PUBLISHER: The Insight Partners | PRODUCT CODE: 979210
PUBLISHER: The Insight Partners | PRODUCT CODE: 979210
The Europe plastic strap market accounted for US$ 418.48 million in 2019, and is expected to grow at a CAGR of 15.3% during 2020-2027, to reach US$ 1,285.68 million by 2027.
A plastic strap refers to a flexible flat material which helps to combine, hold, reinforce, or fasten an item. Plastic strapping used for packaging is a generic term that is used for describing all non-metallic straps and includes extruded polypropylene & polyester straps together with corded or woven polyester straps. The 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, are used in bio-based plastic straps. This has further extended the scope of plastic straps in industrial and consumer goods industries. Moreover, increasing demand for waste management has given a boost to the bio-based plastics industry. As bio-based and sustainable raw types are emerging in emerging markets, bio-based plastics are expected to be useful in various new applications in the future. Nowadays, some companies are adopting eco-friendly plastic strappings for environmentally conscious and improve the packaging process. PET bottles are collected and converted into new products, such as PET strapping. Due to the ability of plastic strap to possess high tensile strength the demand for plastic strap is on the surge. Increasing infrastructure demand in the evolving economies-owing to developing road infrastructure, increasing per capita ownership of houses, and rising spending capacity-is expected to affect the construction sector in the region, which, in turn, would drive the demand for plastic strap.
Based on type, the Europe plastic strap market has been segmented into polyester straps, polypropylene straps, nylon straps, paper straps, composite straps, and corded and woven straps. In 2019, the polypropylene straps segment dominated the market. The polyester segment is projected 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 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. Manufacturers have been agile in capitalizing on the advantages of polyester strapping, and, as a result, there is an increase in demand for polyester straps in the market. There is an increase in demand for polyester straps in the Europe region because polyester straps serve as a durable, low-cost solution in the automobile industry.
Europe includes developed economies, such as Germany, France, Italy, the UK, Russia, and the Rest of Europe. 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, and food packaging-is influencing the market growth 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. Germany is considered as an attractive market for plastic straps. Growing application of innovative packaging in multiple industries and rising safety and sustainability concerns have led to rise in demand for plastic straps in Germany. The presence of various global and local players, such as Plasticband, S.A.; Ferplast; StraPack, Inc., offering a wide range of products contributes to the growth of the plastic straps market in France. The demand for plastic straps in Russia is expected to rise over the forecast period due to increasing demand from construction, pharmaceutical, electrical, agrochemical, textile, and other industries. Besides all these, the substantial investment in the packaging industry is expected to deliver remarkable growth opportunities to the manufacturers of plastic straps in Europe in the near future.
Teufelberger Stralsund GmbH, Cyklop International, FROMM Group, Linder GmbH, and Crown Holdings Inc. are among the major players operating in the Europe plastic strap market.
The COVID-19 pandemic first began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace across the globe. As of November 2020, Russia, France, Spain, the UK, and Italy are among the worst-affected countries in Europe in terms of confirmed cases and reported deaths. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns of chemicals and materials industry and disruptions in supply chains due to lockdown of countries has created a strain on the supplies of the various products offered by this industry. Italy has the highest number of confirmed cases of COVID-19 among all European countries. The governments in Europe are taking possible steps to reduce the effects of COVID-19 by announcing lockdowns, which is impacting the revenue generated by the market. The continuous growth of infected individuals has forced the governments to impose lockdown across the borders. The majority of manufacturing plants remained shut during the lockdown and the chemical & materials industry was at a halt, which has negatively impacted the plastic strap market. The coronavirus outbreak would have a limited short-term impact on the plastic strap market.
The overall Europe plastic strap market size has been derived in accordance to both primary and secondary source. 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 data, as well as to gain more analytical insights into the topic. The participants who typically involved in the process include industry expert 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 Europe plastic strap market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Europe plastic strap market, thereby allowing players to develop effective long term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.