May 4, 2020

Plastic Straps Market Overview, Challenges, Opportunities, Trends and Analysis By 2023

Plastic Straps Market Overview

The global plastic straps market is eyeing for a doubling of its present valuation set at USD 1280 million (2017) and reach USD 2581.1 million by 2023 with an astounding CAGR of 12.40% during the forecast period (2018-2023), reveals Market Research Future (MRFR).

However, it has its negative consequences as well. Plastic straps are not eco-friendly which can significantly impact the plastic straps market during the forecast period. But bio-based plastics can be a potential option as they can certainly denounce the threats posed by growing eco-awareness.

Key Competitors

Prominent Plastic Straps Market influencers are 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) and others.

Segmental Analysis

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.

Based on end-user, the plastic straps market can be segmented into steel, cotton, paper, fiber, bricks & tiles, and others.

Regional Analysis

Region-specific analysis of the global plastic straps market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

The APAC region is currently dominating the market, and as the predictions suggest, the situation is going to remain the same during the forecast period. The APAC can also achieve the fastest CAGR during the same period. China and India, two emerging nations with vast potentials and industrial revamping, can change the ballgame for the regional market growth.

North America is also expected to profit substantially from the market. The region can be deemed as a stronghold for several industries which can drive the plastic straps market in coming years. However, Europe’s market is anticipating some setbacks with growing eco-concern regarding the product. The region has strict environmental policies which can deter the growth rate. Other countries, such as Egypt, Brazil, and Argentina are showing significant market prospect with their industries getting set for a new dawn.

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