July 06, 2022 04:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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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
“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 a 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 usage 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 forthcoming 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 S.P.A, Consent LLC, Narrowtex Pty (Ltd.), National Webbing Products, Universal Strapping Inc., and Nottingham Narrow Fabrics Ltd.
Packing Belt Market Outlook by Category
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