New York, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Growing e-commerce market, the advancement of Bio-Based Plastics and cost-effectiveness and lightweight of this strap as compared to other strapping materials have resulted in boosting the plastic straps market.
The global plastic straps market is forecast to reach USD 3.88 Billion by 2026, according to a new report by Reports and Data. This type of straps is known for its enhanced flexibility, higher strength, and ease of handling as compared to other kinds of straps. Significant growth is projected to be observed by the market. One of the mentionable factors, spurring market growth, is the presence of traits as mentioned earlier of this strap, which has resulted in its increased use and popularity among end-users. Furthermore, as compared to other types of straps, it is highly water-resistant, which results in an enhanced protection of the bundled or packaged goods. The mentioned traits has also resulted in its elevated preference among end-users.
Another major contributing factor supporting the growth of the market is the availability of the strap in wide variants of strapping and bundling materials like Polyester strap and Polypropylene strap. The rising awareness about the need for using environment-friendly products and the need to minimize pollution has resulted in changing the preference of end-users. To meet the changing choice of customers, bio-based plastics have been developed. Development of this plastic are opening up new avenues for the operation of the manufacturers of this strap. The expansion of the construction industry is also acting as an opportunity for the growth of the market. As an instance, substantial investments have been made on Jeddah Economic City by the Saudi Arabian government. Increasing investments in infrastructural projects and construction would elevate the demand for this strap. In context to region, North America occupies a considerable market share. The growth of the logistics and manufacturing industries, the well-established electronics sector contributes to the growth of the market in this region.
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Further key findings from the report suggest
- The plastic straps market held a market share of USD 1.28 Billion in the year 2018. It is projected to witness a growth rate of 13.5% during the forecast period.
- In regards to Product type, the Polypropylene Straps segment is leading the market that generated the highest revenue of USD 0.54 Billion in 2018, with the fastest CAGR of 14.0% during the forecast period. Factors like its cost-effectiveness, and availability in different thickness, and widths, which has resulted in its extensive use among end-users that results in the revenue generated by the Polypropylene Straps
- In regards to Joining Methods, the Melting segment yielded the highest revenue of USD 0.59 Billion in 2018 with the fastest growth rate of 14.1% during the forecast period. Its extensive use among manufacturers, because of the ease of this method and its cost-effectiveness results in the revenue generated by the Melting segment.
- In the context of Application, the Strapping & Bundling segment holds the largest market share of 48.0% in 2018, with the fastest growth rate of 14.0% during the forecast period. The market share occupied by the Strapping & Bundling segment is attributed to the high demand of this strap in the paper industry wherein, it is mostly used for bundling and strapping the end products.
- In regards to region, Europe holds the third-largest markets share of 23.0% in 2018 with the growth rate of 13.6% during the forecast period. Factors like the presence of well-established electronics industry, and expanding construction sector contribute to the market share occupied by this region.
- Key participants include Fromm Packaging Systems, Crown Holdings, Teufelberger, Polychem Corporation, Messersì Packaging, Mosca Direct Limited, Scientex Berhad, PAC Strapping Products, Dubose Strapping, and Linder Seevetal.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global plastic straps market according to Product Type, Joining Methods, Application, End-user, and Region:
Product Type Outlook (Volume, Million Meters; Revenue, USD Billion; 2016-2026)
- Polypropylene Straps
- Polyester Straps
- Nylon Straps
- Others
Joining Methods type Outlook (Volume, Million Meters; Revenue, USD Billion; 2016-2026)
- Melting
- Friction
- Manually
Application Type Outlook (Volume, Million Meters; Revenue, USD Billion; 2016-2026)
- Strapping & Bundling
- Carton Sealing
- Others
End-user Type Outlook (Volume, Million Meters; Revenue, USD Billion; 2016-2026)
- Industrial Logistics & Warehouse
- Food & Beverage
- Corrugated Cardboard
- Paper
- Building & Construction
- Metal
- Others
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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