27-Jun-2022 | Zion Market Research
The global plastic straps market grasps a total revenue of USD 2.39 billion in 2021 and is assessed to reach around USD 6.85 billion by 2028, with a compound annual growth rate (CAGR) of nearly 15.9 percent over the forecast period.
Plastic straps are nothing but sheets of plastics that are used as significant wraps or trims in various industrial firms. They are actually installed in different climate control programs. The trims are leveraged in different construction industries, gun collaterals, and furniture materials. Polythene, polystyrene, and polymers are prominent components that are seen very commonly. The durability, fictional aspects, and strength actually define good plastic straps.
They are also most commonly used as wraps or bundle folds to strengthen the hold, package any material, or fasten something. They are mostly called strapping in the packaging industries. Banding some elements or combining also involves this material. The tensile strength of the straps actually keeps the material and the element intact. They are also most commonly seen in the food and beverage industries for the kind of resistance it gives to any leakage. The agriculture department also uses the strapping for various purposes due to the ease and lightweight property it owns.
The pandemic of COVID-19 wreaked havoc on the automobile and electronics industries. Import-export restrictions imposed by governments in various locations caused a heavy delay in electronic item imports and exports. Furthermore, vehicle production has been disrupted in the last two years, resulting in a significant loss in the whole automotive sector. As per the association of European Automobile Manufacturers, demand for new commercial cars in the EU remained sluggish in June 2020 (-20 percent), however, the rate of fall reduced from April and May of 2020. In 2020, three of the region's four major markets Germany, Spain, and Italy had double-digit percentage declines. The decline in vehicle manufacturing has resulted in a considerable drop in demand for car packaging, which has a big influence on the plastic straps industry.
Plastic straps alias strapping is used extensively as package materials in construction industries for the kind of flexibility and efficiency it has. Some building materials such as bricks, plasterboards, lumber, and plywoods need the plastic straps to be packaged intact and strong. The construction raw materials are in great demand in many countries and they also come at a reasonable cost. These factors support the growth of the global plastic straps market considerably.
They are also recyclable and are portable in all conditions which makes them more in demand. There is also an increasing focus on making them eco-friendly with many innovation programs which drive the market growth considerably. There has also been an increase in the supply and demand for more plastic straps in logistics industries and even for household packaging purposes. The growth in commercialization and industrialization also has an impact that increases the leverage of the product worldwide. All these factors contribute to the growth of the global market.
Air and cargo services covering all regions require plastic straps which expands the market size considerably. Airports across the world leverage the product for cargo services and they use them for different varieties and purposes. They are made of polypropylene resins which makes them more durable and strong to insulate and package any complicated components. This increases the demand and thereby propelling an intense market growth.
However, the worldwide regulation and protocols to restrict plastics in all sectors hamper the market growth to a large extent. There is a condition where if the plastic fails to be disposed of properly or is not recycled, it would be dangerous to the environment. This makes them the least used material reducing the demand from people. This restraint the market growth extensively.
The global plastic straps market is bifurcated based on types, end-use, and region. Based on type, the market is categorized into polypropylene straps, nylon straps, polyester straps, and others. The end-user segment of the market is segmented as paper, steel, cotton, bricks & tiles, fiber, and others
Asia-Pacific region leads the global plastic straps market share to a large extent. There is an increasing demand from the food & beverage sectors and also automobile industries. Consumer goods and paper manufacturers use a lot of these plastic straps thereby increasing their supply and demand. North America also is a major contributor because of the excessive need for packaging in that region. Automobile industries and electronic manufacturing industries use them exclusively for packaging materials which makes them the most prominent component for insulating materials. The growth opportunities in North America also look promising due to a lot of innovation programs on the rise to make the strapping materials eco-friendly.
Major players operating in this highly fragmented global plastic straps market include Polychem Corporation, Crown Holdings, Teufelberger, Messersi Packaging, FROMM Packaging, Dubose Strapping, Auto Strap, PAC Strapping, and Scientex Berhad.
Browse the full “Plastic Straps Market By Type (Polyester Straps, Polypropylene Straps, Nylon Straps, And Others), By End-Use (Steel, Cotton, Paper, Fiber, Bricks & Tiles, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/plastic-straps-market
Global plastic straps market is segmented as follows:
By End User
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