Packaging Straps and Buckles Market: Overview, Data Updates, Reports Analysis & Forecast | FMI
The global packaging straps and buckles market exhibited a valuation of approximately US$ 3.4 billion in 2021, and it’s expected to experience robust growth over the coming years. Projections indicate that sales of packaging straps and buckles are set to surge at a healthy Compound Annual Growth Rate (CAGR) of 5.0%, reaching an estimated worth of US$ 5.7 billion by 2032.
This expansion is largely attributed to the rapid growth of the e-commerce sector, which has seen an extraordinary rise in consumer preference for online shopping over traditional retail. Factors such as enticing deals, convenient payment options, a plethora of online retailers, and flexible return policies have all contributed to the increasing popularity of e-commerce.
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This shift in consumer behavior has directly impacted the logistics and transportation industry, which is now experiencing a substantial demand for various packaging formats and materials. Consequently, the growing e-commerce sector is driving increased sales of packaging straps and buckles as these play a pivotal role in ensuring the safe and secure transportation of products, further fueling the market’s growth.
The recovery provided by packaging straps and buckles helps to reduce the effect of sudden shifts in momentum. Packaging straps and buckles are cost-effective, fast, and easy to handle, and have low tooling costs.
Growing demand for various applications such as cartons, film rolls, bulk containers, export containers, etc. is projected to increase sales of packaging straps and buckles. Thus, demand in the market is slated to surge at a 5% CAGR over the forecast period.
Growth Drivers:
- E-commerce Boom: The rapid growth of e-commerce globally is a significant driver for the packaging straps and buckles market. As online shopping continues to surge, there is an increased demand for secure and efficient packaging solutions, driving the adoption of sturdy straps and buckles.
- Sustainability Focus: With a growing emphasis on sustainable practices, the packaging industry is witnessing a shift towards eco-friendly materials. Packaging straps and buckles made from recycled or biodegradable materials are gaining traction, driven by both consumer preferences and regulatory requirements.
- Global Supply Chain Expansion: As businesses expand their global reach, there is a parallel increase in the need for robust packaging solutions. The packaging straps and buckles market benefits from the rising demand for secure and reliable packaging to ensure the safe transit of goods across extended supply chains.
- Technological Advancements: Innovations in manufacturing technologies and materials contribute to the growth of the packaging straps and buckles market. Enhanced durability, flexibility, and cost-effectiveness of new materials and production processes attract businesses looking for cutting-edge solutions in their packaging operations.
- Evolving Retail Landscape: Changes in the retail landscape, such as the rise of brick-and-click models and the growing importance of point-of-sale packaging, drive the demand for versatile packaging solutions. Straps and buckles play a crucial role in creating visually appealing and secure packaging for products on retail shelves.
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Market by Category
By Material Type:
- Plastic
- Steel
By Strength:
- Light Duty
- Medium Duty
- Heavy Duty
By End Use:
- Manufacturing Industry
- Logistics & Transportation
- Building & Construction
- E-commerce
- Household
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
