The plastic straps market was valued at US$ 1,802.47 million in 2019 and is projected to reach US$ 5,714.12 million by 2027; it is expected to grow at a CAGR of 15.7% from 2020 to 2027.
A plastic strap is a flexible flat material which helps to combine, hold, reinforce, or fasten an item. The growth of plastic straps market is driven by increasing use of plastic straps in paper, steel, and bricks & tiles industries. Plastic strapping materials are produced from polypropylene and polyester. They are available in a wide variety of styles, strengths, and finishes. Strapping can be applied either automatically with a strapping machine or manually with a hand tool. Strapping is widely used across many industries, including shipping large industrial equipment to e-commerce fulfillment centers. In the past few years, the popularity of plastic straps has been increased due to the cost-saving benefits and performance advantages plastic strapping has to offer over its competitive products.
Auto Strap India; CONSENT L.L.C; Cyklop International; DuBose Strapping, Inc.; FROMM Group; LINDER GmbH; Crown Holdings, Inc.; PAC Strapping Products, Inc.; Polychem Corporation; and Teufelberger Stralsund GmbH are among the well-established players in the plastic straps market.
COVID-19 first began in Wuhan, China, during December 2019, and since then it has spread across the globe at a fast pace. China, Italy,India, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most affected countries in terms of confirmed cases and reported deaths as of September 2020. According to the latest WHO figures, there are 30,055,710 confirmed cases and 943,433 total deaths globally. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global construction and packaging industry is one of the major industries suffering serious disruptions such as supply chain breaks and disruptions in manufacturing due to lockdown and office shutdowns as a result of this outbreak. The lockdown of various plants and factories in leading regions, such as Asia Pacific and North America, is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors are negatively impacting the global plastic straps market.
Based on end use, the plastic straps market is segmented into fiber, steel, cotton, paper, and bricks and tiles. The paper segment accounted for the largest share of the market in 2019, whereas the cotton segment is expected to register the highest CAGR during the forecast period. Cotton is non-abrasive and soft enough to make a tight grip on the buckles. Owing to the smooth, non-abrasive properties of cotton fiber, cotton is still commonly used in clothing and home furnishings. Cotton webbing belts and straps can be used in many places and industries, also. It is used for the production of straps, belts, and tie-downs. There is a growing of plastic straps for packaging containers and boxes of cotton bale for better safety of the product.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.
Contact Us:
The Insight Partners,
Phone: +1-646-491-9876
Email: sales@theinsightpartners.com