India packing belt market is projected to grow at an annual rate of 5.5% during the next five years (2022-20232). The automotive industry is an integral part of the US’s economic greatness, and it is expected that this value will increase by US $ 202 .6 million over 10 years’ time
NEWARK, Del, July 06, 2022 (GLOBE NEWSWIRE) – As per a report by Future Market Insights (FMI), the global packing belt market is set to be valued at US $ 3.1 Bn in 2032 and exhibit growth at a CAGR of 5.1% in the forecast period from 2022 to 2032.
A packing belt, also known as a packing strap is a supportive item made from plastic which is primarily used for bundling, palletizing, and holding medium to heavy bulk items during transportation. Need to protect bulk products from damages associated with shifting amid transportation is a significant factor driving demand for packing belts.
Packing belts are used in several end-use industries such as food & beverage, pharmaceuticals, shipping & logistics, electrical & electronics, and automotive. They are considered to be a safe option for transportation of goods as they are easy to use and lightweight in nature. High demand for robust and secure supporting and packaging solutions for bulk products is anticipated to augment sales of packing belts during the forecast period.
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Packing belt helps in absorbing the pressure and retaining the tension, thereby keeping packed goods safe during storage and transportation. Polyester packing belt is extensively used by various end-use industries as it provides benefits such as high break strength and greater elongation.
Key Takeaways: Packing Belt Market
Polyester is estimated to be the dominant material in the packing belt market and is set to hold around 52% of the share by the end of 2032.
By end-use industry, the shipping & logistics segment is expected to create an absolute $ opportunity of US $ 344.6 Mn in the forecast period.
The India packing belt market is likely to exhibit steady growth at a CAGR of 5.5% during the forecast period (2022-2032).
The US is anticipated to be valued at US $ 202.6 Mn in the upcoming decade with increasing sales of automotive.
The global packing belt market is expected to reach US $ 1.9 Bn in 2022.
“Development of eco-friendly packing belts such as PET straps made from recycled materials is projected to create new growth opportunities for key players and help them address vital sustainability concerns,” says an FMI analyst.
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Increasing Concerns about Environmental Pollution to Drive Sales of PET Packing Belts
Demand for eco-friendly packaging is increasing across the globe as consumers are becoming aware of environmental pollution caused due to the use of unsustainable products and packaging. High demand for polyethylene terephthalate (PET) packing belts made out of 100% recycled materials is set to push the market during the coming years.
PET packing belt is not only recyclable but also offers various other benefits such as lightweight nature, high shock absorbent capacity, weather & UV resistance, and high retained tension. Spurred by the aforementioned properties, the global packing belt market is projected to grow at a steady pace by 2032.
Ability to Absorb Shocks during Transportation to Propel the Global Packing Belt Market
Packing belts are extensively used in numerous industries for medium and heavy-duty bailing, bundling, palletizing, and load unitizing applications. Growing significance of packing belts in the shipping and logistics industry to move goods efficiently is anticipated to augur well for the global market.
Moreover, shocks and high pressure created during shipping and movement of goods can lead to damages. High-elongated elasticity and strength of packing belts can help in retaining the created pressure or tension. Thus, high holding and shock absorbing capacity is likely to spur the demand for packing belts during the forecast period.
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Competitive Landscape: Packing Belt Market
Some of the renowned companies present in the global packing belt market include Teufelberger holding AG, FROMM Packaging Systems Inc., Mosca GmbH, Samuel Strapping Systems, Linder GmbH, The Plastic Strapping Company Ltd, Northshore Strapping Company, Plastic Extruders Ltd., Campanini UGO SPA, Consent LLC, Narrowtex Pty (Ltd.), National Webbing Products, Universal Strapping Inc., and Nottingham Narrow Fabrics Ltd.
Packing Belt Market Outlook by Category
By End-use Industry:
Food & Beverage
Electrical & Electronics
Building & Construction
Textiles & Apparels
Chemicals & Fertilizers
Shipping & Logistics
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
To be continued…!
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