The global polyester straps market is estimated to be valued at US$ 693.7 Mn in 2017 and is anticipated to register a CAGR of 7.2% during the forecast period to reach US$ 1,388.6 Mn by the end of 2027. In terms of volume, the global polyester straps market is estimated at 564.3 '000 tonnes in 2017 and is expected to exhibit a CAGR of 6.6% during the forecast period, to reach 1,073.8 '000 tonnes by the end of 2027.
Polyester straps have emerged as a viable option to steel strapping
With the advent of polyester straps, the age old problem of corrosion has been tackled, as steel has the property of corroding. Before polyester straps were introduced in the global market, steel strapping was used to wrap the products. However, as steel tends to corrode, this resulted in the deteriorating quality of goods that were wrapped with it. This had a negative impact on the logistics sector and other allied industries.
Due to this, a demand for alternative strapping solutions took shape, which also had to be light and soft. This lead to the increase in the use of polyester straps as a viable alternative to steel strapping. Manufacturers have been agile to capitalize on the benefits provided by polyester strapping, and therefore presently there is an increased demand for polyester straps in the market.
Polyester straps serve as a durable low cost solution in the automobile industry
The demand for polyester straps is increasing in the North America region, specifically in the automobile industry. Automobile industry needs materials that are durable and possess enough strength and are light weight. All such properties are present in the polyester straps, and this is driving the demand of polyester straps in the North America region. Also, another important factor is the cost, and as polyester straps are cheaper, their demand is on a rise in the region.
On the similar lines, polyester straps are cost effective as compared to other strapping solutions, especially steel strapping. The market for polyester straps is driven by the consumers due to the fact that it possesses the properties of high tensile strength, low cost, light weight, etc. Due to such favourable properties of polyester straps, they are preferred by manufacturers over other strapping solutions.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Alternatives such as polypropylene strapping is hampering the growth of polyester straps market
Strapping solutions made from polypropylene is a cost-effective solution that is suitable for moderate duty bundling, unitizing and palletizing. Some of the areas where polypropylene strapping is preferred include bundling and packing newspapers, magazines, food products such as meat, appliances, corrugated boxes, cut paper and cartons. Polypropylene strapping is preferred in such areas of application as it has a greater elongation at break. Hence, this solution is preferred in low and medium heavy duty work. Due to this, the market for polyester straps is affected negatively as manufacturers are preferring polypropylene over polyester straps in such areas of application.
Increasing use of polyester straps in the transportation sector in North America
In North America region, the growth of the transportation sector and logistics is increasing, due to which more and more number of goods are transported from one place to another. Thus, the use of polyester strapping as a strapping solutions for the transportation of such goods is also increasing consequently.
In the logistics industry, polyester straps are used by various manufacturers for the shipment of various products. The transportation sector is highly competitive in the North America region. Thus, the growth of this vital sector in a highly developed region of the world bodes good for the use of polyester straps market in this region.
Global Polyester Straps Market Analysis by Region
As per the forecast of Future Market Insights, the Asia Pacific excluding Japan polyester straps market is estimated to be valued at US$ 166.4 Mn in the year 2017 and is anticipated to touch a value of US$ 343.1 Mn in the year 2027, registering a CAGR of 7.5% during the assessment period. The Middle East and Africa polyester straps market is estimated to be valued at US$ 52 Mn in the year 2017 and is slated to touch a value of US$ 93.7 Mn in the year 2027, registering a CAGR of 6.1% during the assessment period.
Key Questions Answered by the Report
- What is the projected size of the polyester strap market?
The polyester strap market size is estimated to surpass a valuation of US$ 1.3 billion by 2027. The growth rate for polyester straps market will be a very promising 7.2% CAGR between 2017 and 2027.
- Which is the largest market for polyester straps?
Asia Pacific is the largest market for polyester straps worldwide. Growing applications in the glass production, and transport & logistics sector makes Asia Pacific a key regional market for polyester straps.
- Which are the top companies in polyester straps market?
Signor Polymers Pvt. Ltd., S&K Packaging Industries, Narrowtex pty, North Shore Strapping Inc., Plastic Extruders Ltd., Ruparel Polystrap Pvt. Ltd., Linder GmbH, Consent LLC, and Auto Strap India are among the leading market players.
- What are the applications of polyester straps?
Polyester straps are increasingly finding use as a low cost, corrosion free, strapping alternative to steel in the logistics and automotive sectors.
- In which types are polyester straps available?
Manufacturers produce polyester straps in two variants – hand and machine grade. The production and demand for machine grade polyester straps is relatively higher.
- What is the outlook on North America polyester strap market?
The market in North America is the second largest globally. Strong growth of the country’s transport and logistics sector and the use of polyester for strapping solutions supports market prospects.
- What are the challenges and improvement areas for market players?
Polyester strapping is primarily used in low- and medium-duty strapping applications such as food, boxes, and newspapers. However, these products are losing ground to polypropylene straps for heavy duty applications. Improvements in product strength can generate opportunities.
Enquiry before Buying
- Is this research conducted by Future Market Insights?
Yes, the polyester straps market research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology
- Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.
- What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
- Is a sample of this report available for evaluation?
Yes, you can request a sample and it will be sent to you through an email.
- How can I buy this report?
FMI provides a secure online payment system to buy report seamlessly. You can buy the report securely and safely.
By Packing Grade
- Hand Grade
- Machine Grade
- 5-15 mm
- 15-25 mm
- 25-35 mm
- Above 35 mm
By Break Strength
- 0-220 Kg
- 220-300 Kg
- 300-500 Kg
- 500-1000 Kg
- Above 1000 Kg
- Less than 0.50 mm
- 50 mm - 0.75 mm
- 75 mm - 1.00 mm
- Above 1.00 mm
- Heavy duty bailing and others
- Palletizing/ load unitizing
By End Use Industry
- Food & Beverage
- Electrical and Electronics
- Construction and allied Industries
- Paper and allied Industries
- Textiles and Apparels
- Chemical & Fertilizers
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East and Africa