Plastic straps are flat and flexible materials, which are used
for packaging and bundling things together. Plastic straps are made from several
types of polymers such as polyester, polypropylene, nylon, composite, and
others. This report estimates the size of the plastic straps market based on type,
end-use industry, and region. 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% between
2018 and 2023. The growth of the plastic straps market can be attributed to the
increasing demand for plastic straps from the automotive, building &
construction, and beverage industries. This increased demand for plastic straps
from different end-use industries is due to various properties offered by these
straps that include excellent tensile strength, improved flexibility, and ease
of recyclability, among others. However, the fluctuating prices of raw materials
used for manufacturing these straps are expected to restrain the growth of the
plastic straps market across the globe.
The Asia Pacific region led the plastic straps market in 2017,
in terms of value. It was followed by the European and North American regions. The
growth of the Asia Pacific plastic straps market can be attributed to the
increased demand for plastic straps from China. The economic growth of China is
boosting the growth of the steel and construction industries in the country,
thereby leading to high consumption of plastic straps in these industries. The
Asia Pacific plastic straps market is projected to grow at the highest CAGR, in
terms of value from 2018 to 2023. The support of governments of different
countries of the Asia Pacific region, flourishing manufacturing industry in the
region, and rising investments for the production of plastic straps in emerging
economies such as China, India, and South Korea are contributing to the growth
of the Asia Pacific plastic straps market. The plastic straps markets in the European
and North American regions are relatively mature.
Among types, the polyester straps segment of the plastic
straps market is projected to grow at the highest CAGR, in terms of value during
the forecast period. The polypropylene straps segment is projected to lead the
plastic straps market from 2018 to 2023, in terms of value. Polyester straps
have excellent dimensional stability, high tensile strength, low moisture
absorption, good chemical resistance, excellent electrical properties, superior
ultraviolet resistance, and good gas barrier properties as polyester is a high-performance
thermoplastic manufactured from dimethyl terephthalate and ethylene glycol. These
straps are used for heavy, shrinking, and/or settling loads that require materials, which can handle high tension and
possess great elongation and recovery properties.
Based on end-use industry, the paper segment is projected to
lead the plastic straps market from 2018 to 2023, in terms of value. The cotton segment of the market is projected to grow
at the highest CAGR, in terms of value during the forecast period. Several
manufacturers of plastic straps that include Crown Holdings and FROMM Packaging are establishing new production
plants and innovative technologies in line with the increasing demand for plastic
straps from various end-use industries such as automotive, paper, fiber, and cotton.
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