Plastic Straps Market size is projected to be worth USD 7.89 Billion by 2030 with an astounding CAGR of 16.40% during the forecast period (2022-2030)
Plastic Straps Market Overview
Plastic straps market is eyeing for a doubling of its present valuation set at USD 2.4 Billion (2021) and reach USD 7.89 Billion by 2030 with an astounding CAGR of 16.40% during the forecast period (2022-2030), reveals Market Research Future (MRFR).
Concerning metal straps, plastic straps are in more demand due to their weight and costs. Moreover, it was found that the plastic straps are available at an environment-friendly and cost-effective rate. It is reusable and its lightweight nature helps in the reduction of the total weight of the packed products. This brings benefits to the logistics department. Moreover, some of the developing nations India and China have experienced widespread growth. They have created a wider area and a large field for the plastic straps market to explore and gain profit.
Moreover, it was marked that the report gives detailed information about the growth factors, drivers, restraints, challenges, and many more. The market also recognizes a change in different segments of the market, the new growth marketing trends, growth prospects, and the contribution towards the whole of the market. Its lightweight nature and its cost-effectiveness nature have helped in rising the market revenue throughout the forecast period. Globally it was marked that the report provides a holistic evaluation and gives a good comprehensive analysis about the market segments and their classifications. The report gives a quadrant framework about the user’s journey towards the market.
The outbreak of the COVID 19 brought threats to the nationwide people. For the safeguard of the people, the government imposed a lockdown and shutdown throughout the country. Certain restrictions in the movement were imposed. Lockdown led to the shutting down of manufacturing units manufacturing plastic straps. COVID led to the change in consumer behavior thereby affecting the supply chain. It hampered the health of the people.
Reduction in costs of the products enlightens the industrial sector. The plastic step market has gained special advantages from this. Moreover, plastic straps are of high use and can be used multiple times which will help in reducing the costs of the product. Rising eco-awareness among the population along with launching more R and D among the key players drives up the market growth. The plastic strap market size expansion is being raised by the growth in packaging, logistics, and expansion of housing industrial units. Due to industrialization and the growth in commercialization more of the plastic strap market is in high demand. Increasing the facilitation of the movement of goods raises the opportunities to opt for plastic wraps.
Moreover the rise in opportunities takes place due to its high tensile strength, it’s a high increase in flexibility, and being we'll accessible towards handling and is lightweight. Growth in the middle class in the Asia Pacific region along with the growth in disposable income has increased the growth of the end-user industry, along with the growth of the paper, steel, brick industry.
Variation in the prices of raw materials is the challenging factor of the plastic strap market.
The plastic straps industry has received significant market growth in the upcoming years, which owes to the rise of this segment of the market.
Moreover, it has some of the negative results which have deteriorated the market size expansion. Plastic products hamper the environment. They are not eco-friendly which has deteriorated the speed of their manufacturing. And nowadays the public is preferring to use bio-based products which are helping in recognizing the potentiality of the consumers and have created threats and has posed threats and eco-awareness.
Globally the market is classified into the type and end-user segments. As per the type, the plastic straps market is being classified into polyester straps sling with polypropylene straps, nylon straps, and many more. As per the end-user, the plastic straps industry is classified into steel, paper, cotton, fibers, tiles and bricks, and many more. Here the propylene division holds the major plastic straps market share during 2017 attaining high growth in market value and market volume. Moreover, the paper industry of the end-use segment occupies a huge market share concerning the rise in value during the market forecast period.
the innovation and introduction of straps of high tensile strength have become popular during the forecast period. Moreover, the growth of technology led to the usage of plastic straps for carrying heaving goods during transportation.
Regionally, the market has been extended to the regions of North America, the European region, some of the Asia Pacific, of, and the rest of the region spread in the world. The Asia Pacific region has shared a dominant portion within a considerable margin. This region has covered a potential region for retaining its position in the upcoming years. Moreover, the Asia Pacific region covers a large plastic straps market value with a high CAGR value during the market forecast period. Developing nations of the Indochina region have helped in growing the market demand. This was due to the rise in setting up of more industries for the product to minimize the costs of the logistics which will gain more of the profit. The North American region covers the major part of the market share whereby there is a rise in production and more consumption takes place. The United States occupies a large area and has a significantly high economy in the market. This region contributes towards developing better logistics and growth in inclination towards the packaging industry. The presence of more of the key players drives up the plastic straps market growth. The North American region plays a major role in the growth of the market thus owing to the migration of people to urban areas along with the rise in inclination towards usage of advanced products substantially drives up the plastic straps market size.
Some of the key players of the plastic straps market include
The competitive landscape involves the developmental strategies involved, along with the market share and the ranks based on which they are analyzed in a proper manner.
The report has dealt with setting up meticulous strategies which are being provided by the white-glove data analysts. This report also tells about filtering minutely in an endeavor pace for carrying out relevant predictions about the market in the upcoming years. It further deals with certain interviews which have enforced primary and effective research which are even pertinent. Moreover, it gives analysis about the secondary method which gives a vivid picture of the demand and analyses well about the supply relationship. Here, this report gives core and precise data about approaches dealing with top-down and bottom-down levels. It also gives an excellent tour and huge approaches about the whole of the industry. Some of the resources which are sustainable enough such as SEV filings and white papers which have been prominently used by the data analysts for a profound period. The business enterprises reflect the extensive view about the concerned business sector. The report enriches the report and gives an edge over the peers.
|Market Size||2030: USD 7.49 Billion|
|CAGR||16.40% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Crown Holdings (The US), Polychem Corporation (The US), Teufelberger (Austria), FROMM Packaging (The US), Messersi Packaging (Italy), Dubose Strapping (The US), Auto Strap (India), and PAC Strapping (The US), Polychem Corporation (The US), Scientex Berhad(Malaysia)|
|Key Market Opportunities||
|Key Market Drivers||
The plastic straps market can thrive at 16.40% CAGR by 2030.
The plastic straps market can value at USD 7.49 Billion by 2030.
PAC Strapping (The US), Auto Strap (India), Polychem Corporation (The US), and Scientex Berhad(Malaysia) are some reputed names in the plastic straps market.
High utility of polyester straps are expected to spur the global plastic straps market expansion.
North America plastic straps market can surge due to increase in utility of fibers in the region.
The base year is recognized to be 2017. The maximum growth took place in this period. The region tried to expand its empire and take all the necessary steps for development.
A plastic strap is a type of bundling material that can also be used for banding. These straps help combine, reinforce, stabilize adequately fastening. The straps are used for strapping whereas steel strapping was earlier used for covering the heavy products.
The report analyzes the qualitative and quantitative factors involved in the market growth. It also gives importance to the economic as well as noneconomic factors that play a key role in the market. It explains the provision of the market value of each segment and sub-segments. The report highlights the geographical consumption and the rising factors that help in growth. It highlights the key players that carry out different insight techniques and analyzes the importance of the SWOT analysis. It gives details about the market dynamics scenario and also about the value chain. It gives importance to the current and the future prospectus emerging in the developing regions.