Cross border trade activities have significantly surged across the globe, thereby increasing the need for secure packing options to ensure the safety of products during transit. PVC straps have various benefits such as lightweight, safe to use, shock-absorbent, and high resistant properties.
The worldwide PVC packing straps market exhibited robust performance in 2022, with an estimated value of approximately US$ 134 million. As we transition into the year 2023, the market is expected to maintain its growth momentum, reaching an approximate total worth of US$ 139.8 million. Looking further ahead, the global market for PVC packing straps is anticipated to sustain this growth trajectory, projecting a Compound Annual Growth Rate (CAGR) of 4.3% from 2023 to 2033. By the conclusion of 2033, the market is poised to achieve a significant valuation of US$ 213 million, reflecting continued demand and expansion within the industry.
Furthermore, key players are focusing on improving the quality of their product lines. Increased demand from end-use industries such as automobile and e-commerce is also set to push the need for PVC packing straps, as it is a cheaper and more durable solution.
The PVC packing straps market, which involves the production and use of polyvinyl chloride (PVC) straps for bundling and securing various types of packages and goods, is influenced by several drivers and restraints that shape its growth and dynamics.
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Market Growth Factors
PVC packing straps have numerous benefits. They are considered to be an economic packaging material as the cost of PVC is very low, as compared to other strapping materials like steel. In addition, the weight of PVC is less, which helps in reducing the overall weight of packed goods and enables smooth transportation. Durability is another characteristic of PVC as it has higher impact tolerance, as compared to other materials. The aforementioned benefits of PVC packing straps have grabbed the attention of end-users and would thus propel the market in the evaluation period.
Demand for automobiles has increased at a fast pace across the globe due to rising income of the middle-class and ever-increasing population. Electric vehicles have gained impetus owing to surging concerns about the environment. Thus, growing sales of electric vehicles are projected to spur the need for sturdy packing straps, which would drive the market. Besides, rising trend of online shopping, technological advancement, and surging use of social media platforms are anticipated to help the market to grow.
Key Takeaways from Global PVC Packing Straps Market
- Demand for PVC packing straps with a thickness of 0.76mm-1mm is expected to increase 1.6x and is estimated to grow at 4.3% CAGR by the end of 2033.
- By end-use industry, the e-commerce segment is likely to generate the highest PVC packing straps market share of 19.6% in 2022.
- The global PVC packing straps market witnessed growth at a CAGR of 3.8% during the historical period (2015 to 2021).
- The U.S. PVC packing straps market was valued at around US$ 27.0 Mn in 2021 and is predicted to reach US$ 213 Mn by the end of 2033.
- The China PVC packing straps market is set to exhibit growth at a CAGR of 5.7% in the evaluation period.
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Market Drivers:
- Growing E-commerce Industry: The rapid expansion of e-commerce and online retail has increased the demand for secure and efficient packaging solutions, including PVC packing straps, for shipping and handling goods.
- Industrial and Manufacturing Applications: PVC packing straps are widely used in industries such as manufacturing, construction, and logistics for bundling and securing products, materials, and packages.
- Cost-Effective Packaging: PVC packing straps offer a cost-effective solution for bundling and securing items, reducing the need for more expensive packaging materials or methods.
- Customization and Versatility: Manufacturers offer PVC packing straps in various widths, thicknesses, and colors, allowing businesses to choose options that suit their specific needs and branding requirements.
- Ease of Use: PVC packing straps are easy to handle and apply, making them a preferred choice for manual or automated strapping machines.
- Recyclability: PVC straps can be recycled, contributing to sustainability efforts and reducing environmental impact.
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Key Players
- Teufelberger Stralsund GmbH
- Cyklop International
- FROMM Group
- Auto Strap India
- CONSENT L.L.C
- DuBose Strapping Inc.
- LINDER GmbH
- PAC Strapping Products Inc.
- Crown Holdings Inc.
- Polychem Corporation
- Mosca GmbH
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