Report : Plastic Straps Market Forecast to 2027 - Covid-19 Impact and Global Analysis - by Type (Polyester Straps, Polypropylene Straps, Nylon Straps); Industry Vertical (Fiber, Steel, Cotton, Paper, and Bricks & Tiles)
Rise in Preference for Lightweight and Low-Cost Strapping Materials to Escalate Plastic Straps Market Growth
According to our latest market study on �Plastic Straps Market Forecast to 2027 � COVID-19 Impact and Global Analysis � by Type (Polyester Straps, Polypropylene Straps, Nylon Straps, Paper Straps, Composite Straps, and Corded and Woven Straps) and End Use (Fiber, Steel, Cotton, Paper, Bricks and Tiles, and Others),� the market was valued at US$ 1,802.47 million in 2019 and is projected to reach US$ 5,714.12 million by 2027; it is expected to grow at a CAGR of 15.7% from 2020 to 2027. 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. The growth of plastic straps market is driven by increasing use of plastic straps in paper, steel, and bricks & tiles industries. Plastic strapping materials are produced from polypropylene and polyester. They 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. In the past few years, the popularity of plastic straps has been increased due to the cost-saving benefits and performance advantages plastic strapping has to offer over its competitive products.
Rise in preference for lightweight and low-cost strapping materials is boosting the plastic straps market. Moreover, increase in requirement in key markets, such as India and China; surge in construction industry in developing countries; and product innovations propel the demand for plastic straps. Plastic straps are increasingly used in a wide range of industries, such as steel, paper, cloth, cotton and bricks, and tiles. Metal seals are not required in plastic strapping because either friction or heat seal is used to weld the strap. Additionally, increasing demand for strapping materials from emerging economies is expected to provide growth opportunities for the plastic straps industry. Countries, such as China and India, are witnessing a rapid rise in the construction and packaging industries. This results in increased consumption of strapping materials needed to hold and reinforce different products and packaged materials. As a result, developing countries are expected to provide significant growth opportunities for the plastic straps market in the coming years. Strapping plays an important role in transporting the product from one place to another. The demand for plastic straps in the manufacturing hubs of Asia Pacific, such as India and China, is expected increase, owing to increasing investments by construction companies. Plastic strapping is widely adopted because of its innovative visual appeal for product binding and convenience. Companies are coming up with the improved quality of plastic straps and efficient distribution channels to serve the broader customer base to meet the increasing demand.
Auto Strap India; CONSENT L.L.C; Cyklop International; DuBose Strapping, Inc.; FROMM Group; LINDER GmbH; Crown Holdings, Inc.; PAC Strapping Products, Inc.; Polychem Corporation; and Teufelberger Stralsund GmbH are among the well-established players in the plastic straps market.
Impact of COVID-19 Pandemic on Plastic Straps Market
COVID-19 first began in Wuhan, China, during December 2019, and since then it has spread across the globe at a fast pace. China, Italy,India, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most affected countries in terms of confirmed cases and reported deaths as of September 2020. According to the latest WHO figures, there are 30,055,710 confirmed cases and 943,433 total deaths globally. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global construction and packaging industry is one of the major industries suffering serious disruptions such as supply chain breaks and disruptions in manufacturing due to lockdown and office shutdowns as a result of this outbreak. The lockdown of various plants and factories in leading regions, such as Asia Pacific and North America, is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors are negatively impacting the global plastic straps market.
Global Plastic Straps Market Breakdown � by Region, 2019
The report includes the segmentation of the global plastic straps market as follows:Global Plastic Straps Market, by Type