$3.68 Billion Plastic Straps (Polyester Straps, Polypropylene Straps, Nylon Straps, Paper Straps, Composite Straps, Corded and Woven Straps) Market - Global Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 19, 2018--The “Plastic Straps Market by Type (Polyester Straps, Polypropylene Straps, Nylon Straps, Paper Straps, Composite Straps, Corded and Woven Straps), End-Use Industry (Fiber, Steel, Cotton, Paper, Bricks & Tiles), and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The increased use of plastic straps in the steel and paper industries due to their lightweight and low-costs is fueling the growth of the plastic straps market across the globe.
The plastic straps market is projected to grow from USD 1.55 billion in 2018 to USD 3.68 billion by 2023, at a CAGR of 18.8% from 2018 to 2023.
The increased use of plastic straps in various industries due to their lightweight and low-costs is leading to the growth of the plastic straps market across the globe. Moreover, the rising demand for plastic straps from major markets such as India and China is also fueling the growth of the plastic straps market. However, environmental pollution caused by the use of plastic straps and inadequate measures for their waste management are expected to hamper the consumption of plastic straps across the globe.
Among types, the polypropylene straps segment is projected to lead the plastic straps market from 2018 to 2023 in terms of both, value and volume.
The polypropylene straps type segment is projected to lead the plastic straps market during the forecast period in terms of both, value and volume. The growth of this segment of the market can be attributed to the wide applicability of polypropylene straps in various industries such as steel, paper, and fiber as these straps offer high tensile resistance, improved flexibility, and excellent corrosion resistance.
Among end-use industries, the paper segment is projected to lead the plastic straps market from 2018 to 2023, in terms of value.
The paper end-use industry segment is projected to lead the plastic straps market during the forecast period, in terms of value. Plastic straps are used for bundling items such as newspapers together for their convenient handling and shipment. Thus, the paper end-use industry segment of the plastic straps market is expected to witness continuous and sturdy growth during the forecast period.
In terms of value, the Asia Pacific region is projected to lead the plastic straps market from 2018 to 2023.
The Asia Pacific region is projected to lead the plastic straps market during the forecast period, in terms of value. The continuously rising middle-class of the Asia Pacific region and their increasing purchasing power and disposable income have led to the growth of the paper, steel, and bricks & tiles industries in the region. This, in turn, has led to the increased demand for plastic straps from these industries, thereby fueling the growth of the Asia Pacific plastic straps market. Moreover, a number of multinational companies are also investing in the manufacturing sector of the region, which is leading to the growth of the plastic straps market in the region.
The key companies profiled in this market research report include Crown Holdings (US), Polychem Corporation (US), Teufelberger (Austria), FROMM Packaging (US), Messersi Packaging (Italy), Dubose Strapping (US), Auto Strap (India), and PAC Strapping (US).
DriversLightweight and Low-Cost Alternative to Other Materials Rising Demand in Major Markets Such as India and China
RestraintsEnvironmental Pollution and Waste Management
OpportunitiesDevelopment of Bio-Based Plastics Booming Construction Industry in Developing Countries
ChallengesFluctuating Raw Material Prices
Companies MentionedAuto Strap India Consent Group Crown Holdings Cyklop Nederland Dubose Strapping Fromm Packaging Systems Linder Seevetal Messers Packaging Mosca Direct Limited North Shore Strapping Company PAC Strapping Products Polychem Corporation Samuel Strapping Systems Scientex Berhad Sorsa Strapping Systems Teufelberger
For more information about this report visit https://www.researchandmarkets.com/research/3v99jf/3_68_billion?w=4
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INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/19/2018 11:36 AM/DISC: 11/19/2018 11:36 AM