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PET Strap Market Estimated to Rise Profitably during the Foreseeable Future

 

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.

 

 

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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

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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.

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