Report : Europe Plastic Strap 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 & Tiles and Others
Rising preference for lightweight and low-cost strapping types to drive Europe plastic strap market at CAGR of % 15.3
According to the latest study on “Europe Plastic Strap Market Forecast to 2027 – Covid-19 Impact and Analysis – by Type (Polyester Straps, Polypropylene Straps, Nylon Straps, Paper Straps, Composite Straps, Corded and Woven Straps), End Use (Fiber, Steel, Cotton, Paper, Bricks & Tiles and Others) and Country,” the Europe plastic strap market was valued at US$ 418.48 million in 2019 and is projected to reach US$ 1,285.68 million by 2027; it is expected to grow at a CAGR of 15.3 %during 2020–2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.
Plastic straps are made of polypropylene and polyester types 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. There are various high-speed automatic unitizing systems and hand tools for which this strapping form can be used. It is available in a wide variety of lengths, widths, and gauges. Nowadays, high strength plastic strapping is also available for closed rail and open-top shipments of brick, lumber, and other vehicles' panel products. Due to its lightweight properties, it can be easily folded and shaped from one position to another. This further creates a massive demand for plastic straps across Europe.
Demand for plastic straps in developing countries is expected to grow on account of the presence of established leading strap manufacturers such as Teufelberger Stralsund GmbH, Cyklop International, and FROMM Group, which are focused on research and development activities. The developments in the building industry associated with the use of types are changing faster than ever before. Urbanization is considered to be one of the international megatrends that are shaking up the building industry. The population of urban areas is rising by 200,000 people every day, many of whom need moderately priced housing as well as transport, social, and service infrastructure. In such challenges, the construction industry is practically under a moral compulsion to transform Its transformation has an impact elsewhere on the broader society, by lowering construction costs and by illuminating the use of scarce resources or by making buildings more eco-efficient and by improving economic growth and narrowing the infrastructure gap. Utilization of plastic straps in owing to the demand for type with heavyweight and tensile strength. Increasing infrastructure demand in the evolving economies on account of developing road infrastructure, increase in per capita ownership of houses, and rising spending capacity is expected to affect the construction sector in the region, which in turn will drive the demand for plastic straps. Furthermore, the packaging industry in the Europe is anticipated to showcase a noteworthy growth with respect to the increased binding of products in domestic as well as exports to international markets.
European continent comprises of several developing economies such as Germany, France, Italy, the UK, Russia, and the rest of Europe. The packaging industry contributes a significant share to the GDP of the region. This industry is supporting the growth of the economy by assisting with various materials to be used in multiple applications that result in the creation of a diversified array of business opportunities and services. The packaging industry of the EU is considered to be a crucial industry as it significantly contributes to the country’s GDP as well as employs millions of people in the region. Increasing demand for high-strength packaging products in different end-use industries, including agrochemical, chemical, consumer goods, food packaging, and other industries, is influencing the market growth for plastic straps in Europe. The demand for various packaging materials and products has increased within the European region, particularly in Germany, France, and the UK. Steady growth in the food & beverages, chemical, agrochemicals, construction, textile, and other industry has had a noteworthy influence on the plastic straps market in Europe. Extensive research work and focus of manufacturers to anticipate and meet the needs in the conception, development, and implementation of innovative packaging products, is further driving this market in Europe. Properly securing loads can prevent injuries to people, damage to vehicles & property, and congestion due to lost cargo. EU countries have different rules on the same. The EU has therefore produced guidelines on cargo securing set by the European Commission. The EU has laws on the maximum weights and dimensions allowed for road freight. Loads that surpass the limits – referred to as “abnormal loads” – require special permits from regional or national authorities. Packaging and strapping also come under consideration, which is further influencing the studied market growth.
Recently, the World Health Organization (WHO) announced the outbreak of COVID-19, the novel form of a disease caused by the virus SARS-CoV-2, as a pandemic. This outbreak started in December 2019 in Wuhan, China, and later, it turned into a pandemic, causing numerous deaths worldwide. The outbreak of COVID-19 pandemic has severely impacted the chemicals & materials industry. The shutdowns of this industry and supply chain disruptions due to lockdown of countries has created a strain on the supplies of the products of this industry. The Italy has the highest number of confirmed cases of COVID-19 morbidities in Europe. The majority of the manufacturing plants were shut down during the lockdown, and the construction industry was at a halt, which has negatively impacted the plastic strap market. This is likely to impact the chemical and materials industry in the region as, due to the COVID-19 outbreak, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth.
The Europe plastic strap market is concentrated with several well-established players. A few of the key players in this market include are Teufelberger Stralsund GmbH, Cyklop International, FROMM Group, Linder GmbH and Crown Holdings Inc.
The report includes the segmentation of Europe plastic strap market as follows:
By End Use