Market Overview
In the research report, Market Research Future (MRFR), highlights that the global Plastic straps market is eyeing for a doubling of its present valuation set at USD 2.4 Billion (2021) and reach USD 7.89 Billion by 2030 with an astounding CAGR of 16.40% during the forecast period (2022-2030), reveals Market Research Future (MRFR).
Drivers and Restraints
Use of plastic straps is increasing due to its lightweight and low cost. Reduction of cost always hogs the light in industrial sectors. The demand for plastic straps exploits this notion and is gaining considerable ground. Plastic belts can be used many times to reduce shipping costs. As regards weight and expense, plastic straps have an advantage over the metal straps. Plastic straps are available at a cost-friendly rate and can be reused, so their light weight can minimize the overall weight of the packed product from which logistics will greatly benefit. In addition, emerging nations like India and China, with their tremendous industrial growth, are setting a wider field for exploring and profiting on the plastic straps market.
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And it also has its negative implications. Plastic straps are not environmentally friendly which can dramatically impact the demand for plastic straps over the forecast era. Yet bio-based plastics may be a possible alternative because they will certainly denounce the risks presented by through eco-consciousness. Growth in the logistics, packaging, and construction industries is expected to drive the demand for plastic belts.
Segmental Analysis
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 Size 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.
Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
The APAC area currently dominates the market and the situation will remain the same over the forecast period, as the predictions indicate. At the same time the APAC can also reach the fastest CAGR. China and India, two vastly potential emerging nations, and industrial revamping, will change the ball game for regional market development.
North America, too, is expected to make significant business gains. The area can be considered a stronghold for many industries that will be able to drive the demand for plastic straps in coming years. However, with increasing eco-concern regarding the drug, the European market anticipates some setbacks. The region has strict policies on the environment which can deter development. Other countries like Egypt, Brazil and Argentina are showing considerable business opportunities with their industries heading to a new dawn.
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Competitive Synopsis
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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