According to a latest report by FMI, the global packaging straps and buckles market is expected to reach a valuation of US$ 3.5 Bn in 2022. Demand is slated to surge at a 5% CAGR over the assessment period, pushing the market size to US$ 5.7 Bn by 2032.
Rising preference for heavy-duty packaging formats, along with increasing requirement to protect the product against damage during transportation are fueling sales in the market. Growth in e-commerce, building & construction, transportation & logistics, pharmaceuticals, and other industries is boosting the demand for packaging straps and buckles.
Packaging straps and buckles are flat and flexible and have a high breaking strain which can be used for heavy goods to seal the product tightly to prevent it from falling. Packaging straps and buckles help to protect products from damage during shipping and transportation.
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Plastic packaging straps are generally smooth in texture and mostly made from recycled materials. Packaging straps keep the product in a stationary position during the transportation to avoid accidents and movement of large containers. Stacking of goods during transportation to make shipping safer and more economical will boost the packaging straps and buckles market.
Composite strapping is the latest development in strapping technology. The composite strap is stronger, safe to use, cost effective, and easier. Due to the rapid industrialization, and the increasing number of cross-border trade, sales are expected to increase at a considerable pace over the forecast period.
“Rising need for efficient, cost-effective and sustainable packaging solutions is driving sales of plastic straps and buckles. Besides this, ongoing technological advancements in strapping equipment will augment the growth in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
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Competition Landscape
Allstrap Steel and Poly Strapping Systems, M.J. MAILLIS GROUP, Fromm Packaging Systems Inc., Nefab Packaging Inc., Caristrap International Inc., Signode Protective Packaging Solutions, MESCORD, VG Enterprises, American Strapping Company, Multitech Products Pvt. Ltd., SPECTA AG, Future Packaging, Jiangsu Trumpstrap Packaging Technology Co., Ltd., Global Strap CC, Matco Packaging LLC, Royal Packaging Industries, Lifex, DSB Packaging, Rhino Strapping Products, Inc., Carolina Strapping and Buckles Company (CS&BC) are some of the leading players operating in the global packaging straps and buckles market.
Global Packaging Straps & Buckles Market Report
Future market insights, in its new report, offers an unbiased analysis of the global market for packaging straps & buckles market by material type (plastic & steel), by strength (light duty, medium duty, and heavy duty), by end use (manufacturing industry, logistics & transportation, building & construction, e-commerce, and household) across seven regions.
Packaging Straps and Buckles Market by Category
By Material Type:
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