Report : Asia Pacific Plastic Straps Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Polyester Straps, Polypropylene Straps, Nylon Straps, Paper Straps, Composite Straps, Corded and Woven Straps); End Use (Fiber, Steel, Cotton, Paper, Bricks and Tiles, Others), and Country
The Rising preference for lightweight and low-cost strapping materials is projected to escalate the plastic straps market growth at CAGR of 16.6% during 2019–2027
According to our latest market study on “Asia Pacific Plastic straps Market Forecast to 2027 – COVID-19 Impact and Asia Pacific (APAC) Analysis – By Type (Polyester Straps, Polypropylene Straps, Nylon Straps, Paper Straps, Composite Straps, Corded and Woven Straps); End Use (Fiber, Steel, Cotton, Paper, Bricks and Tiles, Others), and Country,” the market was valued at US$ 484.65 million in 2019 and is projected to reach US$ 1,628.53 million by 2027; it is expected to grow at a CAGR of 16.6% during the forecast period. The report highlights key factors driving the market growth and prominent players, along with their developments in the market.
A plastic strap is a flexible flat material which helps to combine, hold, reinforce, or fasten an item. Plastic strapping used for packaging is a generic term used to describe all non-metallic straps and includes extruded polypropylene & polyester straps together with corded or woven polyester straps. The growth of plastic straps market is driven by the increasing use of plastic straps in the paper, steel, and bricks & tiles industries. Plastic strapping materials are produced from polypropylene, polyester, and are available in a wide variety of styles, strengths, and finishes. Strapping can be applied either automatically with a strapping machine or manually with a hand tool. Strapping is widely used across many industries, including shipping large industrial equipment to e-commerce fulfillment centers. Different products of strapping material are available with specific classifications and grades.
Plastic straps are made of polypropylene and polyester materials and are available in a wide variety of designs, strengths, and finishes. These straps are increasingly used in a wide range of industries, such as steel, paper, cloth, cotton and bricks, and tiles. In the last several years, the popularity of plastic strapping has risen over many other packaging options. This is mainly due to the cost-saving advantages plastic strapping offers over its competitive products and efficiency benefits. Metal seals are not required in plastic strapping because either friction or heat seal is used to weld the strap. Also, damage to goods is significantly reduced at a lower cost per foot without metal seals, and it is created at a lower price. Plastic strapping is developed in compliance with the toughest industry tolerances. It is approved for the use of both brick and timber. It is ideal for heavy-duty loads when good initial tension and retained tension are required because they have splendid retained tension properties. This way, even after the package has settled or its size has shrunk, the strap stays tight around the load.
The Asia Pacific plastic straps market is concentrated with a few well-established players such as Auto Strap India, Cyklop International, FROMM Group, LINDER GmbH, Crown Holdings, Inc., and Teufelberger Stralsund GmbH.
Impact of COVID-19 Pandemic on Plastic straps Market
COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms of confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the plastic straps market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
The report includes the segmentation of the Asia Pacific plastic straps market as follows: