Market Overview
In the research report, Market Research Future (MRFR), highlights that the global plastic straps market 2020 is slated to grow exponentially over the review period, securing a significant market valuation from USD 1280 million (2017) to USD 2581.1 million by 2023, and a healthy 12.40% CAGR over the review period.
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Drivers and Restraints
Use of plastic straps is increasing due to its lightweight and low cost. Reduction of cost always hogs the light in industrial sectors. The demand for plastic straps exploits this notion and is gaining considerable ground. Plastic belts can be used many times to reduce shipping costs. As regards weight and expense, plastic straps have an advantage over the metal straps. Plastic straps are available at a cost-friendly rate and can be reused, so their light weight can minimize the overall weight of the packed product from which logistics will greatly benefit. In addition, emerging nations like India and China, with their tremendous industrial growth, are setting a wider field for exploring and profiting on the plastic straps market.
And it also has its negative implications. Plastic straps are not environmentally friendly which can dramatically impact the demand for plastic straps over the forecast era. Yet bio-based plastics may be a possible alternative because they will certainly denounce the risks presented by through eco-consciousness. Growth in the logistics, packaging, and construction industries is expected to drive the demand for plastic belts.
Segmentation
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. Polyester straps are expected to lead the market owing to being safe and lighter than steel straps. Its flexible nature allows the material to bear the load and absorb impact. On the flip side, the polypropylene straps segment can acquire significant earnings for the global plastic straps market owing to its flexibility, high tensile strength, and ease of handling.
Based on end-user, the plastic straps market can be segmented into steel, cotton, paper, fiber, bricks & tiles, and others. The paper industry can be a huge revenue generator for the market owing to plastic straps being able to handle large loads of paper. Its high break strength and tension retention for keeping paper goods secure and superior shock resistance can drive the segment growth.
Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
The APAC area currently dominates the market and the situation will remain the same over the forecast period, as the predictions indicate. At the same time the APAC can also reach the fastest CAGR. China and India, two vastly potential emerging nations, and industrial revamping, will change the ball game for regional market development.
North America, too, is expected to make significant business gains. The area can be considered a stronghold for many industries that will be able to drive the demand for plastic straps in coming years. However, with increasing eco-concern regarding the drug, the European market anticipates some setbacks. The region has strict policies on the environment which can deter development. Other countries like Egypt, Brazil and Argentina are showing considerable business opportunities with their industries heading to a new dawn.
Competitive Synopsis
The major market players operating in the global market as identified by MRFR are Polychem Corporation (The US), Crown Holdings (The US), Teufelberger (Austria), FROMM Packaging (The US), Dubose Strapping (The US), Messersi Packaging (Italy), Auto Strap (India), Polychem Corporation (The US),and PAC Strapping (The US), Scientex Berhad(Malaysia) and others.
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