The worldwide strapping supplies market is poised for significant growth, with market valuation projected to rise from approximately US$ 4,739.8 million in 2023 to an estimated US$ 7,692.7 million by the year 2033. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 5.2% over the forecast period spanning from 2023 to 2033. The increasing demand for strapping supplies across various industries is expected to be a key driver of this growth.
Key components of the strapping supplies market include a variety of materials such as steel, polyester, polypropylene, and composite straps. Each material type offers specific characteristics suited to different applications, ranging from heavy-duty industrial strapping to lightweight and flexible solutions for smaller packages. Additionally, the market provides an array of strapping tools and accessories, including tensioners, sealers, and dispensers, to facilitate efficient and secure strapping operations.
The demand for strapping supplies is set to maintain its robust presence, with the logistics and transportation sector anticipated to be a pivotal contributor. According to insights from Future Market Insights (FMI), the logistics and transportation segment is expected to claim a substantial share, accounting for approximately 31.7% of the global market in 2023. This data underscores the sector’s indispensable role and enduring significance within the broader strapping supplies market.
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Market Growth Factors
With expanding industrialization and commercialization in emerging parts of the world, the logistics and transportation requirements to support the shipping of goods have increased dramatically. Thus, the rising need for strapping materials in order to facilitate the movement of raw materials and goods to the construction sites is expected to fuel the growth of the strapping supplies market.
The construction industry is witnessing a rapid rise, as per FMI. According to Global Construction Perspectives and Oxford Economics global construction market is expected to grow by 85% to US$ 15.5 Tn by 2030 with three countries namely, the U.S., India and China accounting for 57% of all global growth.
The escalating demand for strapping supplies across diverse sectors such as logistics and transportation, food and beverage, and consumer goods is a primary driving force for the target market. The pervasive need for secure and efficient strapping solutions in these industries is propelling the growth of the strapping supplies market.
Market Drivers
- Sustainability: Increasing emphasis on sustainable packaging and materials is driving innovation in strapping supplies, including the development of eco-friendly options.
- Industrial and Manufacturing Growth: Expanding industrial and manufacturing activities create a consistent need for strapping supplies to bundle and secure raw materials and finished products.
- Global Trade and E-commerce: The growth of global trade and the e-commerce sector is driving the demand for strapping supplies to secure and protect goods during transit.
- Transportation and Logistics: The logistics and transportation industry relies on strapping supplies to ensure the safe and efficient movement of goods, contributing to market growth.
- Safety and Security: Strapping supplies play a crucial role in ensuring the safety and security of products during shipping, contributing to their demand.
- Infrastructure Development: Infrastructure projects, including construction and renovation, drive the need for strapping supplies for securing materials and equipment.
- Recycling Initiatives: The recyclability of certain strapping materials aligns with growing environmental concerns, promoting their use.
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Key Players:
- 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
Segmentation:
By Product Type
- Bands & Seals
- Bracket & Buckles
- Edge Protectors
- Tools & Carts
- Cables
- Twist & Ties
By Material
- Plastic
- PET
- PP
- PS
- Others
- Paper
- Glass Fibers
- Fabric
- Metal
By End Use
- Food & Beverage
- Bottles
- Cans
- Boxes
- Building & Constructions
- Steel
- Pipes
- Timber
- Logistics & Transportation
- Pallets
- Containers
- Consumer Goods
- Electronic Appliances
- Furniture
- Pharmaceuticals
- Agriculture
By Region
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltic Countries
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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