The global Packaging Straps And Buckles Market was valued at around USD 3.4 Billion in 2021. Packaging straps and buckles sales are projected to increase at a healthy CAGR of 5.0%, reaching a valuation of USD 5.7 Billion by 2032.
| Attribute | Details |
|---|---|
| Packaging Straps and Buckles Estimated Market Size (2022E) | USD 3.5 Billion |
| Projected Market Valuation (2032F) | USD 5.7 Billion |
| Value-based CAGR (2022 to 2032) | 5.0% |
| Top 3 Countries Market Share | 28 to 30% |
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Demand in the packaging straps and buckles market increased at a CAGR of 3.6% between 2015 to 2021, and sales are projected to increase by 1.6 times during the forecast period.
Increasing cross-border trade has considerably propelled the volume of goods for import and export. Also, the geographic expansion of the customer base has led to the use of shipping agencies for the transportation of goods.
The high level of recovery and elongation makes strapping and buckling ideal for packaging products that are susceptible to shifting.
The recovery provided by packaging straps and buckles helps to reduce the effect of sudden shifts in momentum. Packaging straps and buckles are cost-effective, fast and easy to handle, and have low tooling cost.
Growing demand for various applications such as cartons, film rolls, bulk containers, export containers, etc. is projected to increase sales of packaging straps and buckles. Thus, demand in the market is slated to surge at a 5% CAGR over the forecast period.
Expansion in the construction sector, particularly in developing countries such as India, China, and Brazil is spurring demand for packaging straps and buckles. In order to facilitate the movement of goods and raw material to construction sites, the need for strapping material is rising.
Straps are applied either manually or with a tensioner tool or automatically with a strapping machine on the product. These tools are used to secure a package by tightening bands of flat steel around them and fastening them together. Thus, the growing demand from the construction industry will boost the market in the forthcoming years.
Besides this, the e-commerce sector is growing at a rapid speed as consumers are preferring online shopping instead of traditional retail. Attractive deals, payment on delivery, online retailers, and return policies are increasing the preference for e-commerce.
This has a direct impact on the logistics and transportation industry, which is witnessing high demand for packaging formats and materials. Therefore, growing demand from the e-commerce industry will boost sales of packaging straps and buckles.
Rising Preference for E-commerce in China Will Boost Sales of Packaging Straps and Buckles
Sales in the China market are estimated to increase at a CAGR of 6.5% during 2022-2032. According to International Trade Administration, China’s e-commerce market is one of the largest markets globally and generates around 50% of the global transactions.
China’s online retail transactions reached more than 710 million digital buyers and transactions reached USD 2.29 trillion in 2020. In 2021 China’s e-commerce sales is 52% of total retail sales which makes it the first country globally to ever have more online sales than traditional sales.
Growing Demand from the Construction Sector in India Will Fuel Packaging Straps and Buckles Sales
According to the International Labour Organization, India’s building and construction industry produce wide-ranging products, and the sector is likewise diverse. Due to the increasing use of environment-friendly technologies, there have been technological changes in the industry.
The reorganization of government activities associated with construction fetches demand for local authorities involved in construction activities through contracting private enterprises or direct administration.
Thus, the growing demand from the building and construction industry in India will boost sales at a 5.8% CAGR through 2032.
Sales of Plastic Straps and Buckles Will Continue Increasing
According to FMI, the plastic segment is expected to account for a dominant share in the market as plastic strapping has very high tensile strength and it is used in variety of packaging formats such as film rolls, cartons, and bulk containers.
They are available in a variety of styles, strengths, and finishes. The segment is expected to hold around 65% of the total market share by 2032.
Demand for Packaging Straps and Buckles for Cartons Will Remain High
In terms of application, sales in the cartons segment are forecast to grow at a CAGR of 5.8% over the forecast period. Packaging straps and buckles are best in this regard, allowing enterprises to ship products without the fear of damage.
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Key players operating in the global packaging straps and buckles market are using a variety of marketing techniques, including acquisitions, expansions, and partnerships. They are also focusing on new product launches to expand their presence. Some of the recent developments in the market are:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 3.5 Billion |
| Projected Market Valuation (2032) | USD 5.7 Billion |
| Value-based CAGR (2022-2032) | CAGR of 5.0% |
| Base Year for Estimation | 2021 |
| Forecast Period | 2022 to 2032 |
| Historical Data | 2015 to 2021 |
| Market Analysis | Value (In USD Million) and Volume (Units) |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, GCC countries, and Australia |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; the Middle East & Africa; and Oceania |
| Key Segments Covered | Material Type, Strain, Application, Region |
| Key Companies Profiled | Allstrap Steel and Poly Strapping Systems; M.J. MAILLIS GROUP; Fromm Packaging Systems Inc.; Nefab Packaging Inc.; Caristrap International Inc.; Signode Protective Packaging Solutions; MESCORD; VG Enterprises; American Strapping Company; Multitech Products Pvt. Ltd.; SPECTA AG; Future Packaging; Global Strap CC; Jiangsu Trumpstrap Packaging Technology Co., Ltd.; Matco Packaging LLC; Royal Packaging Industries; Lifex; DSB Packaging; Rhino Strapping Products, Inc.; Carolina Strapping and Buckles Company (CS&BC) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The packaging straps and buckles market size was valued at USD 3.4 Billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2032.
During the forecast period, the plastic material type is likely to be the fastest-growing packaging type in the worldwide packaging straps and buckles market.
The increase in logistic & transportation, growing e-commerce and construction industry is driving the packaging straps and buckles market.
The U.S., China, India, the U.K. and Japan are among leading markets for packaging straps and buckles, exhibiting consistently high demand.
The top five companies operating in the packaging straps and buckles market are Fromm Packaging Systems Inc., Signode Protective Packaging Solutions, M.J. MAILLIS GROUP, Caristrap International Inc. and Nefab Packaging Inc.
| Estimated Market Size (2024E) | USD 82.4 billion |
|---|---|
| Projected Market Value (2034F) | USD 102.5 billion |
| Value-based CAGR (2024 to 2034) | 2.2% |
| Estimated Market Size (2024E) | USD 40.6 billion |
|---|---|
| Projected Market Value (2034F) | USD 52.1 billion |
| Value-based CAGR (2024 to 2034) | 2.5% |
| Market Size (2023) | USD 2.04 billion |
|---|---|
| Market Size (2033) | USD 3.17 billion |
| Market CAGR (2023 to 2033) | 4.5% |
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