The North America Strapping Materials Market would witness market growth of 4.5% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 1,157.1 Kilo Tonnes, showcasing a growth of 4.2% (2019-2022).
These materials, often referred to as strapping or banding, are versatile materials used for bundling, reinforcing, and securing loads in diverse industries. These materials come in various forms, including steel bands, polyester straps, polypropylene straps, and composite materials. The primary purpose of these materials is to provide stability, containment, and support to goods during transportation, storage, and construction activities. In packaging applications, these materials secure palletized loads, preventing shifting or damage during transit.
Plastics are recyclable, which makes them an ecologically friendly alternative to traditional packaging. This is anticipated to be a significant factor propelling market expansion during the forecast period. As an alternative to metal ingredients produced from steel, plastic ingredients are derived from petroleum-based feedstocks such as polyester and polypropylene. In addition to their high elongation and tensile resistance, plastic straps possess several distinct advantages. In contrast, steel straps are practical for packaging metal and building and construction materials due to their exceptional tensile strength.
According to the National Institute of Standards and Technology, in 2021, manufacturing contributed $2.3 trillion to US GDP, amounting to 12.0 % of total US GDP. Including direct and indirect (i.e., purchases from other industries) value-added, manufacturing contributed an estimated 24 % of GDP. The manufacturing industry produces a diverse range of finished goods, and these products often require secure packaging for transportation to distributors, retailers, or end consumers. these materials are essential for bundling and stabilizing these goods during transit. As a result, these aspects will boost market growth in the coming years.
The US market dominated the North America Strapping Materials Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,688.5 Million by 2030. The Canada market is experiencing a CAGR of 6.8% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 5.9% during (2023 - 2030).
Based on Product, the market is segmented into Polypropylene (PP), Steel, and Polyester (PET). Based on Application, the market is segmented into Industrial Logistics & Warehouse, Corrugated Cardboard & Paper, Food & Beverage, Newspaper & Graphics, Building & Construction, and Metal. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Strapping Materials Market is Predict to reach $8.9 Billion by 2030, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cyklop GmbH, UNIPACK Pte Ltd., Mosca GmbH, Burlan Manufacturing LLC, Greenbridge (The Sterling Group, L.P.), Signode Industrial Group LLC (Crown Holdings Inc.), StraPack, Corp., TITAN Umreifungstechnik GmbH & Co. KG (PW Lenzen GmbH & Co. KG), 3M Company and Samuel, Son & Co., Ltd.
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
