for PET Straps in the forecasted period.
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What Accelerates the Market Growth of PET Straps?
The packaging sector across the globe is mainly focusing on providing sustainable yet biodegradable options for end-use industries. The rise in usage for environment-friendly packaging across the globe has subsequently skyrocketed the demand for the PET straps market in manufacturing sectors which include automobiles, food & beverage, retail, Electrical & electronics, pharmaceutical, and many more.
The regulations and legislation placed on plastic by governments across the globe have affected the demand for PET Straps. The PET straps manufacturers are focused on increasing the production capacity along with finding innovations along the process. These factors are anticipated to drive the PET straps market.
What are Market Opportunities for PET Straps Market?
Numerous amount of opportunities is unfolding for the PET straps market, the ability to procure recyclable PET straps have taken the entire industry to follow the unexpected change. Extraction of contents from used PET straps and using them to manufacture PET Straps has plummeted the demand for the product. This added feather of technology will be a great opportunity to decrease the usage of finances in the raw material purchase and help increase the revenue of the PET straps market.
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Competitive Landscape
Global Players: –
Linder GmbH
North Shore Strapping Inc
Consent LLC
Plastic Extruders Ltd.
Narrowtex (Pty) Ltd.
PAC Strapping Products
Polychem Corp.
D.J. Hookstraten
Sandex GmbH
Key Segments of PET Straps Market Covered in the Report
By Width:
- 5 – 15 mm
- 16 – 25 mm
- 26 – 35 mm
- Above 35 mm
By Thickness:
- Up to 5 mm
- 5.1 – 7.5 mm
- 7.6 – 10 mm
- Above 10 mm
By Break Strength:
- Up to 250 kg
- 251 – 500 kg
- 501 – 800 kg
- Above 800 kg
By End-use Industries:
- Healthcare & Pharmaceuticals
- Chemicals
- Electronics and Electricals
- Food & Beverages
- Homecare
- Automobiles
- Personal care & Cosmetics
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
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