Publication Month: Oct 2020 | Report Code: TIPMC00002279 | No. of Pages: 193 | Category: Chemicals and Materials | Status: Published
The demand for plastic straps is growing on account of surge in demand for better packaging and logistics industry across the globe. Further, rise in paper and construction industry provide a growth opportunity for the plastic straps market. Additionally, 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.
The North America region possesses the largest share in the global plastic straps market. The largest market share of the North America region is primarily attributed to the rise in production and consumption of plastic straps market in developed and developing economies of North America. US is considered to be one of the largest markets where the demand and production of plastic straps is significantly high. The other economies following the growth pattern of plastic straps market includes Canada and Mexico. North America region significantly contributes to the growth of the plastic straps market owing to factors such as rapid urbanization along with growing inclination towards better logistics and packaging industry advanced products backed by rise in disposable income. Apart from this, the presence of major manufacturers in the region which is substantially driving the growth of plastic straps market in the region.
The US, Brazil, India, Russia, South Africa, Mexico, Spain, and the UK are among the most affected countries in terms of confirmed cases and reported deaths as of August 2020. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical and materials industry are one of the major industries suffering serious disruptions such as supply chain breaks, disruptions in manufacturing due to COVID-19 outbreak. For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries. The lockdown of various plants and factories in China and leading regions such as Asia Pacific and Europe are affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors have greatly affected the global plastic straps market.
The development of bio-based plastics is one of the major trends seen in the global plastic straps industry. Demand for biodegradable plastic products is growing rapidly in industrial and consumer goods applications, especially in the packaging industry. Bio-based plastics, which are made of biodegradable base materials used in bio-based plastic straps, have further extended the scope of plastic straps in the industrial and consumer goods industries. The growing demand for waste management has also given a boost to the bio-based plastics industry. As bio-based and sustainable raw materials are emerging in emerging markets, bio-based plastics are expected to be useful in different new applications in the future. Nowadays, some companies are adopting eco- friendly plastic strappings for environmentally conscious and improve the packaging process. PET strapping is made entirely from PET bottles, which are collected and distributed to the economy by converting them into new products.
Based on type, the plastic straps market is segmented into polyester straps, polypropylene straps, nylon straps, paper straps, composite straps, and corded & woven straps. The polypropylene straps segment accounted for the largest share of the global market in 2019; whereas, the polyester straps segment is expected to grow at the highest CAGR during the forecast period. The polyester straps have emerged as a feasible option to steel strapping as there was a problem of corrosion with steel, but with the advent of the polyester strap, it has been tackled. Earlier, steel strapping was used to wrap the products until polyester straps were introduced in the market. However, this resulted in the deteriorating quality of products packed with it as steel tends to corrode. This had a detrimental effect on the transportation industry and other allied industries. Due to this, the market for alternative strapping solutions began to emerge, which also had to be light and gentle. As a feasible alternative to steel strapping, this has led to an increase in the use of polyester straps. Manufacturers have been agile in capitalizing on the advantages of polyester strapping, and, as a result, there is increased demand for polyester straps in the market. There is an increasing demand for polyester straps in the North America region because polyester straps serve as a durable, low-cost solution in the automobile industry. Also, polyester straps are cheaper and cost-effective than other strapping solutions, especially steel strapping.
Based on end use, the plastic straps market is segmented into fiber, steel, cotton, paper, and bricks and tiles. The paper segment accounted for the largest share of the market in 2019, whereas the cotton segment is expected to register the highest CAGR during the forecast period. Cotton is non-abrasive and soft enough to make a tight grip on the buckles. Owing to the smooth, non-abrasive properties of cotton fiber, cotton is still commonly used in clothing and home furnishings. Cotton webbing belts and straps can be used in many places and industries, also. It is used for the production of straps, belts, and tie-downs. There is a growing of plastic straps for packaging containers and boxes of cotton bale for better safety of the product.
|Market Size Value in||US$ 1,802.47 Million in 2019|
|Market Size Value by||US$ 5,714.12 Million by 2027|
|Growth rate||CAGR of 15.7% from 2020-2027|
|No. of Pages||193|
|No. of Tables||56|
|No. of Charts & Figures||66|
|Historical data available||Yes|
|Segments covered||Type and End Use , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Mergers and acquisition and research and development are commonly adopted by companies to expand their footprint worldwide, which is further impacting the size of the market. Teufelberger Stralsund GmbH, Cyklop International, FROMM Group, Polychem Corporation, and Crown Holdings, Inc. are amongst the major market players operating in the plastic straps market. These companies offer their products worldwide, which helps them in catering to a wider customer base. These major players in the market are highly focused on the development of high quality and innovative products to fulfill the customer’s requirements.
The List of Companies - Plastic Straps Market