Market Research Report
Plastic Straps Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type and End Use, and Geography
|Plastic Straps Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type and End Use, and Geography|
Published: October 16, 2020
The Insight Partners
Content info: 193 Pages
Delivery time: 1-2 business days
The global plastic straps 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.
A plastic strap is a basically a flexible flat material which helps to combine, hold, reinforce, or fasten an item. Plastic strapping used is utilized for packaging and it is a generic term used to describe all non-metallic straps and includes including 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. In the last several years, the popularity of plastic straps has been increased over many other packaging options due to the cost saving benefits and performance advantages that plastic strapping has to offer over its competitive 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 market for polyester straps segment is expected to grow at the highest CAGR during the forecast period. Polypropylene is often measured between high-density polyethylene (HDPE) and low-density polyethylene (LDPE) on the crystallinity level. This form of strapping is considered light to medium-duty and is the most economical choice for a variety of reasons. Out of all strapping materials, polypropylene is the most widely used and comes in various widths, thicknesses, and combinations of polymers. Polypropylene is often recyclable and is, therefore, an environmentally friendly alternative. The high demand for these straps can be attributed to its a wide range of applications in various end-use industries owing to its their higher strength, greater flexibility, better elongation properties, and ease of handling. Today, polypropylene is considered as one of the main types of plastic strapping, which is specially designed for light to medium duty unitizing, bundling, and palletizing.
Geographically, the plastic straps market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America held the largest share of the market in 2019, followed by Asia Pacific and Europe. Plastic straps offer safety during the transportation of goods & materials, as many industrial accidents occur during packaging and transportation. Using plastic strapping can help in reducing costs by almost 50% as compared to using steel straps of the same width. This also includes cost reductions for handling and freight because of lightweight & enhanced safety. Owing to these benefits, most of the industries located in North America, such as textile, automotive, construction, consumer goods, and consumer electronics, are using this product, thereby influencing the market growth in the North America region.
Teufelberger Stralsund GmbH; Cyklop International, FROMM Group; Auto Strap India; Consent L.L.C; DuBose Strapping, Inc.; LINDER GmbH; PAC Strapping Products, Inc.; Crown Holdings, Inc.; and Polychem Corporation are among the well-established players in the global plastic straps market .
The recent COVID-19 pandemic, which began in Wuhan, (China,) during December 2019, has spread around the globe at a fast pace. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns imposed by governments. Chemicals and materials is one the world's major industries suffering serious disruptions in the form of supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. Although, China is the global manufacturing hub and is the largest raw material supplier for various industries in the world, it is also one of the worst-hit countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is adversely affecting the global supply chains, and manufacturing and sales of various raw materials used in chemical industry and alsoas well as the end- products. The overall market collapse due to this outbreak is also restraining the plastic straps market growth due to shutdown of factories, obstacle in supply chains, and downturn in world economy.
The overall plastic straps market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market . Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the plastic straps market .
Highlights key business priorities to assist companies realign their business strategies.
Features key findings and crucial progressive industry trends in the global plastic straps market, thereby allowing players to develop effective long-term strategies.
Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
Scrutinizes in-depth market trends as well as key market drivers and restraints.
Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.