According to the new market research report "Plastic Strapping - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030", published by QYResearch, the global Plastic Strapping market size is projected to grow from USD 1700.32 million in 2023 to USD 2118.17 million by 2029, at a CAGR of 3.73% during the forecast period.
- Global Plastic Strapping MarketSize(US$ Million), 2018-2029
Source: QYResearch, "Plastic Strapping - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
- Global Plastic Strapping Top10Players Ranking and Market Share (Ranking is based on the revenue of 2022, continually updated)
Source: QYResearch, "Plastic Strapping - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
According to QYResearch Top Players Research Center, the global key manufacturers of @@@@ include Signode, GREENBRIDGE, Teufelberger, FROMM Group, Samuel Strapping, Cyklop, Youngsun, Cordstrap, Scientex Berhad, Polivektris, etc. In 2022, the global top 10 players had a share approximately 41.0% in terms of revenue.
Market Drivers:
Growth in End-user Industries: The demand for plastic strapping is closely tied to the performance of end-user industries such as packaging, logistics, and manufacturing. As these industries expand, there is a corresponding increase in the need for secure and efficient bundling of goods, driving the demand for plastic strapping.
Increasing E-commerce Activities: The rise of e-commerce and online retail has led to a surge in the demand for packaging materials, including plastic strapping, to ensure the safe and secure transportation of goods. Plastic strapping is often used for bundling packages and securing pallets during shipping.
Advantages Over Alternative Materials: Plastic strapping offers advantages over traditional strapping materials such as steel or metal. Plastic strapping is lightweight, flexible, and resistant to weather conditions. Additionally, it is less prone to corrosion, making it a preferred choice in various industries.
Focus on Sustainable and Eco-friendly Solutions: With an increasing emphasis on sustainability and environmental concerns, there is a growing demand for eco-friendly packaging solutions. Some plastic strapping materials are recyclable and contribute to reducing the overall environmental impact, aligning with the sustainability goals of businesses and industries.
Restraint:
Environmental Concerns and Plastic Waste: The increased focus on environmental sustainability and the negative impact of plastic waste pose a significant challenge for the plastic strapping market. As plastic is a non-biodegradable material, the disposal and accumulation of plastic strapping contribute to environmental pollution. This concern has led to regulatory scrutiny and increased demand for alternative, eco-friendly materials in packaging.
To address this restraint, the industry has been exploring and developing more sustainable alternatives, such as biodegradable and recyclable strapping materials. Companies are increasingly adopting eco-friendly practices to align with environmental regulations and consumer preferences, mitigating the negative environmental impact associated with plastic strapping.
Opportunity:
Innovation in Sustainable Materials: There is an opportunity for innovation in the development of sustainable and environmentally friendly plastic strapping materials. Manufacturers can invest in research and development to create biodegradable or recyclable strapping options, meeting the increasing demand for eco-friendly packaging solutions.
Rising Demand in Emerging Markets: As economies in emerging markets continue to grow, there is an increased demand for packaging solutions, including plastic strapping. Companies can explore opportunities in regions with expanding manufacturing, construction, and logistics sectors, tapping into new markets and diversifying their customer base.
E-commerce Packaging Solutions: The booming e-commerce industry presents a significant opportunity for plastic strapping. With the continuous growth of online retail, there is an increased need for secure and efficient packaging solutions. Plastic strapping, with its lightweight and durable characteristics, is well-suited for bundling and securing packages in the e-commerce supply chain.
Customization and Specialized Applications: The ability to offer customized and specialized strapping solutions for different industries and applications can be a valuable opportunity. Companies can explore creating strapping products tailored to specific requirements, such as high-tensile strength strapping for heavy-duty applications or strapping designed for automated packaging systems.
About The Authors
Wupan-Lead Author
E-mail：wupan@qyresearch.com
About QYResearch
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