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The plastic straps market size is estimated to grow at a CAGR of 14.02% between 2022 and 2027. The market size is forecast to increase by USD 1,047.69 million. The growth of the market depends on several factors, including the emergence of polyester straps as a viable option to steel strapping and the increasing demand for plastic straps in the construction and packaging industry.
This plastic straps market report extensively covers market segmentation by end-user (paper and printing, metal and steel, fiber and textile, brick and tiles, and others), type (polypropylene straps, polyester straps, and nylon and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The emergence of polyester straps as viable option to steel strapping is notably driving the market growth, although factors such as growing concerns about degradability and pollution may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Emergence of polyester straps as viable option to steel strapping is the key factor driving the growth of the global plastic straps market. The steel corrosion problem was solved with the introduction of polyester straps. Steel straps were used to wrap objects before polyester straps were introduced to the global market. Steel corrodes easily, which leads to quality deterioration of the package. The logistics industry and other related businesses were also affected.
As a result, there was a desire for alternate strapping options that were light and soft. As a result, the usage of polyester straps as a suitable alternative to steel strapping has increased. This will augment the growth of the global plastic straps market during the forecast period.
The emergence of bioplastics is the primary trend in the global plastic straps market growth. The demand for biodegradable plastic products in industrial and consumer goods applications, especially in the packaging industry, is growing rapidly. Bio-based plastics are made from biodegradable substrates used in bio-based plastic belts, expanding the range of plastic belts in the industrial and consumer sectors. Growing needs for waste management are also boosting the bio-based plastics industry. Therefore, the emergence of bio-based renewable raw materials in emerging markets is expected to increase its potential applications.
Moreover, the use of bio-based plastics over petroleum-based resins leads to a significant reduction in emissions and overall carbon footprint. Eco-friendly initiatives by corporates and an abundance of raw materials for manufacturing bioplastics have also increased biodegradable packaging. Plastic straps are used in a wide range of end-user industries, such as fiber and textile, paper and printing, and electronics. Thus, growing environmental concerns and the emergence of bio-based plastics are expected to boost the growth of the market during the forecast period.
Growing concerns about degradability and pollution is a major challenge to the growth of the global plastic straps market. The degradability of plastic is a primary environmental concern. Since plastic straps do not break down and degrade easily. Hence, these wastes remain in the environment for many years. Careless dumping and disposal of plastics increase plastic waste volume and are harmful to the environment and marine life.
Moreover, the governments of various countries and many health and environmental agencies are prohibiting the use of plastic products amid increasing environmental concerns. Governments are imposing bans on the use of plastics and their derivatives. The governments of India, Italy, and Argentina are encouraging industries to replace plastic products with biodegradable products. Therefore, rising concerns about pollution due to the use of plastics are likely to hinder the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Plastic Straps Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Auto Strap India: The company offers plastic strap solutions such as PETROCK, a new environment protective superior strapping solution with high tensile quality and attributes to substitute Steel Strap and Nylon Strap. Also, under this segment, the company is involved in offering polypropylene for fully and semi-automatic heat sealing and friction sealing machines, nylon straps for all applications and petrock pet polyester strap for heavy-duty packaging.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the paper and printing segment will be significant during the forecast period. Bundled and palletized paper products are heavy and require straps that can handle the load weight requirements. The heavy-duty polyester strapping is ideal for paper bundling, packaging, and palletizing, as its high breaking strength and stress resistance keep strapped products stable and secure. Polyester tape can be applied by hand using hand tools, power tools, and automated machines.
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The paper and printing segment was valued at USD 242.87 million in 2017 and continue to grow by 2021. Strapping is as important in the printing industry as it is in the paper industry. There are many ways to safely secure and hold printed products. However, plastic straps are affordable and possess high tensile strength with efficient elongation properties. Thus, the availability of various printed plastic straps will drive the growth of the paper and printed segment in the global plastic straps market during the forecast period.
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APAC is estimated to contribute 28% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In the logistics industry, plastic straps are used by various manufacturers for the shipment of various products. The transportation sector is highly competitive in North America. Thus, the growth of this vital sector in a highly developed region of the world bodes well for the use of the plastic straps market in this region. Even companies are focusing on better packaging of the goods. Such factors will increase the market growth in this region during the forecast period.
In 2020, the COVID-19 pandemic severely affected the economies of various countries in North America. However, in the first half of 2021, several countries lifted lockdowns and resumed their production and manufacturing activities, owing to the initiation of large-scale vaccination drives across the region. This has increased the demand for plastic straps in the region. In addition, the resumption of construction projects at a faster pace is expected to witness an accelerating growth momentum of the regional market during the forecast period.
The plastic straps market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global plastic straps market as a part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Plastic Straps Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.02% |
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Market growth 2023-2027 |
USD 1,047.69 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
13.5 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 28% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Auto Strap India, CORDSTRAP BV, Crown Holdings Inc., Cyklop International, DuBose Strapping Inc., Duravant LLC, HANGZHOU YOUNGSUN INTELLIGENT EQUIPMENT CO. LTD., LINDER GmbH, Mitsubishi Chemical Group Corp., Mosca GmbH, PAC Strapping Products Inc., Plastex Extruders Ltd., Ruparel Polystrap Pvt. Ltd., S.K. INDUSTRIES INDORE, Samuel Son and Co. Ltd., Scientex Berhad, StraPack Corp., and Teufelberger Holding AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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