Americas Strapping Materials Market Likely To Touch At $2.24 Billion By 2025: Grand View Research Inc.

 

The Americas strapping materials market size is expected to reach USD 2.24 billion by 2025, according to a new report by Grand View Research, Inc., at a CAGR of 4.0% during the forecast period. Using lightweight plastic strapping results in cost efficiency as it reduces logistical expenses in the food and beverages as well as industrial logistics and warehouse sectors, which is expected to drive the market.

The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.

Industries such as pharmaceutical, textile, consumer electronics, and household appliances use strapping materials as a packaging solution. Growth in import and export of goods in these industries is projected to fuel market growth. Demand for strapping as an alternative to packing and palletizing in industrial logistics is expected to rise as it offers secure cargo movement.

The food and beverages industry uses strapping for unitizing products such as glass bottles, cans, and snack boxes. Strapping is increasingly being used as a substitute for wrapping in this industry as it saves cost and time involved in packaging of food items to be shipped.

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Strapping materials offer high strength and creep-resistance, which makes them a safe and stable solution for packaging in various application industries. Selection of an appropriate strapping material for packaging is extremely crucial. The importance of timely delivery in e-commerce is fueling demand for superior packaging options such as plastic and steel strapping.

Americas Strapping Materials Market Report Highlights

• By product, polyester accounted for the largest revenue share in 2017 on account of high penetration of the product in the metals and mining industry, which is an important contributor to economic growth in countries such as Argentina, Brazil, Chile, Peru, and Columbia
• Product demand in industrial logistics and warehousing in CSA is expected to be driven by increasing use by freight forwarding companies as strapping offers secure cargo movement
• The food and beverage application segment accounted for a significant revenue share in 2017 on account of increasing product use as a substitute for wrapping. The materials save cost and time involved in packaging of food items to be shipped
• The market in Central and South America is expected to register a CAGR of 5.0% owing to rising product demand in the building and construction industry, which involves transportation of high volumes of construction material
• The Americas strapping material market is characterized by a few recognized global players and a large number of domestic players, with brand identity playing a major role. These players primarily compete on the basis of product quality.

There has been an increase in awareness among buyers regarding benefits of using recycled plastics, which makes it imperative for a business using recycled materials to attract more customers. Use of plastic strapping not only engages the company in sustainable manufacturing practices but also offers economic benefits by lowering the cost of raw material and improving profitability.

The market is majorly driven by growing product demand from various application segments such as food and beverage and industrial packaging. Factors such as rising awareness and the importance of sustainable and environment-friendly packaging are also anticipated to boost market growth over the forecast period.

Synthetic fibers such as polyester and polypropylene are majorly used as a raw material on account of their technical properties such as high tensile strength and abrasion resistance. PET straps produced by melting recycled PET materials, granules, pellets, or flake offer high strength and stretchability to the straps.

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Volatile prices of raw materials such as steel, polyester, and polypropylene may challenge market growth over the forecast period. The rising cost of energy and other utilities required for manufacturing these raw materials is also anticipated to impact the market.

Key manufacturers are emphasizing manufacturing cost-efficient, environment-friendly, and application-specific straps in order to increase growth opportunities and ensure compliance with regulatory frameworks. Furthermore, the use of plastic straps over non-plastic straps has witnessed increased demand in the last few years as they can be recycled.

Grand View Research has segmented the Americas strapping materials market on the basis of product, application, and region:

Americas Strapping Materials Product Outlook (Revenue, USD Million, 2014 - 2025)

·         Steel

·         Polypropylene

·         Polyester (PET)

·         Other

Americas Strapping Materials Application Outlook (Revenue, USD Million, 2014 - 2025)

·         Food & Beverage

·         Industrial Logistics & Warehouse

·         Corrugated Card Boxes & Paper

·         Building & Construction

·         Metal

Americas Strapping Materials Regional Outlook (Revenue, USD Million, 2014 - 2025)

·         North America

o    U.S.

o    Canada

o    Mexico

·         Central & South America

o    Brazil

o    Argentina

o    Chile

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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