The scope of our recent study on the “Plastic Straps Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Type (Polyester Straps, Polypropylene Straps, Nylon Straps, Paper Straps, Composite Straps, and Corded and Woven Straps) and End Use (Fiber, Steel, Cotton, Paper, Bricks and Tiles, and Others),” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The global plastic straps market was valued at US$ 1,802.47 million in 2019 and is projected to reach US$ 5,714.12 million by 2027; it is expected to grow at a CAGR of 15.7% from 2020 to 2027. A plastic strap is a flexible flat material which helps to combine, hold, reinforce, or fasten an item. The growth of plastic straps market is driven by the increasing use of plastic straps in the paper, steel, and bricks & tiles industries. Plastic strapping materials are produced from polypropylene, polyester, and are available in a wide variety of styles, strengths, and finishes. Strapping can be applied either automatically with a strapping machine or manually with a hand tool. Strapping is widely used across many industries, including shipping large industrial equipment to e-commerce fulfillment centers. Different products of strapping material are available with specific classifications and grades. In the last several years, the popularity of plastic straps has been increased over many other packaging options due to the cost saving benefits and performance advantages plastic strapping has to offer over its competitive products.
In terms of end use, the plastic straps market is categorized into fiber, steel, cotton, paper, bricks and tiles, and others. In 2019, the paper segment dominated the market. The demand for plastic straps is continuously increasing with the growth of consumer electronic industry. For convenient handling and shipping of newspapers, plastic straps are used for bundling items. Also, growing demand for plastic straps in the paper industry is likely to propel the market's growth in the next few years. The extensive use of newspaper and graphics in emerging economies with the increased production and distribution of various magazines and print advertising is further proliferating the use of plastic straps. Newspapers and magazines are also used in the packaging industry, which would consequently increase the uptake of paper strapping materials in the application section of newspapers and graphics. Such factors have driven the demand for plastic straps in paper end-use bases.
Demand for plastic straps in developing countries is expected to grow due to the presence of leading strap manufacturers, such as Auto Strap India, Teufelberger Stralsund GmbH, Cyklop International, and FROMM Group, which are focused on research and development activities. Increasing infrastructure demand in the evolving economies of the Middle East & Africa and Asia Pacific on account of developing road infrastructure, increasing per capita ownership of houses, and rising spending capacity is expected to affect the construction sector in the region, which, in turn, would drive the demand for plastic straps. Furthermore, the packaging industry in the US is anticipated to showcase a noteworthy growth with respect to the increased binding of products in domestic as well as exports to international markets.
Impact of COVID-19 Pandemic on Plastic Straps Market
COVID-19 first began in Wuhan, China, during December 2019, and since then it has spread across the globe at a fast pace. China, Italy, India, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most affected countries in terms of confirmed cases and reported deaths as of June 2020. According to the latest WHO figures, there are 30,055,710 confirmed cases and 943,433 total deaths globally. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global construction and packaging industry is one of the major industries suffering serious disruptions such as supply chain breaks, disruptions in manufacturing due to lockdown and office shutdowns as a result of this outbreak. For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries. The lockdown of various plants and factories in leading regions such as Asia Pacific and North America is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors have greatly affected the global plastic strap market.
The report includes the segmentation of the global plastic straps market as follows:
Global Plastic Straps Market, by Type
- Polyester Straps
- Polypropylene Straps
- Nylon Straps
- Paper Straps
- Composite Straps
- Corded and Woven Straps
Global Plastic Straps Market, by End Use
- Fiber
- Steel
- Cotton
- Paper
- Bricks and Tiles
- Others
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