Plastic Straps Market Scope
The global plastic straps market is all set to double its current valuation of USD 1280 million (2017) and touch USD 2581.1 million by 2023, reveals Market Research Future (MRFR). The market is also on its way of achieving an astounding growth rate of 12.40% during the forecast period (2018-2023).
Primary Drivers and Key Barriers
Plastic straps can be described as bundling materials that are applied to a particular item to reinforce, combine, stabilize, hold, or fasten it. These straps are also a big hit in the packaging industry. Apart from this, plastic straps can witness substantial growth in industries like paper and cotton industries, as well as the construction industry.
The plastic straps market growth is induced by the booming packaging and logistics sector as well as the construction industry. With the surge in industrialization and commercialization in developing regions across the world, the logistics and transport requirements have risen with the need to facilitate the movement of these goods. With the aim to smoothly transport goods from the production facilities to the market place, strapping materials are the best option for fastening or holding the products. As a consequence, accelerated need to smoothen the movement of goods will stimulate the growth of the plastic straps market in the upcoming years.
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Thriving construction industry is another important factor working in favor of the market. The construction industry is progressing at a phenomenal rate, mostly in India, China, Indonesia, Saudi Arabia, and others. Plastic straps are highly popular across a number of industries because of its lightweight and low cost.
Top plastic straps market participants include
Auto Strap (India)
FROMM Packaging (The U.S.)
Polychem Corporation (The U.S.)
Crown Holdings (The U.S.)
Dubose Strapping (The U.S.)
Scientex Berhad (Malaysia)
PAC Strapping (The U.S.)
Messersi Packaging (Italy)
Polychem Corporation (The US), and others.
These companies are frequently indulging in strategic moves like acquisition, merger, new product launch, collaboration, and others to stay of the competition in the market. As a result, the competition within the market increases and leads to market growth.
Increasing demand for strapping materials from developing nations are presumed to offer a host of growth opportunities to the plastic straps market. China, and India are observing a surge in the construction and packaging industry, which is leading to high consumption of strapping materials.
The worldwide plastic straps market has been studied with respect to segments like type and end-user.
Depending on the type, the plastic straps market includes polypropylene straps, polyester straps, nylon straps, and others. The polyester straps segment currently holds the top position, and after careful analyzation of recent trends, MRFR concludes that the segment can obtain the fastest CAGR over the review period.
The end-users mentioned in the report are cotton, steel, fiber, paper, bricks & tiles, and others. Paper segment has attained the prime stop by generating maximum revenue, and is also estimated to grow at the fastest growth rate.
Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW) have been identified as the main markets for plastic straps.
APAC currently holds the chief position in the worldwide market, and as per predictions by MRFR, the region is expected to retain its supremacy even during the forecast period. The region is also estimated to garner the fastest growth rate during the given timeframe. India and China showcase the most potential, given the industrial revamping changing the ballgame for the region. On top of that, a huge number of multinational companies are making sizeable investments in the manufacturing sector of India and similar countries, thereby boosting the market demand in the region. China is also making similar strides, by concentrating on different industrial sectors and can get a hold of better share in the regional market.
North America is expected to emerge as another profitable market for plastic straps in the following years, thanks to its stronghold of several industries. High demand for electronics goods along with the surge in the construction industry and the expanding population in the region is also touted to have a profound effect on the market in the ensuing years.
Europe, however, is facing few setbacks in the form of rising eco-concern arising from the product use. The region notes stringent environmental policies that is working against the market’s growth rate.
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Table of Content
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
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