Composite Strapping Market: An Overview
Strapping is used for bundling or unitizing products for transportation and storage. Plastic strapping materials are made up of polyester, polypropylene, or composite (polyester and polypropylene) materials. Strappings made out of composite materials possess characteristics of both materials, which gives them exceptional breaking strength, elasticity, and tensile strength. Composite strapping is a strapping method, known for its durable yet non-abrasive nature. It is manufactured from polyester yarns and coated with polymer coatings. Among all non-metal strappings, composite strapping is one of the most preferred alternative owing to its high retained tension. Composite strapping is used for holding bales, reinforcing wooden boxes, crates, and corrugated boxes and bundling pipe, lumber, bricks, etc.
Want to know the obstructions to your company’s growth in future? Request a brochure here
Composite Strapping Market: Dynamics
Composite strapping has gained significant traction in the global market in the past few years. This can be attributed to their ability to provide superior bundling and high load absorbing strength at an economical cost. The flexible nature of composite strapping helps in securing the goods without damaging it. Moreover, it doesn’t stain or rust the package like metal strappings tend to do. All these characteristics are anticipated to fuel the demand for composite strappings in the coming years. Another key feature which sets composite strappings apart is the ease of printing that they offer — this aids in putting product information on the shipping container.
However, many end-use industries still prefer steel strapping as a unitizing application instead of plastic strapping methods owing to its inability to withstand high temperature. Presence of such substitutes might hamper the growth of the composite strapping market during the forecast period.
Looking for exclusive market insights from business experts? Request a Custom Report here
Increasing inter-oceanic trade activities are providing momentum to the global composite strapping market. Overseas trading requires efficient shipping solutions so as to ensure safe transit of the products. High strength offered by composite strapping provides superior impact resistance as shocks & vibrations get settled, which is required for long distance transit. Furthermore, surging demand for effective palletization solutions across various end-use industries is expected to boost the sales of composite strapping during the period of forecast.
Composite Strapping Market: Segmentation
Globally, the composite strapping market has been segmented as width, applications and end-use industries.
On the basis of width, the global composite strapping market has been segmented as follows
- Below 10 mm
- 10 mm – 20 mm
- 20 mm – 30 mm
- 30 mm and above
On the basis of applications, the global composite strapping market has been segmented as follows
- Shipping Containers
On the basis of end-use industries, the global composite strapping market has been segmented as follows
- Consumer electronics
- Building & Construction
- Food & Beverages
- Transportation & Logistics
- Chemical & Fertilizers
- Other Industrial
Composite Strapping Market: Regional Outlook
Geographically, the global composite strapping market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excl. Japan (APEJ), Middle East, and Africa (MEA) and Japan. Most of the tier 1 manufacturers of composite strapping are based out of North America or Europe, while several small-scale manufacturers are located in Asia Pacific region. Moreover, APEJ region has a highly competitive market owing to small-scale regional manufacturers and supplier in countries like China & India. Also, demand for composite strapping is also high in these countries owing to rapid infrastructure and industrial growth. Major brands are turning towards Asian countries such as Philippines, Indonesia, and Vietnam due to the availability of low-cost labor and raw materials. Additionally, countries of Latin America have witnessed a positive growth in the past few years; this growth is expected to continue on the backdrop of increased manufacturing & trade activities in the region. Europe is expected to witness steady growth in the global composite strapping market owing to the established logistics services and manufacturing industry in the region.
Composite Strapping Market: Key Players
Some of the key players operating in the global composite strapping market are Cordstrap B.V., PAC Strapping Products, Inc., Polychem Corporation, Signode Industrial Group, Dynaric Inc., Forankra Group, among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.