Plastic Strap Market Size, Share, Growth, and Industry Growth by Type (PP and PET) By Application (Wood Industry, Paper Industry, Food & Beverage, Textile Industry and Other Industries), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

Plastic Strap Market REPORT OVERVIEW

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The global plastic strap market size was USD 1727.3 million in 2022 and market is projected to touch USD 4773.4 million by 2032, at a CAGR of 10.7% from 2022 to 2032.

The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Plastic straps are commonly used as bundling materials to combine, strengthen, hold, stabilize, or secure a particular object. These straps are also known as strapping, which is a term used in the packaging sector.

Plastic straps are more popular than metal straps because of their weight and lower price. Additionally, it was discovered that the plastic straps are affordable and environmentally beneficial. It is reusable, and because to its small weight, the overall weight of the packaged goods is decreased. The logistics division profits from this. India and China, two growing countries, have both seen significant development.

COVID-19 Impact: Online Shopping to Boost the Market

It is anticipated that the market for plastic straps would develop as a result of COVID-19's encouragement of online shopping, which is having a favorable effect on the packaging sector. The development of bio-based plastic straps that are both ecologically benign and sustainable is being pursued by other packaging makers.

LATEST TRENDS

"Expanding Aviation and Military Transport Sectors to Impel the Market Growth"

As a result of the abundant supply of ammunition and other goods, the need for plastic straps is on the rise in the expanding aviation and military transport sectors, which are predicted to continue growing. One of the key driving forces behind market development is the quickening pace of global industrialization. Growth in the air freight business is indicated by the expansion of airports all over the world. Furthermore, the shipping industry, which is seeing an increase in demand for these packaging solutions on the worldwide market, is being significantly influenced by the e-commerce industry. Plastic straps are made from polypropylene resin, which is also lightweight and an affordable packaging material; as a result, the straps are affordable and long-lasting for packing large items.

Plastic Strap Market Segmentation

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• By Type Analysis

By type, market is segmented into latex, leather and others. The latex segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into professional and amateur. The professional segment will lead the global share through 2031.

DRIVING FACTORS

"Increased Use of Bio- Based Products to Propel the Market"

Customers are seeking for alternatives as environmental awareness among the general public grows. Manufacturers of packaging are increasingly driven to use bio-based products in a variety of sectors, including the packaging sector. The India-based firm Jairam Strap produces all-in-one packaging solutions including PET straps, PP straps, composite straps, stretch film, equipment, and others that are drawing a growing client base and experiencing an increase in demand on the international market.

"Expanding Packaging Sector to Push the Market"

Market revenue growth is anticipated to be driven by the expanding packaging sector and increased demand for plastic straps in e-commerce, online delivery, and heavy material transportation in a number of industries including logistics, supply chain, construction, and manufacturing. The need for plastic straps for transporting products and other things is expanding as a result of the recent trend in online shopping and the expansion of new online shopping platforms. With the growing need for plastic straps due to recyclable packaging materials, consumers are also favoring protective packaging and personalized packaging. The world's demand for plastic straps is being influenced by a number of factors, including these straps' light weight, ease of handling, and high flexibility. These are also useful in a variety of end-use sectors due to additional qualities such high tensile strength and substantial elongation characteristics, which are in great demand.

RESTRAINING FACTORS

"Environmental Concerns to Impede the Market"

PET straps and other materials used to make plastic straps are affordable and environmentally friendly, which is increasing demand for them in the global packaging sector. But as people become more conscious of the environment, they are striving to consume less plastic in order to keep the environment in balance, which is reducing the need for plastic straps in the packaging sector. In order to address environmental concerns, several nations are also increasing their recycling capability, which is anticipated to limit the market for plastic straps' revenue development. For instance, the ALPLA Group claimed an increase in PET recycling capacity in Germany, which has resulted in a decrease in the region's manufacture of plastic straps.

Plastic Strap Market REGIONAL INSIGHTS

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"North America to Hold the Largest Global Plastic Strap Market Share"

The biggest revenue portion came from North America. The sustainability of transporting heavy items over long distances is improving thanks to packing materials made of plastic, which is driving up demand for plastic straps in this area. Growing public awareness is encouraging package producers to produce sustainable bioplastic for packaging. For instance, Signode announced the introduction of cutting-edge packaging solutions, including a Dylastic Bio-based PP Strap made from sustainable bioplastic and vegetable raw ingredients that helps cut CO2 emissions. Greater interoperability with other hand tools and machinery used in the packaging sector is anticipated to fuel market revenue development in this area.

During the projected period, the Asia Pacific market is anticipated to increase in terms of revenue at a modest rate. Plastic straps are increasingly in demand as a means of transporting products from one place to another due to the expanding e-commerce sector, increased preference for online shopping, and home delivery. In order to meet demand in this area, packaging manufacturers seek to develop their client base as well as their global presence. For instance, Jairam Strap announced its participation at Arab Plast in Dubai, which is anticipated to aid the firm in expanding its market share globally and therefore fuel market revenue growth in this area.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Signode (U.S.)
• M.J.Maillis Group (U.S.)
• Dynaric (U.S.)
• Cordstrap (Netherlands)
• FROMM Group (Switzerland)
• Samuel Strapping (Canada)
• Youngsun (China)
• Mosca (Germany)
• Scientex Berhad (Malaysia)
• Polychem (India)
• Teufelberger (Austria)
• Tsukasa Chemical Industry Co (Japan)
• Packware (Asutralia)
• Polivektris (Lithuania)
• Strapack (U.S.)
• Linder (U.S.)
• STEK (U.S.)
• Cyklop (Finland)
• Hiroyuki Industries (Malayia)
• EMBALCER (Portugal)
• PAC Strapping Products (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.