New York, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Plastic Straps Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Plastic Straps Market Research by Type (Polyester Straps, Polypropylene Straps, Nylon Straps, and Others), by End-Use (Steel, Cotton, Paper, Fiber, Bricks & Tiles and Others) and Region - Forecast to 2030”, the market is eyeing for a doubling of its present valuation set at USD 2.4 Billion (2021) and is expected to reach USD 7.49 Billion by 2030 with an astounding CAGR of 16.40% during the forecast period (2022-2030).
List of the companies profiled in the global Plastic Straps Market research report are –
- Crown Holdings (US)
- Teufelberger (Austria)
- Polychem Corporation (US)
- FROMM Packaging (US)
- Dubose Strapping (US)
- Messersi Packaging (Italy)
- Auto Strap (India)
- Polychem Corporation (US)
- PAC Strapping (US), and
- Scientex Berhad(Malaysia)
- Among others.
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Competitive Analysis
The plastic strap market witnesses several strategic initiatives, such as mergers & acquisitions, collaborations, expansions, and product/ technology launches. Key market players make investments in research and development activities and foster their expansion plans.
With consumer demand for plastic straps on the rise, manufacturers plan to design innovative solutions that can offer solutions for a range of applications. Manufacturers emphasize new product development initiatives and geographical expansion. They compete on price and brand reinforcement.
For instance, on June 07, 2021, D'Addario launched an environmentally sustainable line of eco-comfort guitar straps. New straps are made using recycled materials, including plastic and pre-consumer waste and colored using eco-friendly E.Dye.
In another instance, on Oct. 20, 2021, Singode launched SGP strapping machine series at PACK EXPO in Las Vegas. Signode's new strapping machines are designed to maximize productivity, simulating a pressurized wash-down environment. The SGP automatic machine features a close strap arch system, and it utilizes an automatic strap feeder and automatic strap end ejection for cycles without product
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Emergence of Bioplastic Impacts the Market Growth Positively
The plastic strap market is growing promisingly, witnessing the continually increasing demand. The accelerating growth in various sectors such as manufacturing, construction, and air & cargo, drives the plastic straps demand. Besides, the spurring rise in the air and military transport industry seeing even more growth on the horizon boosts the market size. Rapid industrialization worldwide is a key driving force behind the growth of the market.
Increasing numbers of airports worldwide are growth indicators for the rise in air-cargo businesses. Moreover, the e-commerce industry is fuelling cargo businesses substantially. The majority of plastic straps are produced from polypropylene resin. Hence, they have an advantage over metal straps in terms of weight and cost. With huge freighters flying around the clock, the demand for plastic straps would increase too.
According to Market Research Future (MRFR), the global plastic strap market is eyeing for a doubling of its present valuation set at USD 2.4 Billion (2021) and is expected to reach USD 7.49 Billion by 2030 with an astounding CAGR of 16.40% during the forecast period (2022-2030). Plastic straps are reusable, economical, and lightweight, reducing the total weight of the packaged product, benefiting the logistics industry significantly.
Cost reduction is a paramount concern in industrial sectors. Tremendous industrial growth is setting a wider scope for the plastic straps market to explore and profit. Resultantly, plastic straps are gaining considerable ground to flourish. Biodegradable straps can be a potential option that would new opportunities for the market. The emergence of bio-plastic can undoubtedly eliminate the eco-threats posed by plastic.
COVID-19 Impact:
The onset of the COVID-19 pandemic hit the plastic strap industry severely. Although the market demand was significant amid the pandemic-driven crises, logistics/shippers, re-packers, and retail industries faced huge revenue losses. Additionally, the lockdown mandates disrupted the production of several key raw materials required to manufacture plastic straps, resulting in spiked prices and lowered market demand.
However, the good news is that the market is rapidly returning to normalcy, witnessing a steadily increasing demand. Moreover, the rising consumption of plastic straps in packaging, alongside the increased production activities and demand for storage and distribution applications, would offer robust market opportunities. The market is expected to pick up and grow exponentially further in 2021 and beyond.
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Segmentation
The market is segmented into types, end-users, and regions. Of these, the type segment is bifurcated into polyester straps, polypropylene straps, nylon straps, and others. Similarly, the end-user segment is bifurcated into steel, cotton, paper, fiber, bricks & tiles, and others. The region segment is bifurcated into the Asia Pacific, Americas, MEA, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global plastic straps market. Rapidly growing end-user industries in the region create vast market demand. Rapidly developing economies such as India and China, backed by rapid industrialization, boost the market size in the region. Besides, the demand from various end-user industries such as cargo, packaging, and consumer goods industry substantiates the region's market shares.
Augmenting demand for plastic straps from the packaging industry, particularly in India, Taiwan, and South Korea, allows the region to garner significant market value. China accounts for the major plastic straps market in the region, followed by Japan and India. The North American plastic straps market is estimated to retain its dominance throughout the predicted period with a considerable margin.
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North America is another notable market for plastic straps globally. The region follows the APAC region closely in terms of increasing consumption of plastic straps across the industries. Europe accounts for the third-largest market for plastic straps. Latin America and the Middle East are also witnessing rapid growth in the plastic straps market due to various applications, such as construction, packaging, consumer goods, and pharmaceuticals.
Report Scope:
| Report Attribute/Metric | Details |
| Market Size | 2030: USD 7.49 Billion |
| CAGR | 16.40% CAGR (2022-2030) |
| Base Year | 2021 |
| 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 | · Growing eco-awareness · New product launches and R&D amongst major key players |
| Key Market Drivers | · Available at a cost-friendly rate and are reusable · Its light-weight can reduce the total weight of the packaged product |
Segmentation of Market covered in the research:
Plastic Straps Market Research by Type (Polyester Straps, Polypropylene Straps, Nylon Straps, and Others), by End-Use (Steel, Cotton, Paper, Fiber, Bricks & Tiles and Others) and Region - Forecast to 2030
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