Plastic Straps Market Size 2024-2028
The plastic straps market size is forecast to increase by USD 1.72 billion at a CAGR of 18.52% between 2023 and 2028.
What will be the Size of the Plastic Straps Market during the forecast period?
How is this Plastic Straps Industry segmented?
The plastic straps industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- End-user
- Paper and printing
- Metal and steel
- Fiber and textile
- Brick and tiles
- Others
- Type
- Polypropylene straps
- Polyester straps
- Others
- Geography
- North America
- US
- APAC
- China
- India
- Europe
- Germany
- UK
- South America
- Middle East and Africa
- North America
By End-user Insights
The paper and printing segment is estimated to witness significant growth during the forecast period.In the paper and printing industries, strapping plays a crucial role in bundling and palletizing heavy paper products. High-performing strapping, such as polyester, is preferred due to its superior breaking strength and stress resistance. Polyester strapping is suitable for various applications, including paper packaging, as it maintains product stability and security. For smaller bundles, low-elongation polypropylene straps can be an alternative. The choice of strap type, grade, and width depends on the specific handling requirements. The strapping market encompasses various materials, including polyester, polypropylene, and nylon straps, as well as composites and corded straps. Sustainability is a growing concern, leading to the adoption of eco-friendly alternatives like paper straps and biobased straps.
Factors influencing the strapping market include cost-effectiveness, lightweight nature, reusability, and recyclability. High-strength polymers and automated strapping machines are also key trends In the industry. Strapping is essential in other industries, such as the steel, fiber, brick, and tile industries, as well as logistics, healthcare, and housing.
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The Paper and printing segment was valued at USD 270.20 billion in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
North America is estimated to contribute 33% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing growth due to increasing demand from sectors such as paper and printing, steel, and tiles. The transportation sector and logistics industry In the region are expanding, leading to a rise In the shipment of goods. Plastic straps are a popular choice for securing these goods during transport due to their flexibility, handling ease, lightweight nature, and high tensile strength. In the logistics industry, plastic straps offer cost-effectiveness and eco-friendly alternatives, including sustainable RFID tags, inlays, and biobased products. The market is further boosted by the recyclability and biodegradable properties of high-strength polymers used in plastic straps.
The use of automated strapping machines and IoT-enabled systems with real-time monitoring ensures durability and efficiency. The market growth is also influenced by the circular economy and the adoption of recycling technologies. Raw material prices, particularly petrochemicals, and the availability of alternative materials, such as steel, composite materials, and bio-based alternatives, impact market dynamics.
Market Dynamics
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise In the adoption of Plastic Straps Industry?
- Emergence of polyester straps as viable option to steel strapping is the key driver of the market.
- The global market for plastic straps has experienced significant growth due to the limitations of traditional steel strapping. Steel strapping, once a popular choice for securing and transporting various goods, was found to have drawbacks, particularly in terms of corrosion. This issue led to decreased product quality and negatively impacted industries such as logistics. In response, the demand for lightweight and soft alternatives arose, paving the way for the increased adoption of plastic straps. The versatility and durability of plastic straps have made them a preferred choice for various applications, driving the growth of this market during the forecast period.
What are the market trends shaping the Plastic Straps Industry?
- Emergence of bioplastics is the upcoming market trend.
- The market for plastic straps is experiencing significant growth due to the increasing demand for eco-friendly and biodegradable solutions in industrial and consumer goods applications, particularly In the packaging sector. Bio-based plastic straps, manufactured using renewable resources as base materials, are expanding the market's reach In these segments. The necessity for effective waste management is further fueling the growth of the bio-based plastic industry. Renewable raw materials, such as sugarcane, wood pulp, soybean, coffee, castor plant seeds, corn, and others, are used to produce bio-based resins for plastic straps. This shift towards sustainable and renewable resources is expected to increase the applications of bio-based plastic straps in various industries.
What challenges does the Plastic Straps Industry face during its growth?
- Growing concerns about degradability and pollution is a key challenge affecting the industry growth.
- Plastic straps, commonly used in various industries such as paper and printing, metal and steel, fiber and textile, brick and tiles, electrical and electronics, and automotive, are a significant contributor to the global plastic waste issue. Made from crude oil derivatives, these non-biodegradable straps do not decompose easily, leading to environmental concerns. Improper disposal and careless dumping increase the volume of plastic waste, harming the environment and marine life. Despite the collection, transportation, sorting, degreasing, and washing of different types of plastics, insufficient investment in plastic recycling by private or public agencies remains a challenge. The high persistence of plastic straps In the environment calls for increased efforts to mitigate their impact and promote sustainable alternatives.
Exclusive Customer Landscape
The plastic straps market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the plastic straps market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, plastic straps market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
Auto Strap India - The company introduces PETROCK, an innovative plastic strap solution with superior environmental protection and high tensile strength. Designed to replace Steel Strap and Nylon Strap, this advanced strapping alternative delivers enhanced durability and sustainability. By integrating cutting-edge technology, PETROCK ensures reliable performance and reduced environmental impact, aligning with our commitment to sustainable business practices.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Auto Strap India
- CORDSTRAP BV
- Crown Holdings Inc.
- Cyklop International
- DuBose Strapping Inc.
- Duravant LLC
- HANGZHOU YOUNGSUN INTELLIGENT EQUIPMENT CO. LTD.
- LINDER GmbH
- Mitsubishi Chemical Group Corp.
- Mosca GmbH
- PAC Strapping Products Inc.
- Plastex Extruders Ltd.
- Ruparel Polystrap Pvt. Ltd.
- S.K. INDUSTRIES INDORE
- Samuel Son and Co. Ltd.
- Scientex Berhad
- StraPack Corp.
- Teufelberger Holding AG
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
The market encompasses a diverse range of products, including polyester, polypropylene, nylon, paper, composites, corded, and woven straps. These strapping solutions cater to various industries such as steel, cotton, fiber, bricks and tiles, and numerous others. The demand for plastic straps is driven by their inherent properties, which include flexibility, handling ease, lightweight nature, and high tensile strength. Plastic straps offer elongation properties that enable them to adapt to different shapes and sizes, making them a preferred choice for industries requiring secure and efficient material handling. In comparison to metal straps, plastic straps provide several advantages, including lower weight, greater flexibility, and improved cost-effectiveness.
The versatility of plastic straps extends to various applications, including logistics, healthcare, housing industrial units, paper industry, steel industry, bricks and tiles, cotton industry, fibers industry, and tiles industry. Plastic straps are increasingly being adopted In the transportation and storage sectors due to their lightweight nature and ease of use. In recent years, e-commerce and online grocery deliveries have seen significant growth, leading to increased demand for plastic straps In the packaging industry. Recycling technologies and the circular economy have also influenced the market, with a focus on sustainability and eco-awareness. High-strength polymers used In the production of plastic straps offer superior durability, ensuring that the straps can withstand the rigors of various applications.
Automated strapping machines and IoT-enabled systems have further enhanced the functionality of plastic straps, enabling real-time monitoring and improving overall efficiency. Raw material prices, particularly those of petrochemicals, have an impact on the market. Alternative materials, such as steel, composites, and bio-based alternatives, are being explored to mitigate the price volatility and reduce carbon dioxide emissions. The use of sustainable RFID tags, inlays, and solutions like AD Pure further adds to the appeal of plastic straps as they offer improved traceability and streamlined supply chain management. In conclusion, the market is a dynamic and evolving industry, driven by the diverse range of applications and the constant pursuit of innovation.
The focus on sustainability, cost-effectiveness, and improved functionality is shaping the future of plastic straps, making them an essential component in various industries.
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Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.52% |
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Market growth 2024-2028 |
USD 1717.6 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
15.18 |
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Key countries |
US, China, Germany, India, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Plastic Straps Market Research and Growth Report?
- CAGR of the Plastic Straps industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across North America, APAC, Europe, South America, and Middle East and Africa
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the plastic straps market growth of industry companies
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