Plastic Straps Market - Business Opportunities & Global Industry Analysis by 2023
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.
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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 plastic straps market is segmented by type and end-user.
By type, the plastic straps market can be segmented into polyester straps, polypropylene straps, nylon straps, and others. Polyester straps are expected to lead the market owing to being safe and lighter than steel straps. Its flexible nature allows the material to bear the load and absorb impact. On the flip side, the polypropylene straps segment can acquire significant earnings for the global plastic straps market owing to its flexibility, high tensile strength, and ease of handling.
Based on end-user, the plastic straps market can be segmented into steel, cotton, paper, fiber, bricks & tiles, and others. The paper industry can be a huge revenue generator for the market owing to plastic straps being able to handle large loads of paper. Its high break strength and tension retention for keeping paper goods secure and superior shock resistance can drive the segment growth.
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.
Dubose Strapping, Polychem Corporation, Teufelberger, Scientex Berhad, Crown Holdings, FROMM Packaging, PAC Strapping, Polychem Corporation, Messersi Packaging, Auto Strap, and others are key players of the global plastic straps market.
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