The global sales of PET straps are estimated to be worth USD 1.6 billion in 2021 and are anticipated to reach a value of USD 2.8 billion by 2031. Sales are projected to rise at a CAGR of 5.9% over the forecast period between 2021 and 2031. The revenue generated by PET straps in 2020 was USD 1.5 billion.
PET straps are made from polyethylene terephthalate and they are primarily used for packaging and bundling applications. PET straps are suitable for construction, logistics, and manufacturing industries because of its high strength to weight ratio. Rising focus on eco-friendly packaging solutions is pushing the demand for PET straps due to their ability to recycle and lessen the environmental impact.
Increasing application of PET straps in logistics, manufacturing, and construction industry is driving the market growth for securing and bundling of products.
Global PET Straps Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 1.5 billion |
| Estimated Size, 2021 | USD 1.6 billion |
| Projected Size, 2031 | USD 2.8 billion |
| Value-based CAGR (2021 to 2031) | 5.9% |
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PET straps are utilized in an extensive range of usage for holding, heavy-duty bailing, bundling, palletizing, load unitizing in several end-use industries. PET straps will witness an exponential rise in demand during the forecast period because of their increased usage for packaging applications in pharmaceuticals, automobiles, food & beverage, electrical & electronics and others.
PET straps demand is keenly due to the variety of usage for product packaging in several end-use sectors, by which there is always a huge competition between key players to procure next-generation packaging solutions for end-users.
Moreover, the excellent shock and impact absorbing qualities of PET straps are the biggest reason for its extensive usage for heavyweight applications. Major competitors are invested in research and development to increase the usage of PET straps for more end-use industries. These factors will augment the demand for PET Straps in the forecasted period.
The packaging sector across the globe is mainly focusing on providing sustainable yet biodegradable options for end-use industries. The rise in usage for environment-friendly packaging across the globe has subsequently skyrocketed the demand for the PET straps market in manufacturing sectors which include automobiles, food & beverage, retail, Electrical & electronics, pharmaceutical, and many more.
The regulations and legislation placed on plastic by governments across the globe have affected the demand for PET Straps. The PET straps manufacturers are focused on increasing the production capacity along with finding innovations along the process. These factors are anticipated to drive the PET straps market.
Principal Consultant
Numerous amount of opportunities is unfolding for the PET straps market, the ability to procure recyclable PET straps have taken the entire industry to follow the unexpected change. Extraction of contents from used PET straps and using them to manufacture PET Straps has plummeted the demand for the product.
This added feather of technology will be a great opportunity to decrease the usage of finances in the raw material purchase and help increase the revenue of the PET straps market.
The demand for eco-friendly and biodegradable solutions has made its way to the PET straps market. The increase in sales for end-use industries is expected to spontaneously affect the need for PET straps during the future years. This change is affected due to extensive PET straps for bundling, heavy-duty bailing, load unitizing.
The positive outlook of e-commerce will lead to more home deliveries which will rise the usage of PET straps and this will drive the market.
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The durability of recycled variants of PET straps will always remain a question to discuss, as with subsequent recycling and reusing the strength goes down. This can cause loss of product and is a restraint that limits the demand for PET straps in the market.
However, using formulations of binding agents while constructing recycled products will exponentially improve the durability of the product, which in turn increases profitability for the players in PET straps.
Global Players
APAC Players
The key competitors implement various strategies such as product launch, merger & acquisition, expansion, innovation and others to survive and compete in the market
India will hold a major proportion of the PET straps market by the end of the forecast period due to an increase in usage of biodegradable materials for packaging and the significant presence of plastic polymer producers. Other factors that will lead to India’s share will be its new policies in the market on environmental regulations which are emphasized on reduction of non-recyclable plastic packaging and its skilled cheap labour.
The ever-expanding Indian end-use industries such as food & beverage, pharmaceutical, electronic, chemical, automobile, online retail, personal care products will cause an ever-lasting impact of the country in APAC market share. All these factors considered India will have a significant hold in the PET straps market in future.
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PET Straps Market
