The global plastic straps market is projected to reach USD 4.9 billion by 2024, at a CAGR of 19.4 % from 2018 to 2024. The global plastic straps market is anticipated to witness an exponential growth in the market during the forecast period, owing to the increasing use of these straps in the steel, paper, and other industries. The demands of these straps are increasing due to their properties which include easy handling, high flexibility, lightweight, and others.
Insight by Type
Based on type, the plastic straps market is segmented into polyester straps, polypropylene straps, nylon straps, paper straps, and others. Of all these, the polypropylene straps segment hold the largest share in the market and anticipated to register the fastest growth during the forecast period. This can be attributed to the wide applicability of these straps in various industries due to the advantages it offer such as high tensile strength, good elongation properties, easy handling, increased flexibility, and others.
Insight by End-User
On the basis of end-user, the plastic straps market is categorized into cotton, fiber, steel, paper, bricks and tiles, and others. Among all these, the cotton segment is anticipated to witness the highest CAGR during the forecast period. They are preferred in the market due to the superior properties it provides such as high tensile strength, high corrosion resistance, easy recyclability, and others. All these properties make it the ideal choice among end-user industries and propel its market demand.
The major factors that are driving the plastic straps market growth are growing demand in major emerging markets and low-cost alternative to other material. Plastic straps are the lightweight and low-cost alternative available in the market as compared to other alternatives including steel straps. Steel straps are relatively expensive, difficult to recycle, and has sharp edges. The most common application of steel straps includes bundles of metal, steel coils, bricks and pavers, baling wire, and others. The market of steel straps has declined in the recent years due to the various factors including difficulty in recycling, which in turn is fueling the plastic straps market growth.
The major challenges identified in the plastic straps market are the fluctuating cost of raw material and environment pollution. As plastic is a very long-lived product and the production and disposal of it is contributing to an array of environmental problems, which is among a major challenges faced by the industry, that can potentially hinder the market growth.
The downstream plastic industry (conversion of polymers into plastic articles) is highly fragmented and consists of micro, small, and medium units. The players operating in the market are competing on various parameters such as innovation, performance, delivery speed, quality, reliability, supply chain capacity, and others. Moreover, the players are providing value-added services to their customers and also adapting the changing preference to achieve the competitive edge in the plastic straps market.
Globally, Asia-Pacific plastic straps market is expected to register the highest growth in the market during the forecast period. The growth can mainly be attributed to the positive economic growth due to the increasing purchasing power and increasing disposable income of the Asian countries such as China, India, Japan, and others. Also, expanding industries in the region is also leading to the growth of the plastic straps market.
Along with that, in North America, the demands of polyester straps are increasing due to its low cost and lightweight advantage, which is also boosting the market growth in the region.
GLOBAL PLASTIC STRAPS MARKET, BY REGION (2024)
Crown Holdings, Messersì Packaging, Teufelberger, Polychem Corporation, Scientex Berhad, Linder Seevetal, Mosca Direct Limited, Dubose Strapping, PAC Strapping Products, and Auto Strap India are some of the major players operating in the plastic straps industry.