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The market for polyester straps is anticipated to reach US$ 1,389 Mn by 2027, at a CAGR of 7.4% from 2022 to 2027, from an estimated US$ 973 Mn in 2022. According to the study’s research of the different packaging grade types, hand grade polyester straps will make up about 58 percent of all polyester straps sold in 2022, making them the most well-known packing grade kind globally.
Bundling and palletizing applications are anticipated to hold a 90 percent market share of the worldwide polyester straps market throughout the anticipated timeframe, according to the application-wise estimate.
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What is The Impact of Rising Demand for PET Straps across the Automotive Industry on Global Polyester Straps Market?
Rising usage of polyester straps for seatbelts is projected to drive the polyester straps market share in the automotive industry during the forecast period. Furthermore, polyester straps have replaced nylon webbing as safety equipment in racing cars due to its increased strength, and a lower rate of elongation under load.
In addition to product safety, to overcome government regulations regarding safety, manufacturers are focusing on product innovation. The usage of seat belts is rising due to increasing safety concerns. This is likely to act as an opportunity for the polyester straps market over the forecast period.
E.g., the European New Car Assessment Program (Euro NCAP) has resulted in the installation of seat belts and other safety straps in automobiles. The aforementioned rules are expected to fuel the demand for polyester straps over the next decade.
Global Polyester Straps Market: Regional Forecast
Future Market Insights tracks the performance of the global polyester straps market across the key geographies of North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa. As per the forecast of Future Market Insights, North America polyester straps market is estimated to be valued at US$ 158.3 Mn in the year 2022 and is slated to touch a value of US$ 323.9 Mn in the year 2027, reflecting a CAGR of 7.4% during the assessment period. The Western Europe polyester straps market is estimated to be valued at US$ 119.8 Mn in the year 2022 and is slated to touch a value of US$ 237.8 Mn in the year 2027, exhibiting a CAGR of 7.1% during the assessment period.
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Competitive Landscape
Globally renowned polyester strap manufacturers are focusing upon offering sustainable polyester straps and positioning themselves as sustainable practitioners:-
In January 2021, Teufelberger was awarded with WorldStar Global Packaging Award for its 100% recyclable strapping produced with lesser raw material and offering enhanced performance.
Key Companies Profiled
Global Polyester Straps Market By Category
By Thickness:
By Packing Grade:
By Width:
By Breaking Strength:
By End Use Industry:
By Application:
By Region:
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Table of Content
1.1. Global Market Overview
1.2. Market Analysis
1.3. Analysis and Recommendations
2.1. Market Definition
2.2. Market Coverage
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
5.1. Historical Market Volume (000’ Tons) Analysis, 2012-2021
5.2. Current and Future Market Volume (000’ Tons) Projections, 2022-2027
5.3. Y-o-Y Growth Trend Analysis
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Polyester Straps Market Size Revenue Forecast Worldwide From 2022 to 2027 appeared first on Future Market Insights.