According to a report by Future Market Insights (FMI), the global packing belts market is expected to reach a value of US$ 3.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2022 to 2032.
Packing belts, also referred to as packing straps, are primarily employed in bundling, palletizing, and securing medium to large bulk objects during transportation. Their main purpose is to safeguard bulk goods from damage caused by movement during transit.
Various industries such as food and beverage, pharmaceuticals, shipping and logistics, electrical and electronics, and automotive sectors utilize packing belts for their packaging needs.
The lightweight nature and user-friendly characteristics of these belts make them a preferred choice for transportation purposes. The growing demand for dependable and secure packaging and support solutions for bulk goods drives the sales of packing belts throughout the forecast period.
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Packing belts serve a critical role in maintaining the security of packed goods during storage and transit by absorbing pressure and maintaining tension. Polyester packing belts, in particular, are extensively used in numerous industries due to their high break strength and better elongation, offering several advantages for securing and protecting goods.
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 U.S. 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 a FMI analyst.
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.
Country-wise Insights:
USA Packing Belt Market Outlook: Automotive Industry Expansion Boosts PE Packing Belts Demand
The USA packing belt market is expected to create a significant opportunity of US$ 202.6 million from 2022 to 2032, according to a report by Future Market Insights (FMI). The rapid growth of the automotive industry in the USA is set to positively impact the packing belt market. The automotive industry contributes approximately $1.1 trillion to the US economy annually, and this number is projected to continue growing, driving the sales of PE packing belts in the country.
India's Packing Belt Market Witnessing High Demand: Manufacturing Industry Expansion Drives PP Packing Belts Adoption
India's packing belt market is projected to grow at a CAGR of 5.5% during the forecast period, fueled by increasing manufacturing activities in the country. The Ministry of Commerce and Industry predicts that India's exports will reach US$ 67.79 billion, while imports are expected to reach US$ 75.87 billion by the end of 2022. This indicates a favorable environment for foreign direct investment and a positive impact on the manufacturing industry. As manufacturing activities continue to rise in India, the demand for PP packing belts is expected to grow accordingly
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Packing Belt Market Outlook by Category
By Material:
- Polypropylene (PP)
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polyester
- Nylon
By Thickness:
- Below 0.5mm
- 0.5mm-0.75mm
- 0.76mm-1mm
- Above 1mm
By End-use Industry:
- Food & Beverage
- Pharmaceuticals
- Electrical & Electronics
- Automotive
- Building & Construction
- Textiles & Apparels
- Chemicals & Fertilizers
- Shipping & Logistics
