Market Overview
Plastic straps are basically the bundling materials which is applied over a specific item in order to combine, reinforce, hold, stabilize, or fasten it. These straps are also commonly referred to as strapping which is used in the packaging industry. Plastic straps are expected to witness significant growth from its application areas including paper and cotton industries, and construction industry.
The global plastic straps market is segmented by type, end-use industries, and geography. On the basis of type, the market is categorized into polyester, polypropylene, nylon, and others. During the historical period, polypropylene was the leading segment in the plastic straps market. The high demand for these straps can be attributed to its wide range of applications in various end-use industries owing to its higher strength, greater flexibility, better elongation properties, and ease of handling. Moreover, the extensive usage of propylene-based straps in packaging industry is also expected to drive the demand for these straps over the coming years.
Based on end-use industries, the plastic straps market is categorized into steel, cotton, paper, fiber, bricks and tiles, and others. Among all the end-use industries, paper was the one of leading segment in the plastic straps market during the historical period. Owing to the rise in demand for consumer electronics, medical devices and pharmaceutical products, the demand for strapping material is rising, thus prompting the growth of plastic straps market.
Market Dynamics
Growth drivers
The major growth drivers identified in the plastic straps market is the growing packaging and logistic sector and expanding construction industry. With the growing industrialization and commercialized in developing parts of the world, there has been a rapid rise in the logistics and transport requirements in order to facilitate the movement of these goods. In order to effectively transport the goods from production facilities to the market places, strapping materials are widely used for fastening or holding the products. As result, the growing need to facilitate the movement of goods will boost the plastic straps market over the coming years.
Expanding construction industry is another key growth factor for the plastic straps market. The construction industry in the world is witnessing rapid rise, particularly in countries such as China, India, Saudi Arabia, Indonesia, and others. The arising need for strapping materials in order to facilitate the movement of goods and raw materials to the construction sites is expected to encourage the growth of plastic straps market during the forecast period.
Restraints
One of the major restraint in the plastic straps market include susceptibility of these straps to environmental factors. These straps, being non-biodegradable in nature has negative environmental implications. Improper handling and disposal of these straps post its usage can result in plastic generated waste, which in turn, will have severe environmental consequences including land pollution. Due to this, environmental conscious regions are witnessing lower growth for plastic straps market.
Opportunities
Growing demand for strapping materials from emerging economies are expected to offer growth opportunities for plastic straps market. Countries such as China, and India are witnessing rapid rise in the construction and packaging industry. This is resulting in enhanced consumption of the strapping materials needed for holding and reinforcing various goods and packaged materials. As a result, emerging countries offers huge growth opportunities for plastic straps market in the coming years.
Insights by geography
APAC is expected to account for highest share in the plastic straps market during the forecast period. This is attributed to the increasing demand for strapping materials for holding and reinforcing various goods and raw materials from growing transportation and packaging industries in large number of APAC nations.
Competitive Landscape
Some of the major players operating in the global plastic straps market are Crown Holdings, Inc., Polychem Corporation, Teufelberger Holding AG, FROMM Group, Messersì Packaging S.r.l., DuBose Strapping, PAC Strapping Products, Inc., Auto Strap India, and LINDER GmbH, and Cyklop Nederland BV.
