The global plastic straps market was valued at USD 1,378.5 million in 2018 and is expected to reach USD 3,789.5 million in 2026, growing at a CAGR of 13.5% during the forecast period.
Plastic straps are mainly used to hold the specific item in order to combine, reinforce, hold, stabilize, or fasten it. The plastic straps are aimed to transfer of goods without any damage from manufacturing facilities to end-users. Plastic straps are mainly used in various end user industries including paper, steel, bricks & tiles, fiber, cotton, and others. to generate possibilities for producers in the worldwide economy over the forecast period. However, volatile prices of raw materials, stringent government regulations regarding environmental pollution and waste management are expected to hamper the growth of the global plastic straps market in the coming years.
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The polypropylene segment expected to dominate the market throughout the forecast period
Based on type, the global plastic straps market has been segmented into polypropylene straps, polyester straps, nylon straps, and others.
The polypropylene segment accounted for approximately 24% of the share in the global plastic straps market in 2018. While polyester straps accounted highest CAGR of around 14.12% in the global plastic straps market during the forecast period. Polyester straps are commonly used in multiple end-user sectors due to elevated tensile strength, enhanced flexibility, ease of handling and outstanding elongation characteristics. These advantages are anticipated to increase demand and sales for Polyester straps on the worldwide market in both advanced and developing economies.
Based on end-use industry, the beverage segment is expected to dominate during the forecast period
Based on end-use industry, the market has been segmented into paper, steel, bricks & tiles, fiber, cotton, and others.
The paper end-use industry segment accounts of the largest share in the market and held for more than 50% of the total market in 2018. The major factors that are driving the growth of this segment are the rising demand for plastic straps in logistic, packaging, and construction industries. The increase in demand for consumer electronics, medical devices and pharmaceutical products is a key factor in the development of the paper industry. This is anticipated to increase the dominance of the document in the worldwide economy over the forecast period.
The manufacturers Crown Holdings, Messersì Packaging, and Mosca Direct Limited are the mainly investing in the development of plastic straps for the paper industries, which expected the lead the market in the coming years.Asia-Pacific to dominate the plastic straps market throughout the forecast period Asia-Pacific accounted for nearly 43% share of the global plastic straps market in 2018 and is expected to dominate the market throughout the forecast period.
The rapid development in urbanization, the development of the construction industry and the increase in demand for electronic products and the increase in purchasing power and disposable income are the main driving factors for the region on the worldwide market.
Moreover, the high growth of manufacturing industries and growing foreign direct investment, and growing end user industries increases its dominance in the global plastic straps market in future. North America is expected to hold the highest CAGR in the global market during the forecast period. Manufacturers are investing in the development of plastic strips and the growing demand for smart packaging is expected to increase the market growth in the global market for plastic straps during the forecast period.
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Company Profiles and Competitive Intelligence:
The major players operating in the global plastic straps market are
· Polychem Corporation (US),
· Crown Holdings (US),
· FROMM Packaging (US),
· Teufelberger (Austria),
· Messersi Packaging (Italy),
· Dubose Strapping (US),
· Auto Strap (India),
· PAC Strapping (US),
· Linder Seevetal (Germany),
· Scientex Berhad (Malaysia)
· among others.
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