Strapping Materials Market Size, Share & Trends Analysis Report By Application, By Product (Steel, Polypropylene [PP], Polyester [PET]), By Region, And Segment Forecasts, 2023 - 2030

Strapping Materials Market Size, Share & Trends Analysis Report By Application, By Product (Steel, Polypropylene [PP], Polyester [PET]), By Region, And Segment Forecasts, 2023 - 2030

Strapping Materials Market Growth & Trends

The global strapping materials market size is expected to reach USD 9.14 billion by 2030, registering a CAGR of 4.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The advantage of recycling pretend by plastic strapping materials makes it a sustainable packaging substitute, which is expected to drive market growth over the coming years.

Polypropylene was the largest material segment in terms of revenue in 2022 and the trend is projected to continue with a CAGR of 5.3% over the forecast period. Its property of high elongation recovery is expected to boost market growth over the forecast period.

Plastic strapping is a durable alternative to conventional packaging materials namely glass, aluminum, and tin, which are used in the food and beverage industry. The flexibility of plastic allows manufacturers to customize shape, size, and any other specification as per the packaging requirement of a customer. Plastic strapping also helps save packaging space compared to conventional packaging. It also offers damage protection as it is compliant with cargo securement standards defined by regulatory bodies in developed economies of North America and Europe.

Demand for strapping materials will be driven by growth in industries such as food and beverages, industrial logistics and warehouse, and corrugated cardboard and paper in developed economies including U.S., Germany, and U.K.

Leading global players, such as Mosca GmbH, Cyklop International, and Strapack, Inc., have a significant presence in North America and European countries and are further working toward expanding their operations in Asia Pacific. As strapping materials are increasingly used in corrugated cardboard and paper, food and beverages, industrial logistics and warehousing, and building and construction industries owing to their niche characteristics, they are anticipated to offer growth opportunities to key market players over the forecast period.

Strapping Materials Market Report Highlights

• Polypropylene segment accounted for the largest revenue share of 46.6% in 2022 and is estimated to register the fastest CAGR of 5.3% over the forecast period. This growth rate can be attributed to its application in various end-use industries such as food and beverages, newspaper and graphics and industrial logistics and warehousing
• The industrial logistics and warehouse segment accounted for the largest revenue share of 27.2% in 2022 due to different types of strapping materials used in this sector
• Asia Pacific dominated the market and accounted for the largest revenue share of 36.1% in 2022 and is expected to grow at the fastest CAGR of 5.6% during the forecast period. This growth can be attributed to the increased application of strapping materials in industries such as food and beverages, industrial logistics and warehouses, and newspapers and graphics.

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