Plastic straps are used for binding products or items and made from polypropylene and polyester. They are available in different finishes and styles as per the strength of the container. Elongation of straps, reusable nature, and its application for paper, lumber, and fresh produce are prime uses of plastic straps. The global plastic straps market report by Market Research Future (MRFR) provide a comprehensive picture of the industry and includes drivers, challenges, opportunities, and trends for the period of 2018 to 2023 (forecast period). The sudden outbreak of the COVID-19 virus and its effects on the industry are explored in the report.
The global plastic straps market is eyeing for a doubling of its present valuation set at USD 1280 million (2017) and reach USD 2581.1 million by 2023 with an astounding CAGR of 12.40% during the forecast period (2018-2023), reveals Market Research Future (MRFR) in its latest report.
The market is poised for massive growth owing to the increasing use of plastic straps in steel, paper, and bricks & tiles industries. Its lightweight nature and flexibility in usage can drive the market demand during the forecast period. The reusable and cost-friendly nature of plastic products for wrapping products can bode well for the market. The huge potential in China and India owing to being industrial hubs for all types of goods can induce heavy demand in the market.
But the hazardous nature of plastic straps can impede market growth.
The global demand for plastic straps is segmented according to size and end consumer.
By type , the market for plastic straps can be segmented into polyester straps, polypropylene straps, nylon straps and more. The segment of polyester straps currently holds the leading position, and given the market scenario, situations are slated to remain the same with polyester straps once again achieving the fastest CAGR over the forecast period. Polypropylene straps offer high tensile resistance, flexibility, and corrosion resistance. This provides a marketing advantage to plastic straps manufacturing companies. This, in turn, is anticipated to drive the segment of polypropylene over the forecast period.
The plastic straps market can be segmented into steel, cotton, paper, fibre, bricks & tiles and others based on end-user. The Paper segment generates the maximum revenue, and will also rise with the highest CAGR over the forecast period.
Region-specific analysis of the global plastic straps market encompasses North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is, at present, dominating the market by a considerable margin. The region has immense potential to retain the position in the coming years and display the fastest CAGR during the forecast period. Emerging nations such as China and India are spurring the demand for plastic straps as growing industries are increasing their demand for the product to cut down the logistics cost and increasing bottom margins. The increasing purchasing power of the middle class can drive the regional demand for plastic straps.
North America possesses the potential for the growth of the global plastic straps market owing to large FMCG and manufacturing companies in the U.S. and Canada. The use of straps for bundling and packaging engineering components, construction materials, and other heavy loads over time can fuel the regional market growth.
The major market players operating in the global market as identified by MRFR are Polychem Corporation (The US), Crown Holdings (The US), Teufelberger (Austria), FROMM Packaging (The US), Dubose Strapping (The US), Messersi Packaging (Italy), Auto Strap (India), Polychem Corporation (The US),and PAC Strapping (The US), Scientex Berhad(Malaysia) and others.
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