The Americas strapping materials market size is expected to reach USD 2.24 billion by 2025, according to a new report by Grand View Research, Inc., at a CAGR of 4.0% during the forecast period. Using lightweight plastic strapping results in cost efficiency as it reduces logistical expenses in the food and beverages as well as industrial logistics and warehouse sectors, which is expected to drive the market.
Industries such as pharmaceutical, textile, consumer electronics, and household appliances use strapping materials as a packaging solution. Growth in import and export of goods in these industries is projected to fuel market growth. Demand for strapping as an alternative to packing and palletizing in industrial logistics is expected to rise as it offers secure cargo movement.
The food and beverages industry uses strapping for unitizing products such as glass bottles, cans, and snack boxes. Strapping is increasingly being used as a substitute for wrapping in this industry as it saves cost and time involved in packaging of food items to be shipped.
Strapping materials offer high strength and creep-resistance, which makes them a safe and stable solution for packaging in various application industries. Selection of an appropriate strapping material for packaging is extremely crucial. The importance of timely delivery in e-commerce is fueling demand for superior packaging options such as plastic and steel strapping.
There has been an increase in awareness among buyers regarding benefits of using recycled plastics, which makes it imperative for a business using recycled materials to attract more customers. Use of plastic strapping not only engages the company in sustainable manufacturing practices but also offers economic benefits by lowering the cost of raw material and improving profitability.
Further key findings from the report suggest:
- By product, polyester accounted for the largest revenue share in 2017 on account of high penetration of the product in the metals and mining industry, which is an important contributor to economic growth in countries such as Argentina, Brazil, Chile, Peru, and Columbia
- Product demand in industrial logistics and warehousing in CSA is expected to be driven by increasing use by freight forwarding companies as strapping offers secure cargo movement
- The food and beverage application segment accounted for a significant revenue share in 2017 on account of increasing product use as a substitute for wrapping. The materials save cost and time involved in packaging of food items to be shipped
- The market in Central and South America is expected to register a CAGR of 5.0% owing to rising product demand in the building and construction industry, which involves transportation of high volumes of construction material
- The Americas strapping material market is characterized by a few recognized global players and a large number of domestic players, with brand identity playing a major role. These players primarily compete on the basis of product quality.
Study Updates, Segment Specific & Country Level Reports, Free Sample Copy of This Report:-