Global Strapping Supplies Market to Hit USD 7.7 Billion by 2033, Growing at a 5.2% CAGR | Future Market Insights, Inc.

The global strapping supplies market is poised for significant growth, with market size expected to increase from USD 4,739.8 million in 2023 to USD 7,692.7 million by 2033, according to recent analysis by Future Market Insights (FMI). This reflects a compound annual growth rate (CAGR) of 5.2% over the forecast period from 2023 to 2033.

In 2022, the market was valued at USD 4,467.2 million, and year-over-year (Y-o-Y) growth of 6.1% is anticipated for 2023, underlining the industry's resilience and promising outlook.

The logistics & transportation sector continues to play a pivotal role in driving demand for strapping supplies. FMI forecasts that this segment will account for approximately 31.7% of the global market share in 2023. Increasing global trade and the expansion of e-commerce are propelling the adoption of reliable packaging solutions like strapping supplies in these industries.

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Among product types, the edge protectors segment leads the market, holding over 29.4% share in 2023. It is projected to grow at a CAGR of 4.0% during the forecast period, driven by rising awareness of product safety during transit and the need for effective packaging solutions in industrial applications.

Prominent Drivers of the Strapping Supplies Market

1. Growth in E-commerce and Logistics:
The booming e-commerce sector has increased demand for secure packaging solutions, making strapping supplies essential for ensuring product safety during transportation and storage.
2. Rise in Industrial and Manufacturing Activities:
Industries such as automotive, construction, and steel rely heavily on strapping supplies for bundling heavy goods, pallets, and materials, driving market growth.
3. Adoption of Sustainable Packaging Solutions:
Growing environmental awareness has led to increased demand for recyclable and eco-friendly strapping materials, encouraging innovation in the market.
4. Global Trade Expansion:
With the surge in import-export activities, the need for robust packaging and strapping to protect goods during long transit has escalated.
5. Technological Advancements in Strapping Tools and Equipment:
The development of automated and battery-powered strapping tools has improved efficiency, fueling the adoption of strapping supplies across various sectors.

Key Takeaways:

• The global strapping supplies industry saw a CAGR of 2.4% from 2018 to 2022, reaching a market value of USD 4,467.2 million by the end of 2022.
• The U.S. strapping supplies market is expected to grow at a CAGR of 3.4% through 2033.
• India's strapping supplies industry is projected to expand at a CAGR of 6.3% due to the rapid growth of the logistics and transportation sector.
• The edge protector segment will continue to dominate the global market, accounting for more than 29.5% of the market share in 2023.
• The logistics and transportation segment is anticipated to hold a significant share of over 31.7% in 2023.

Competitive Landscape

Leading manufacturers of strapping supplies are striving to create new goods with improved functionality. In addition, they are implementing various methods such as acquisitions, collaborations, distribution agreements, and mergers to strengthen their market position:

For instance,

• In December 2022, Signode introduced a new BST battery-powered tool for sealless strapping to enable increased security and stability for loads required during heavy-duty tension.
• In February 2023, Samuel Son & Co. announced the opening of a new 350,000-square-foot state-of-the-art greenfield facility in Mexico to meet the needs of its expanding customer base.

Key Players

Signode; Greenbridge; SAMUEL SON & CO. LTD.; FROMM HOLDING AG; MAILLIS; Stra Pack Corp.; AUTOSTRAP INDIA; Scientex Berhad; MESSERSI PACKAGING S.R.L.; TEUFELBERGER; USA Strapping; CYKLOP; CAROLINA STRAPPING AND BUCKLES; POLIVEKTRIS; MOSCA

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Strapping Supplies Market by Category

By Product Type

• Bands & Seals
• Bracket & Buckles
• Edge Protectors
• Tools & Carts
• Cables
• Twist & Ties

By Material

• Plastic
• Paper
• Glass Fibers
• Fabric
• Metal

By End Use

• Food & Beverage
• Building & Constructions
• Logistics & Transportation
• Consumer Goods
• Pharmaceuticals
• Agriculture

By Region

• North America
• Latin America
• East Asia
• South Asia & Pacific
• Western Europe
• Eastern Europe
• Central Asia
• Russia & Belarus
• Balkan & Baltic Countries
• Middle East & Africa

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.