According to a report by Future Market Insights (FMI), the global packing belts market is anticipated to reach US$ 3.1 billion in 2032 and develop at a CAGR of 5.1% from 2022 to 2032.
The primary application of a plastic packing belt, often referred to as a packing strap, is to bundle, palletize, and hold medium to large bulk objects during transit. Demand for packing belts is largely driven by the need to shield bulk goods from harm caused by moving during transit.
Several end-use sectors, including food and beverage, medicines, shipping and logistics, electrical & electronics, and automotive, employ packing belts. Because they are simple to use and light in weight, they are seen as a safe option for the transportation of products. Sales of packing belts are expected to increase throughout the projected period due to the high need for reliable and secure packaging and supporting solutions for bulk goods.
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In order to keep packed goods secure during storage and transit, packing belts assist in absorbing pressure and maintaining tension. Numerous end-use industries frequently utilise polyester packing belt because it offers advantages including high break strength and better elongation.
Key Takeaways: Packing Belt Market
- Polyester is estimated to be the dominant material in the packing belt market and is set to hold around 52% of the share by the end of 2032.
- By end-use industry, the shipping & logistics segment is expected to create an absolute $ opportunity of US$ 344.6 Mn in the forecast period.
- The India packing belt market is likely to exhibit steady growth at a CAGR of 5.5% during the forecast period (2022-2032).
- The U.S. is anticipated to be valued at US$ 202.6 Mn in the upcoming decade with increasing sales of automotive.
- The global packing belt market is expected to reach US$ 1.9 Bn in 2022.
“Development of eco-friendly packing belts such as PET straps made from recycled materials is projected to create new growth opportunities for key players and help them address vital sustainability concerns,” says a FMI analyst.
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Ability to Absorb Shocks during Transportation to Propel the Global Packing Belt Market
Packing belts are extensively used in numerous industries for medium and heavy-duty bailing, bundling, palletizing, and load unitizing applications. Growing significance of packing belts in the shipping and logistics industry to move goods efficiently is anticipated to augur well for the global market.
Moreover, shocks and high pressure created during shipping and movement of goods can lead to damages. High-elongated elasticity and strength of packing belts can help in retaining the created pressure or tension. Thus, high holding and shock absorbing capacity is likely to spur the demand for packing belts during the forecast period.
Competitive Landscape: Packing Belt Market
Some of the renowned companies present in the global packing belt market include Teufelberger holding AG, FROMM Packaging Systems Inc., Mosca GmbH, Samuel Strapping Systems, Linder GmbH, The Plastic Strapping Company Ltd, Northshore Strapping Company, Plastic Extruders Ltd., Campanini UGO S.P.A, Consent LLC, Narrowtex Pty (Ltd.), National Webbing Products, Universal Strapping Inc., and Nottingham Narrow Fabrics Ltd.
Packing Belt Market Outlook by Category
By Material:
- Polypropylene (PP)
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polyester
- Nylon
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By Thickness:
- Below 0.5mm
- 0.5mm-0.75mm
- 0.76mm-1mm
- Above 1mm
By End-use Industry:
- Food & Beverage
- Pharmaceuticals
- Electrical & Electronics
- Automotive
- Building & Construction
- Textiles & Apparels
- Chemicals & Fertilizers
- Shipping & Logistics
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