The global plastic straps market is predicted to grow at 19.4% CAGR during the forecast period with the market size reaching USD 4.9 billion by 2024. The market is driven by the factors such as growing demand in emerging markets across globe, low-cost alternative to other material, and increasing demand from steel, paper, and other industries. Different types of plastic straps such as polyester straps, propylene straps, and nylon straps majorly contribute to the global market size. These straps have high flexibility; are easy to handle; and are lightweight, which makes them preferred option in comparison to their alternatives.
Alternatives such as steel straps are expensive, heavy and difficult to recycle, which has to a decline in the steel straps market growth. This offers immense growth opportunities for the plastic strap market growth in the coming years. However, environmental concerns regarding the use of plastic straps and fluctuating raw material prices are hindering the growth of the market to an extent.
Based on type, the plastic straps market is segmented into polyester straps, polypropylene straps, nylon straps, paper straps, and others. Of all the products, the polypropylene straps account for the largest share in the market. The category is also predicted to grow at the highest growth during the forecast period due to the large application areas of these straps in various industries. These straps offer the advantages such as good elongation properties, high tensile strength, increased flexibility, easy handling, and others.
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The different end uses in plastic straps market include cotton, fiber, steel, paper, bricks and tiles, and others. Among all these, the demand for these straps is cotton segment is anticipated to witness the highest CAGR during the forecast period, owing to the beneficial 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.
Asia-Pacific accounted for the major share in the plastic straps industry in 2017, globally as the positive economic growth due to the increasing purchasing power and increasing disposable income of the Asian countries such as China, India, Philippines, and others. Also, high growth of different end se industries in the region offers ample opportunities for the industry players to generate significant revenue in the coming years. Moreover, North America is observed to witness the significant growth in the plastic straps market, owing to the several benefits of these straps such as low cost, flexibility and its light weight.
Key players offering products in the plastic straps industry are Crown Holdings, Messersì Packaging, Teufelberger, Polychem Corporation, Scientex Berhad, Linder Seevetal, Mosca Direct Limited, Dubose Strapping, PAC Strapping Products, and Auto Strap India.
Global Plastic Straps Market Coverage
Type Insight and Forecast 2014 - 2024
End-User Insight and Forecast 2014 - 2024
Plastic Straps Market by Region
Middle East & Africa (MEA)