The global plastic straps market is anticipated to witness exponential growth in the market during the forecast period, owing to the increasing use of these straps in steel, paper, and other industries. The demands of these straps are increasing due to their properties which include easy handling, high flexibility, lightweight, and others.
The major factors that are driving the plastic straps market growth are growing demand in major emerging markets and low-cost alternatives to other materials. Plastic straps are the lightweight and low-cost alternative available in the market as compared to other alternatives including steel straps. Steel straps are relatively expensive, difficult to recycle, and have sharp edges.
The major challenges identified in the plastic straps market are the fluctuating cost of raw materials and environmental pollution. As plastic is a very long-lived product and the production and disposal of it is contributing to an array of environmental problems, which are among the major challenges faced by the industry, that can potentially hinder the market growth.
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The downstream plastic industry (conversion of polymers into plastic articles) is highly fragmented and consists of micro, small, and medium units. The players operating in the market are competing on various parameters such as innovation, performance, delivery speed, quality, reliability, supply chain capacity, and others. Moreover, the players are providing value-added services to their customers and also adapting the changing preference to achieve a competitive edge in the plastic straps market.
Asia-Pacific plastic straps market is expected to register the highest growth in the market during the forecast period. The growth can mainly be attributed to the positive economic growth due to the increasing purchasing power and increasing disposable income of Asian countries such as China, India, Japan, and others. Also, expanding industries in the region are also leading to the growth of the plastic straps market.
Crown Holdings, Messersì Packaging, Teufelberger, Polychem Corporation, Scientex Berhad, Linder Seevetal, Mosca Direct Limited, Dubose Strapping, PAC Strapping Products, and Auto Strap India are some of the major players operating in the plastic straps industry.
Source: VynZ Research