Global Plastic Straps market was valued at US$ 1.48 Bn in 2019 and is expected to reach US$ 5.69 Bn by 2027, at a CAGR of 18.33 % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Growing driver acknowledged in the global plastic straps market is the increasing packaging and logistic sector and expanding construction industry. With the increasing industrialization and commercialized in developing parts of the world, there has been a rapid rise in the logistics and transport requirements in order to facilitate the movement of these goods. In order to effectively transport the goods from production facilities to the market places, strapping materials are widely used for fastening or holding the products. As result, the increasing need to facilitate the movement of goods will boost the global plastic straps market.
Expanding construction industry is another key growth factor for the global plastic straps market. The construction industry in the world is witnessing rapid rise, particularly in countries like China, India, Saudi Arabia, Indonesia, and others. The arising need for strapping materials in order to facilitate the movement of goods and raw materials to the construction sites is estimated to encourage the growth of global plastic straps market during the forecast period.
One of the major restraint in the global plastic straps market include vulnerability of these straps to environmental factors. These straps, being non-biodegradable in nature has negative environmental implications. Improper handling and disposal of these straps post its usage can result in plastic generated waste, which in turn, will have severe environmental consequences including land pollution. Because of environmental conscious regions are witnessing lower growth for global plastic straps market.
Based on type segment, the polypropylene straps segment is expected to hold largest market share during forecast period. The growth of this segment of the market can be attributed to the wide applicability of these straps in various end-use industries as they offer high tensile strength, ease of handling, improved flexibility, and excellent elongation properties.
On the basis of end-use industry, the cotton end-use industry segment of the global plastic straps market is projected to grow at the highest CAGR during the forecast period. These plastic straps offer improved high tensile strength, corrosion resistance, and easy recyclability, thereby making them ideal for use in various end-use industries.
In terms of region, The Asia Pacific plastic straps market is projected to grow at the highest CAGR, during the forecast period. The continuously rising middle-class of the Asia Pacific region and their growing purchasing power and disposable income have led to the growth of the paper, steel, and bricks & tiles industries in the region. This, in turn, has led to the improved demand for plastic straps from these industries, thereby fueling the growth of the Asia Pacific global plastic straps market.
The report offers a complete assessment of the market. It does so via detailed qualitative insights, historical data, and verifiable projections about market size. The estimates featured in the report have been derived using proven research methodologies and expectations. The examination report serves as a source of study and information for every surface of the market, including but not incomplete to regional markets, technology, types, and applications.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Plastic Straps Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Plastic Straps Market.
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Scope of Global Plastic Straps Market
Global Plastic Straps Market, by Type
• Polyester Straps
• Polypropylene Straps
• Nylon Straps
• Others
Global Plastic Straps Market, by End-Use Industry
• Steel
• Cotton
• Paper
• Fiber
• Bricks & Tiles
• Others
Global Plastic Straps Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
Key Players Operating in Global Plastic Straps Market
• Crown Holdings
• Teufelberger
• Fromm Packaging Systems
• Messersì Packaging
• Polychem Corporation
• Scientex Berhad
• Mosca Direct Limited
• Dubose Strapping
• PAC Strapping Products
• Auto Strap India
• Linder Seevetal
• Cyklop Nederland
• Sorsa Strapping Systems
• Samuel Strapping Systems
• North Shore Strapping Company
• Consent Group.
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