As per FMI, the global PVC packing straps market is projected to reach a valuation of US$ 204.8 Mn 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.
“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.
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.
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.
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.
Information source:
https://www.futuremarketinsights.com/reports/pvc-packing-straps-market