Composite Strapping Market: An Overview
Strapping is used for bundling or unitizing products for transportation and storage. Plastic strapping materials are made up of polyester, polypropylene, or composite (polyester and polypropylene) materials. Strappings made out of composite materials possess characteristics of both materials, which gives them exceptional breaking strength, elasticity, and tensile strength. Composite strapping is a strapping method, known for its durable yet non-abrasive nature. It is manufactured from polyester yarns and coated with polymer coatings. Among all non-metal strappings, composite strapping is one of the most preferred alternative owing to its high retained tension. Composite strapping is used for holding bales, reinforcing wooden boxes, crates, and corrugated boxes and bundling pipe, lumber, bricks, etc.
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Composite Strapping Market: Dynamics
Composite strapping has gained significant traction in the global market in the past few years. This can be attributed to their ability to provide superior bundling and high load absorbing strength at an economical cost. The flexible nature of composite strapping helps in securing the goods without damaging it. Moreover, it doesn’t stain or rust the package like metal strappings tend to do. All these characteristics are anticipated to fuel the demand for composite strappings in the coming years. Another key feature which sets composite strappings apart is the ease of printing that they offer — this aids in putting product information on the shipping container.
However, many end-use industries still prefer steel strapping as a unitizing application instead of plastic strapping methods owing to its inability to withstand high temperature. Presence of such substitutes might hamper the growth of the composite strapping market during the forecast period.
Increasing inter-oceanic trade activities are providing momentum to the global composite strapping market. Overseas trading requires efficient shipping solutions so as to ensure safe transit of the products. High strength offered by composite strapping provides superior impact resistance as shocks & vibrations get settled, which is required for long distance transit. Furthermore, surging demand for effective palletization solutions across various end-use industries is expected to boost the sales of composite strapping during the period of forecast.
Composite Strapping Market: Segmentation
Globally, the composite strapping market has been segmented as width, applications and end-use industries.
On the basis of width, the global composite strapping market has been segmented as follows
- Below 10 mm
- 10 mm – 20 mm
- 20 mm – 30 mm
- 30 mm and above
On the basis of applications, the global composite strapping market has been segmented as follows
- Boxes
- Shipping Containers
- Crates
- Pallets
- Others
On the basis of end-use industries, the global composite strapping market has been segmented as follows
- Consumer electronics
- Building & Construction
- Food & Beverages
- Automotive
- Textile
- Transportation & Logistics
- Chemical & Fertilizers
- Other Industrial
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Composite Strapping Market: Regional Outlook
Geographically, the global composite strapping market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excl. Japan (APEJ), Middle East, and Africa (MEA) and Japan. Most of the tier 1 manufacturers of composite strapping are based out of North America or Europe, while several small-scale manufacturers are located in Asia Pacific region. Moreover, APEJ region has a highly competitive market owing to small-scale regional manufacturers and supplier in countries like China & India. Also, demand for composite strapping is also high in these countries owing to rapid infrastructure and industrial growth. Major brands are turning towards Asian countries such as Philippines, Indonesia, and Vietnam due to the availability of low-cost labor and raw materials. Additionally, countries of Latin America have witnessed a positive growth in the past few years; this growth is expected to continue on the backdrop of increased manufacturing & trade activities in the region. Europe is expected to witness steady growth in the global composite strapping market owing to the established logistics services and manufacturing industry in the region.
Composite Strapping Market: Key Players
Some of the key players operating in the global composite strapping market are Cordstrap B.V., PAC Strapping Products, Inc., Polychem Corporation, Signode Industrial Group, Dynaric Inc., Forankra Group, among others.
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