NEWARK, DE / ACCESSWIRE / August 29, 2022 / As per FMI, the global PVC packing straps market is projected to reach a valuation of US$ 204.8 Million by 2032 and exhibit growth at a CAGR of 4.3% from 2022 to 2032. Expansion of end-use industries such as e-commerce, food & beverages, automotive, and electrical & electronics is set to drive the global market.
Cross border trade activities have significantly surged across the globe, thereby increasing the need for secure packing options to ensure the safety of products during transit. PVC straps have various benefits such as lightweight, safe to use, shock-absorbent, and high resistant properties. Due to the above-mentioned attributes, the market is expected to grow in the coming decade.
Furthermore, key players are focusing on improving the quality of their product lines. Increased demand from end-use industries such as automobile and e-commerce is also set to push the need for PVC packing straps, as it is a cheaper and more durable solution.
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Key Takeaways from Global PVC Packing Straps Market
Demand for PVC packing straps with a thickness of 0.76mm-1mm is expected to increase 1.6x and is estimated to grow at 4.6% CAGR by the end of 2032.
By end-use industry, the e-commerce segment is likely to generate the highest PVC packing straps market share of 19.6% in 2022.
The global PVC packing straps market witnessed growth at a CAGR of 3.8% during the historical period (2015 to 2021).
The U.S. PVC packing straps market was valued at around US$ 27.0 Mn in 2021 and is predicted to reach US$ 40.5 Mn by the end of 2032.
The China PVC packing straps market is set to exhibit growth at a CAGR of 5.7% in the evaluation period.
"Advent of subscriptions offering one-day delivery features would require quick and damage-free shipping, thereby spurring the demand for PVC packing straps. Besides, increasing shift of retailers towards cross-platforming is anticipated to aid growth," comments a FMI analyst.
High Demand for Automotive and Rapid Growth of E-commerce Sector Are Driving the Market
Demand for automobiles has increased at a fast pace across the globe due to rising income of the middle-class and ever-increasing population. Electric vehicles have gained impetus owing to surging concerns about the environment. Thus, growing sales of electric vehicles are projected to spur the need for sturdy packing straps, which would drive the market. Besides, rising trend of online shopping, technological advancement, and surging use of social media platforms are anticipated to help the market to grow.
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Surging Need for Durable, Lightweight, and Inexpensive Packing Materials to Aid Growth
PVC packing straps have numerous benefits. They are considered to be an economic packaging material as the cost of PVC is very low, as compared to other strapping materials like steel. In addition, the weight of PVC is less, which helps in reducing the overall weight of packed goods and enables smooth transportation. Durability is another characteristic of PVC as it has higher impact tolerance, as compared to other materials. The aforementioned benefits of PVC packing straps have grabbed the attention of end-users and would thus propel the market in the evaluation period.
PVC Packing Straps Market Outlook by Category
Competitive Landscape: Global PVC Packing Straps Market
Some of the leading players in the global PVC packing straps market are Teufelberger Stralsund GmbH, Cyklop International, FROMM Group, Auto Strap India, CONSENT L.L.C, DuBose Strapping, Inc., LINDER GmbH, PAC Strapping Products, Inc., Crown Holdings, Inc., Polychem Corporation, and Mosca GmbH among others.
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Get More Insights on Global PVC Packing Straps Market
Future market insights, in its new report, offers an unbiased analysis of the global market for PVC packing straps market by thickness (below 0.5mm, 0.5mm-0.75mm, 0.76mm-1mm and above 1mm), by end-use industry (food & beverage, pharmaceuticals, electrical & electronics, automotive, building & construction, e-commerce and chemicals & fertilizers), across seven regions.
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About the Packaging Division at Future Market Insights:
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations.
With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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