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.
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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What are the Key Market Trends Impacting the PET Straps Market?
The demand for eco-friendly and biodegradable solutions has made its way to the PET straps market. The increase in sales for end-use industries is expected to spontaneously affect the need for PET straps during the future years. This change is affected due to extensive PET straps for bundling, heavy-duty bailing, load unitizing. The positive outlook of e-commerce will lead to more home deliveries which will rise the usage of PET straps and this will drive the market.
What are the Market Restraints for PET Straps Market?
The durability of recycled variants of PET straps will always remain a question to discuss, as with subsequent recycling and reusing the strength goes down. This can cause loss of product and is a restraint that limits the demand for PET straps in the market.
However, using formulations of binding agents while constructing recycled products will exponentially improve the durability of the product, which in turn increases profitability for the players in PET straps.
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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
Butig GmbH
DuBose Strapping Inc
APAC Players: -
Auto Strap India
Searo Packaging Co. Ltd.
S & K Packaging Industries
Dongguan Qianyi Packaging Products Co. Ltd.
Ruparel Polystrap Pvt. Ltd.
Signor Polymers Pvt. Ltd.
Qingdao Changyue Plastic Machinery Co. Ltd
Soundpoen Packaging Solution Co. Ltd.
What Strategies Are Adopted by Key Players for Increasing their Market Share in the PET Straps Market?
The key competitors implement various strategies such as product launch, merger & acquisition, expansion, innovation and others to survive and compete in the market:
In 2018, MOSCA released SoniXs Ultra sealing technology will join the two open ends of the strap loop with modern strapping technology, also this tech can be used on plastic straps of polypropylene (PP) and polylactid (PLA).
Why will India Hold a Prominent Share in the PET Straps Market?
India will hold a major proportion of the PET straps market by the end of the forecast period due to an increase in usage of biodegradable materials for packaging and the significant presence of plastic polymer producers. Other factors that will lead to India’s share will be its new policies in the market on environmental regulations which are emphasized on reduction of non-recyclable plastic packaging and its skilled cheap labour.
The ever-expanding Indian end-use industries such as food & beverage, pharmaceutical, electronic, chemical, automobile, online retail, personal care products will cause an ever-lasting impact of the country in APAC market share. All these factors considered India will have a significant hold in the PET straps market in future.
How has COVID-19 Impacted the Growth of the PET Straps Market?
The packaging industry has a variety of end-use applications in FMCG, electrical, electronic, pharmaceuticals, automobile, and many more industries. Key players are always competing over with each other to make their products of superior quality to their peers.
The market has witnessed a halt in trade due to the Novel COVID-19 virus outbreak. The supply chain for raw material procurement and demand chain was not able to work properly as the lockdown was implemented across the globe. The healthcare sector generated high demand during a virus outbreak alongside food. In totality, the impact of the pandemic on the PET straps market was moderate which successively bounced back by the end of the year 2021.
Key Segments of PET Straps Market Covered in the Report
