Reduction of cost always hogs the light in industrial sectors. The plastic straps market is taking advantage of this notion and is gaining considerable ground. Plastic straps can be used multiple times which can bring down the cost of packaging. The global plastic straps market is eyeing for a doubling of its present valuation set at USD 1280 million (2017) and reach USD 2581.1 million by 2023 with an astounding CAGR of 12.40% during the forecast period (2018-2023), reveals Market Research Future (MRFR). The report further has its fingertips on a detailed segmental analysis and drivers that can impact the plastic straps market significantly and take it ahead.
Plastic straps have an advantage over the metal straps in terms of weight and cost. Plastic straps are available at a cost-friendly rate and are reusable, and its light-weight can reduce the total weight of the packaged product from which logistics can benefit significantly. Furthermore, emerging nations such as India and China, with their tremendous industrial growth are setting a wider field for the plastic straps market to explore and profit.
However, it has its negative consequences as well. Plastic straps are not eco-friendly which can significantly impact the plastic straps market during the forecast period. But bio-based plastics can be a potential option as they can certainly denounce the threats posed by growing eco-awareness.
The global plastic straps market is segmented by type and end-user.
By type, the plastic straps market can be segmented into polyester straps, polypropylene straps, nylon straps, and others. Based on end-user, the plastic straps market can be segmented into steel, cotton, paper, fiber, bricks & tiles, and others.
Region-specific analysis of the global plastic straps market encompasses North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is, at present, dominating the market by a considerable margin. The region has immense potential to retain the same position in the coming years as well as it can Achieve the fastest CAGR during the forecast period. Emerging nations such as China and India are spurring the demand for plastic straps as growing industries are increasing their demand for the product to cut down the logistics cost and profit more.
Prominent plastic straps market influencers are 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) and others.
The report has its roots firmly set in meticulous strategies provided by the white-glove data analysts of Market Research Future (MRFR). These strategies involve gathering of information by expert analysts only to have them analyzed and filtered minutely in an endeavor to provide relevant predictions about the market in the coming years. It further incorporates interviews with chief market influencers which makes the primary research pertinent and effective. The secondary method gives a clear peek into the demand and supply relationship. The method has at its core precise data analysis; the emphasis is on top-down and bottom-up approaches which gives an excellent tour of the entire industry. In addition, sustainable sources such as annual reports, SEC filings, and white papers have been used by MRFR data analysts for a profound cognizance of the pertinent product in a bid to discuss the market factors. The enterprise reflects an intent to render an extensive view of the concerned sector by having it judged against immaculate parameters. The valuable inputs enrich the report and provide an edge over the peers.
Global Plastic Straps Market by Type
Global Plastic Straps Market by End-users
Global Plastic Straps Market by Region
Frequently Asked Questions (FAQ) :
The plastic straps market can thrive at 12.40% CAGR by 2023.
The plastic straps market can value at USD D 2581.1 Mn by 2023.
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.