PUBLISHER: The Insight Partners | PRODUCT CODE: 979229
PUBLISHER: The Insight Partners | PRODUCT CODE: 979229
The North America plastic strap market accounted to was valued at US$ 573.78 million in 2019, and it is expected to grow at a CAGR of 16.2% during 2020-2027, to account toreach US$ 1,879.95 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.
North America includes developed economies, such as the US, Canada, and Mexico. These countries are witnessing an upsurgea surge in the middle-class population as well as rise in urbanization, which provides ample opportunities for the key market players in the plastic strap market. The plastic strap manufacturers in North America create diversified array of business opportunities and services by providing various materials that can be used in multiple applications. This further supports the growth of the economy. The packaging industry 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, and other industries, -is influencing the market growth for plastic straps in North America. Market players are offering various types of plastic straps in the US, including polyester straps, polypropylene straps, nylon straps, paper straps, composite straps, and corded & woven straps. There is a rise in the use of plastic strap in cold room applications as it does not creep as much as the other types of straps. Hence, the rise in demand is further boosting the market for plastic straps in the US. Increasing Increase in demand for advanced packaging products from consumers &and end-use industries, growth in the chemical & packaging industry, and growing safety concern, and others are impactingboosting the growth of the plastic straps market in Canada. In the current market scenario in Mexico, most of the manufacturers are offering high-strength plastic straps that are produced with multiple materials, thicknesses, coatings, and configurations.
Teufelberger Stralsund GmbH, Cyklop International, FROMM Group, Polychem Corporation, PAC Strapping Products Inc., Dubose Strapping Inc., and Crown Holdings Inc. are among the major players operating in the North America 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, the US, Canada, Mexico, Panama, Cuba, and Greenland are among the worst-affected countries in North America 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. The US has the highest number of confirmed cases of COVID-19 infection among all North AmericaAmerican countries. The government ofgovernments in North America isare taking possible steps to reduce itsthe effects of COVID-19 by announcing lockdown, and thus, impactlockdowns, which is impacting the revenue generated by the market. The continuous growth of infected individuals has forced the governmentgovernments to impose lockdown across the nation's borders. The majority of the manufacturing plants remainremained shut down during the lockdown, and the chemical & materials industry was at a halt, which has negatively impacted the plastic strap market. Additionally, North America is responsible for a major portion of sales of plastic strap, and declining sales of plastic strap products in North America might affect the overall growth of the plastic strap market. The coronavirus outbreak willwould have a limited short-term impact on the plastic strap market.
The overall North America 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 North America plastic strap market.
Highlights key business priorities in order to assist companies to realign their business strategies.