The global strapping supplies market is pegged to increase from USD 4,739.8 million in 2023 to USD 7,692.7 million by 2033. Over the forecast period from 2023 to 2033, global strapping supplies sales are expected to thrive at a CAGR of 5.2%.
In 2022, the strapping supplies industry was valued at USD 4,467.2 million, and it is likely to exhibit Y-o-Y growth of 6.1% in 2023.
Demand for strapping supplies is expected to remain high in the logistics & transportation sector. As per Future Market Insights (FMI), the logistics & transportation segment is estimated to hold a share of about 31.7% in 2023 within the global market.
The edge protectors segment, with a market share of more than 29.4%, has topped the global strapping supplies industry within the product type category. It is further expected to progress at a CAGR of about 4.0% over the forecast period.
The global strapping supplies industry is expected to witness a positive growth outlook during the forecast period. A new estimation predicts that global sales of strapping supplies will rise steadily, creating an attractive incremental growth opportunity of USD 3,225.5 million.
Amid rising adoption of strapping supplies across a wide range of sectors, the target segment is predicted to expand 1.6x times the current market value during the forecast period.
Key Market Shaping Factors
Strapping is one of the most frequently used means of unitization and bundling in the packaging sector. For this purpose, companies utilize strapping supplies. Strapping supplies consist of products and equipment used in various industrial and commercial applications for improving logistics and minimizing mechanical damage.
Rising usage of strapping supplies across sectors such as food & beverage, logistics & transportation, healthcare, consumer electronics, etc. is providing impetus for market growth.
Strapping supplies are increasingly being used as a branding tool to enhance product visibility and create a cohesive packaging experience. The market is expected to continue growing as companies seek efficient and secure solutions for their packaging and transportation needs.
Expanding industrialization and commercialization are expected to drive the target market swiftly during the assessment period. The rapid expansion of industrialization and commercialization in emerging parts of the world has brought about significant changes in global supply chains. As regions experience economic growth, the demand for raw materials, manufactured goods, and services has surged. This has necessitated the strapping of supplies to ensure their safe transportation and delivery.
Strapping, which involves securing packages and pallets with straps, helps prevent damage, theft, and loss during transit. With the increasing volume of goods being moved across vast distances, strapping supplies has become crucial in maintaining the integrity of shipments.
The emergence of new markets and trading routes is creating opportunities for strapping supply manufacturers and service providers to cater to the growing demand. This trend highlights the interconnectedness of global commerce and the need for efficient and reliable strapping solutions to support the expanding industrial and commercial activities in emerging regions.
Increasing e-commerce platforms, along with rising demand for secure packaging, is expected to boost the target market. The continual growth of e-commerce platforms has significantly increased online shopping and parcel delivery. Therefore, there is an increasing demand for secure packaging solutions to protect goods during transit.
Strapping supplies play an important role in securing packages and protecting them from implicit damage. With the acceleration of e-commerce, packages often go through multiple processing and transportation steps before reaching the final consumer.
Strap accessories provide a reliable way to secure your luggage and prevent it from slipping, opening, or being damaged during your travels. This helps ensure safe delivery and customer satisfaction.
Attribute | Key Insights |
---|---|
Estimated Strapping Supplies Market Size (2023) | USD 4,739.8 million |
Projected Market Value (2033) | USD 7,692.7 million |
Value-based CAGR (2023 to 2033) | 5.2% |
Collective Value Share: Top 5 Companies (2022A) | 25% to 30% |
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The global strapping supplies industry witnessed a CAGR of 2.4% during the historic period from 2018 to 2022. It attained a valuation of about USD 4,467.2 million at the end of 2022.
Looking forward, global sales of strapping supplies are expected to rise at around 5.2% CAGR during the assessment period. The total market value at the end of 2033 is likely to reach around USD 7,692.7 million.
The strapping supplies market refers to the industry involved in the manufacturing and distribution of various materials used to secure, bundle, and reinforce packages, products, and goods during transportation and storage.
Strapping supplies can include strapping bands made of plastic, steel, polyester, or composite materials, as well as tools and machines used to apply strapping, such as tensioners, sealers, and dispensers.
Strapping tools secure items together to protect them during consignments and keep them organized & secure during loading and storage. The choice of strapping material for a specific application can depend on a variety of factors, such as the weight and size of the load, the mode of transportation, and the environmental conditions during transport. It is also important to choose the right strapping tool and accessories to ensure proper tension and securement of the load.
The seals and buckles keep the straps tensioned and secured. The strap tool is used during manual strapping to apply tension, secure the seals, and trim the straps. Stainless steel gaskets, also known as band clamps, protect against rust and corrosion in extreme indoor and outdoor applications where temperature is an issue. Sliding or closed steel strap seals are used on steel straps to ensure that the steel straps are held securely even under difficult conditions.
The market for strapping supplies has seen a significant increase in the need for eco-friendly packaging solutions. With increasing environmental awareness and stricter regulations, companies in all sectors are actively looking for sustainable alternatives to traditional packaging materials. This shift towards eco-friendly options is having a significant impact on the target market.
To meet user demand, manufacturers are also shifting their focus towards biodegradable and recyclable strapping materials. Traditional plastic straps such as polypropylene and polyester are being replaced by biodegradable options such as paper-based straps and compostable materials made from natural fibers.
This shift towards eco-friendly strapping supplies is expected to play a key role in boosting the overall market growth during the assessment period.
Interesting times to be in the strapping supplies market as developing countries capture a share of developed countries. The United States, China, and Japan stand to lose some percent of their market share to Mexico and Argentina. India will be an opportunistic market by 2033.
Country | United States |
---|---|
Market Share (2023) | 19.5% |
Market Share (2033) | 16.4% |
BPS Analysis | -300 |
Country | Mexico |
---|---|
Market Share (2023) | 1.9% |
Market Share (2033) | 2.2% |
BPS Analysis | +30 |
Country | Argentina |
---|---|
Market Share (2023) | 1.2% |
Market Share (2033) | 1.4% |
BPS Analysis | +20 |
Country | China |
---|---|
Market Share (2023) | 5.9% |
Market Share (2033) | 5.6% |
BPS Analysis | -30 |
Country | Japan |
---|---|
Market Share (2023) | 3.6% |
Market Share (2033) | 3.2% |
BPS Analysis | -40 |
Country | India |
---|---|
Market Share (2023) | 5.7% |
Market Share (2033) | 6.2% |
BPS Analysis | 50 |
Country | Australia & New Zealand |
---|---|
Market Share (2023) | 1.3% |
Market Share (2033) | 1.3% |
BPS Analysis | 10 |
Country | Germany |
---|---|
Market Share (2023) | 3.8% |
Market Share (2033) | 3.2% |
BPS Analysis | -0 |
Booming Food & Beverage Sector Propelling Strapping Supplies Demand in the United States
According to Future Market Insights (FMI)’ latest report, the United States strapping supplies market is expected to thrive at 3.4% CAGR through 2033. It is likely to create an incremental opportunity of USD 376.5 million during the assessment period.
Rising usage of strapping supplies across the thriving food & beverage sector is a prominent factor providing impetus to the United States market.
Convenience plays a key role in the United States food market as consumers demand ready-to-eat, packaged, and easy-to-prepare meals. Factors driving this trend include busy lifestyles, the desire for quick meals, and the rise of single-person households.
Rising demand for convenience and packaged food products, in turn, is expected to fuel strapping supply sales as they are being used for various purposes such as packaging.
According to the USDA Economic Research Service, the United States is one of the leading markets for food & beverage. Companies often use strapping supplies for packaging various food and beverage products to protect them during storage and transportation.
Subsequently, the United States grocery market is experiencing steady growth due to factors such as population growth, rising disposable income, changing consumer preferences, and the expansion of e-commerce and online food delivery services. This is creating growth prospects for the target market.
Expansion of Logistics & Transportation Sector Boosting India Strapping Supplies Industry
The Indian government's focus on infrastructure development, such as transportation, logistics, and warehousing, is creating opportunities in the strapping material industry.
Efforts such as developing dedicated freight corridors, expanding ports, and improving road and rail networks are increasing demand for strapping supplies in the growing domestic logistics and transportation sector.
According to the India Brand Equity Foundation, India’s infrastructure development is set to grow by 33% to USD 122 billion, equivalent to 3.3% of GDP and almost triple spending compared to 2019 to 2020. This will positively impact the strapping supplies industry in India.
Amid rapid expansion of logistics & transportation sector, India strapping supplies industry is set to expand at a CAGR of 6.3% during the assessment period.
Sales to Remain High for Edge Protectors
Based on product type, demand is likely to remain high for edge protectors in the global market, making it the top-selling category. This is due to the rising need for protecting products from damage, especially during storage and transportation.
Edge protector segment will continue to dominate the global market with a share of more than 29.5% in 2023. Further, it is likely to create an incremental opportunity of USD 686.7 million during the forecast period.
Edge protectors provide critical protection for product corners and edges during transport, handling, and storage. They also prevent collisions and wear that can damage or deform packaged goods.
Edge protectors reduce the risk of worker and end user injury. Covering sharp corners and edges reduces the risk of accidental cuts, scratches, and punctures during manual handling or opening packages.
Thus, the ability of edge protectors to protect products during transportation and storage as well as to reduce the risk of injuries to end users will fuel their demand globally.
Logistics & Transportation Sector to Create Ample Growth Opportunities for Companies
As per Future Market Insights (FMI), logistics & transportation sector is expected to remain the leading end-use sector for strapping supplies. This is due to rising usage of strapping supplies in this thriving sector.
The growth of the logistics & transportation sector is having a profound impact on the demand for strapping materials and strapping equipment. This is because logistics and transportation companies often use strapping supplies for various purposes.
Similarly, due to E-commerce expansion, secure packaging industry compliance and safety regulations are emerging as key factors influencing the strapping supplies market.
The logistics & transportation segment is set to hold a market share of more than 31.7% in 2023. Further, it is expected to rise at a CAGR of 3.8% over the forecast period.
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Leading manufacturers of strapping supplies are innovating to develop advanced products with improved features. Further, they are implementing other strategies such as acquisitions, partnerships, distribution agreements, and mergers to solidify their market position:
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Attribute | Details |
---|---|
Estimated Market Size (2023) | USD 4,739.8 million |
Projected Market Size (2033) | USD 7,692.7 million |
Anticipated Growth Rate (2023 to 2033) | 5.2% CAGR |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD Million, Volume in Units and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
Segments Covered | Product Type, Material, End Use, Region |
Key Region Covered | North America; Latin America; East Asia; South Asia & Pacific; Western Europe; Eastern Europe; Central Asia; Russia & Belarus; Balkan Countries & Baltic Countries; Middle East & Africa |
Key Companies Profiled |
Signode; Greenbridge; SAMUEL SON & CO. LTD.; FROMM HOLDING AG; MAILLIS; Stra Pack Corp.; AUTOSTRAP INDIA; Scientex Berhad; MESSERSI PACKAGING S.R.L.; TEUFELBERGER; USA Strapping; CYKLOP; CAROLINA STRAPPING AND BUCKLES; POLIVEKTRIS; MOSCA |
The growth potential of the strapping supplies market is 5.2% through 2033.
Suring demand for safety delivery is the key factor for market growth.
The United States is likely to capture a CAGR of 5.3% in 2023.
The market in India may record a CAGR of 6.3% by 2033.
The United States is the fast-growing country in the global market.
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