Plastic Straps Market Insights

Market Research Future has examined the global plastic straps market for the forecast period from 2018 to 2023. Calculation suggests that the global plastic straps market is on track to witness growth at a CAGR of 12.40% during the review period. Valued at USD 1280 Mn and will likely grow to reach an approximate market value of USD 2581.1 Mn by the end of 2023. Plastic straps are used widely in all manners of applications across the globe. Albeit a small product, they are ubiquitous and easy to find.

The reusable nature of plastic straps has been able to reduce the overall cost of packaging which is a key driver for the impending growth of the global market. Plastic straps when compared to metal straps are more lightweight, cheaper to produce and reusable, thus driving the adoption of plastic straps over alternatives. The lightweight nature of plastic straps makes them ideal for packaging products as it reduces the overall package weight. Emerging economies promise high market growth due to the presence of a rapidly expanding industrial sector. Tremendous industrial growth has been observed in emerging economies of the Asia Pacific region.

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Notably, there is some skepticism attached to the use of plastic straps due to the growing demand for eco-friendly alternatives to plastic. governments are encouraging consumers and businesses to eschew plastic in favor of bio-based materials. This has resulted in high demand for bio-based plastics as they mitigate the challenge faced by the market.

Key Players

MRFR has extensively studied the market players participating in the global plastic straps market. Leading players whose competitive strategies have been studied include Auto Strap (India), FROMM Packaging (US), Crown Holdings (US), Teufelberger (Austria), Polychem Corporation (US), Dubose Strapping (US), Scientex Berhad(Malaysia), Messersi Packaging (Italy), Polychem Corporation (US), and PAC Strapping (US).

Market Segmentation

The global plastic straps market has been segmented in MRFR's market report to properly divide the market into its key parts. Segmentation of the market has been performed on the basis of type, end-user, and region. Types of plastic strap have been segmented into nylon straps, polypropylene straps, polyester straps, and others.

End-users of plastic straps have been segmented into steel, cotton, paper, fiber, bricks & tiles, and others.

Regions that have been covered in the report include Europe, North America, Asia Pacific and the Rest of the World.

Regional Analysis

The Asia Pacific market is dominating the global plastic straps market with a significant share. The regions immense economic potential and the fact that it is growing at the highest CAGR during the assessment period is expected to keep the APAC plastic straps market in a top level position. The region has several emerging economies that are attracting major market players as the regions industrial sector is globally significant and expanding at a rapid growth rate. With manufacturing in the APAC being comparatively cheaper with the easy availability of labour, the market for plastic straps in the region is expected to expand considerably. Moreover, the regions consumption pattern for end-use prodcuts has shifted considerably. The demand for consumer products has grown distinctly in the last decade or so due to the increased buying power of consumers living emerging economies of the APAC.

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