PET Strapping Market Size, Share, Trends, Growth 2032

PET Strapping Industry Prospective:

The global PET strapping market size was evaluated at $787 million in 2023 and is slated to hit $1,000 million by the end of 2032 with a CAGR of nearly 6% between 2024 and 2032.

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PET Strapping Market: Overview

PET strapping, also known as polyethylene terephthalate strapping, is a high-performing plastic strapping material that is utilized extensively in a wide range of end-use sectors to offer bundled products. Its exceptional features have made it the most popular alternative to conventional steel strapping.

Key Insights

• As per the analysis shared by our research analyst, the global PET strapping market is projected to expand annually at the annual growth rate of around 6% over the forecast timespan (2024-2032)
• In terms of revenue, the global PET strapping market size was evaluated at nearly $787 million in 2023 and is expected to reach $1,000 million by 2032.
• The global PET strapping market is anticipated to grow rapidly over the forecast timeline owing to the escalating need for sustainable packaging and execution of eco-friendly practices.
• In terms of type, the embossed PET strapping segment is slated to dominate the segmental space over the forecast period.
• Based on application, the logistics & transport segment is predicted to dominate the global industry surge in the ensuing years.
• Based on end-user, the food & beverages segment is projected to record the fastest CAGR over 2024-2032.
• Region-wise, the North American PET strapping industry is projected to register the fastest CAGR during the assessment timespan.

PET Strapping Market: Growth Factors

Humungous demand for eco-friendly packaging to embellish the expansion of the global market

Escalating need for sustainable packaging and execution of eco-friendly practices is anticipated to propel the expansion of the global PET strapping market. Furthermore, an extensive use of PET strapping in various end-use sectors such as construction, logistics, farming, and food & beverages.

In addition, technological breakthroughs in PET strapping for improving product performance & efficiency will propel the global market trends. Moreover, the flourishing e-commerce sector has translated into humungous demand for secured packaging services, thereby fostering global market proliferation. Apparently, the cost-efficiency of the product is anticipated to expedite the scope of the global market.    

PET Strapping Market: Restraints

A surge in the raw component costs leading to rising manufacturing prices to restrict the global industry by 2032

An increase in raw material prices and supply chain fluctuations is expected to hinder the growth of the global PET strapping industry. Additionally, the industry faces tough competition from various other packaging materials, such as steel strapping and polypropylene. This, in turn, is likely to hamper the expansion of the global industry.

PET Strapping Market: Opportunities

Breakthroughs in the strapping technologies to generate new growth dimensions for the global market

Innovations in strapping systems and equipment and demand for the product in emerging economies are projected to create new growth opportunities for the global PET strapping market. Additionally, the need for product diversification and personalized products is likely to define the global market expansion.

PET Strapping Market: Challenges

Stringent rules governing the plastic utility to obstruct the global industry over 2024-2032

Strict laws limiting plastic usage, owing to concerns pertaining to environmental degradation from landfills caused by improper plastic disposal, can challenge the growth of the global PET strapping industry. Furthermore, strict compliance needs needing additional capital investments can challenge the global industry.

PET Strapping Market: Report Scope

PET Strapping Market: Segmentation

The global PET strapping market is divided into type, application, end-user, and region.                                                     

In terms of type, the PET strapping market across the globe is segmented into embossed PET strapping, printed PET strapping, and plain PET strapping segments. The embossed PET strapping segment is likely to be the leading segment during the forecast timeline. The rapid growth of this segment can be attributed to improved grip & frictional features of embossed PET strapping. Additionally, the versatile nature of the product has enhanced its penetration in construction, heavy machinery, and palletized goods.   

On the basis of application, the global PET strapping industry is bifurcated into logistics & transport, construction, food & beverages, farming, and manufacturing segments. Furthermore, the logistics & transport segment is likely to dominate the growth of the global industry in the coming eight years. The key factors driving the expansion of the segment can be a result of flourishing e-commerce activities, an increase in global trade & commerce, and supply chain optimization.

On the basis of end-user, the global PET strapping industry is bifurcated into paper, wood, textiles, and food & beverages segments. Moreover, the food & beverages segment is likely to record the fastest growth rate over 2024-2032, subject to the need for high-volume packaging and hygiene needs in the food & beverages segment. Moreover, escalating preference towards sustainable packaging will proliferate the growth of the segment in the years ahead.

PET Strapping Market: Regional Insights

Asia-Pacific is projected to maintain a leading position in the global market over the analysis timeframe

Asia-Pacific, which accounted for approximately 62% of the global PET strapping market revenue in 2023, is expected to maintain a leadership status in the period from 2024 to 2032.

Apparently, a humungous expansion of the market in Asia-Pacific over the forecast timeline can be due to swift industrialization, flourishing online retail activities, and a strong logistic network available in Japan, China, South Korea, Taiwan, and India. Apart from this, the presence of a robust manufacturing base and an increase in the import & export activities resulting in the need for proficient packaging services will steer the regional market growth.

The North American PET strapping industry is set to record the highest CAGR in the forecast period. The industry expansion in the sub-continent can be attributed to the presence of key players in countries such as the U.S. Focus on providing sustainable packaging solutions will drive the industry growth in North America.   

PET Strapping Market: Competitive Space

The global PET strapping market profiles key players such as:

• OM Pack Strap
• Merit Straps & Packaging Industries
• Cyklop International
• StraPack
• Fromm International
• Mayur Straps & Packaging Industries
• Mayur Straps & Packaging Industries
• Jairam International Pvt. Ltd.
• Signode Industrial Group
• Rinku Plastic
• Secure Polymers
• Mosca
• Titan Strapping
• Linder GmbH
• Grip Strapping Technologies

The global PET strapping market is segmented as follows:

By Type

• Embossed PET Strapping
• Printed PET Strapping
• Plain PET Strapping

By Application

• Logistics & Transport
• Construction
• Food & Beverages
• Farming
• Manufacturing

By End-User

• Paper
• Wood
• Textiles
• Food & Beverages

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa