The global packing belts market is predicted to reach US$ 3.1 billion in 2032 and grow at a CAGR of 5.1% from 2022 to 2032, according to a report by Future Market Insights (FMI).
A plastic packing belt, also known as a packing strap, is typically used to bundle, palletize, and hold medium- to large-sized bulky items during shipment. The requirement to protect bulk products from damage brought on by movement during transit is a major factor in the demand for packing belts.
Packing belts are used in a number of end-use industries, such as food and beverage, pharmaceuticals, shipping and logistics, electrical & electronics, and automotive. They are viewed as a secure solution for product transportation because they are easy to use and minimal in weight. The increased need for dependable and secure packaging and supporting solutions for bulk items is anticipated to result in an increase in packing belt sales throughout the course of the forecast year.
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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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