Expansion of several industries such as food & beverage, building & construction etc., has led to the growth of several players operating in the respective industries. These industries are expanding at a rapid pace and several players are operating at the global level. The success of these businesses largely depends on the smooth functioning of their logistics divisions. Logistics plays a pivotal role in the successful functioning of any business. Strapping materials form a major and an integral part of logistics, when it comes to the packaging of materials that are being transported. Strapping material can be any material that is used for strapping and packaging of the goods and materials that are being transported.
The typical strapping materials employed in various applications include plastics, woven cords, and steel. The preference for the strapping material depends on the weight of the overall packages it is being used for, the kind of application, and the kind of conditions it is expected to be subjected to. Steel strapping is generally employed for heavy duty applications, where high break strength is essential due to the heavy weight of the goods to be transported. The market for strapping materials is expected to expand at a rapid pace due to industrial growth and globalization of various businesses, which call for efficient logistics. Asia Pacific is witnessing rapid economic, industrial, and infrastructural development. Developing countries such as China, India, the Philippines, Vietnam, and Indonesia are turning into manufacturing hubs for several major global companies, owing to the abundant availability of land and low labor costs.
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Based on the material type, the market for strapping materials can be segmented into steel, plastic, and woven cord & nylon. The plastics material segment can be further categorized into polyester and polypropylene. Steel strapping is the stronger than its other counterparts, and is generally utilized for strapping in heavy duty applications. Steel strapping possess high break strength, and is highly reliable. However, steel strapping can be used for applications in which elongation and recovery is not desirable. Plastic strapping and, especially, polyester strapping is substituting steel strapping in several applications, owing to its characteristics such as high break strength, elongation & recovery, and ability to withstand high tension. Plastic strapping material segment holds a major share of the strapping materials market, and is expected to dominate the market during the forecast period. The market for plastic strapping materials is estimated to expand at a rapid pace during the forecast period, owing to the rapid expansion of end-user industries such as food & beverage and electronics.
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In terms of application, the strapping materials market can be segmented into food and beverage, industrial, consumer electronics, building & construction, and other applications. Currently, the industrial application segment dominates the strapping materials market, due to the expansion of the industrial sector in Europe, North America, and Asia Pacific. Furthermore, several countries in the Middle East such as Saudi Arabia are in the process of transforming their economy from an oil-based economy to an economy based on manufacturing sector. The industrial segment is expected to expand at a significant growth rate during the forecast period.