PET Strap: Introduction
- PET polyester strap is produced from the environment protective polythene terephthalate material or pet chips. Being a substitute of steel strap, it is used with manual strapping tool through clip sealing or battery operated pet strap sealing tool. Unlike the traditional strapping method, polyester strapping absorbs shocks and impacts during transportation. PET strap is the commonly used thermoplastic polymer resin in the family of polyester strapping. It is primarily used for transportation of packaging materials, clothing, liquids & foods, building materials, and containers.
- PET strap is formed by a method, wherein a strap or polyester sheet is put through stretching steps with a specific stretch ratio. Characteristics of PET strap include corrosion resistance, high shock absorption ability, recyclability, high tensile strength, tear resistance, and elasticity. In terms of long term usage, PET strap is highly vigorous and UV light resistant. PET strap is a less expensive alternative to steel strap, as it has lower strength packaging requirements.
Key Drivers and Restraints of Global PET Strap Market
- Demand for metal sheets, iron rods, film rolls, timbers, cables, and textiles has been increasing at a rapid pace. PET straps are primarily used in transportation of these materials from one place to another. They prevent these materials from getting damaged. PET straps are light in weight and cost effective vis-à-vis steel straps. These are the factors driving the PET strap market. PET straps are primarily made from recycled PET. Thus, they provide environment-friendly strapping solutions.
- Significant expansion of wood, paper, food & beverages, and textile industries; and advancements in manufacturing technology of PET strap are creating opportunities for the PET strap market. Food & beverages is one of the fastest growing industries in Asia Pacific. Increase in demand for PET strap in the industry is driving the market in the region.
PET Strap: Type Segment
- Based on type, the PET strap market can be bifurcated into embossed PET strapping and smooth PET strapping
- In terms of revenue, the embossed PET strapping segment accounted for the significant share of the market in 2020. It is projected to expand at a rapid pace during the forecast period.
PET Strap: End-use Industry Segment
- In terms of end-use industry, the market can be segregated into wood, paper, food & beverages, textile, and others. The wood segment can be further sub-divided into plywood, timber, and others.
- In terms of revenue, the food & beverages segment accounted for significant share in 2020. It is projected to expand at a rapid pace during the forecast period.
Covid-19 Impact on PET Strap Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Disruption of the supply chain of raw materials has resulted in the suspension of production and distribution of PET straps. Delivery of PET straps and related products is also likely to be adversely affected during the pandemic due to transit disruptions in some geographies.
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the PET strap market.
- Companies operating in the PET strap market have taken steps such as redesigning of workflow processes in their manufacturing plants and distribution outlets as safeguard measures against the COVID-19 pandemic
Asia Pacific to Dominate PET Strap Market
- In terms of region, the global PET strap market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominates the global PET strap market owing to rapid expansion of the automobile industry in the region. PET straps are also used on a large scale in the logistics sector in North America.
- In terms of volume, Europe is also expected to be a key region of the global PET strap market in the near future
- Asia Pacific is estimated to be a rapidly growing region of the market in terms of volume during the forecast period
- Latin America, especially Brazil, is projected to be a significant user of PET straps in the next few years
Key Manufacturers Operating in Global PET Strap Market
The global PET strap market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global PET strap market include:
- S & K Packaging Industries
- North Shore Strapping Inc.
- Ruparel Polystrap Pvt. Ltd.
- Consent LLC.
- Auto Strap India
- Linder GmbH
- Plastic Extruders Ltd.
- Narrowtex Pty (Ltd.)
- Signor Polymers Pvt. Ltd.
Global PET Strap Market: Research Scope
Global PET Strap Market, by Type
- Embossed PET Strapping
- Smooth PET Strapping
Global PET Strap Market, by End-use Industry
- Food & Beverages
Global PET Strap Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:
- Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
- Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
- Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
- Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.
The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to
- North America, South America, and the Americas
- Asia Pacific and Japan
- Latin America
- Middle East and Africa
The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micromarketing initiatives of leading players will bring in investments?
- What can be the best framework and tools for PESTLE analysis?
- Which regions will witness rise in new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future?
- Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
- What is the current and expected intensity of competition the market in the near future?
Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.