Plastic Straps Market Worth 3.68 Billion USD by 2023
PUNE, India, June 20, 2018 /PRNewswire/ --
The report "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", published by MarketsandMarkets™, 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% during the forecast period. The growth of the Plastic Straps Market can be attributed to the rising demand for plastic straps from the paper and cotton industries, coupled with their increasing consumption in the construction industry.
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Among types, the polypropylene straps segment is projected to lead Plastic Straps Market from 2018 to 2023 in terms of both, value and volume.
Based on type, the Plastic Straps Market has been divided into polyester straps, polypropylene straps, nylon straps, and others (paper straps, composite straps, and corded & woven straps). These straps are used in different end-use industries such as paper, cotton, fiber, and bricks & tiles. The polypropylene straps segment is projected to lead the Plastic Straps Market, in terms of both, value and volume. The polyester straps segment of the market is projected to grow at the highest CAGR, in terms of value during the forecast period. The growth of the polyester straps segment of the market can be attributed to increased consumption of polyester straps in various end-use industries due to their exceptional tensile strength, high flexibility, and excellent corrosion resistance.
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Among end-use industries, the cotton segment of the Plastic Straps Market is projected to grow at the highest CAGR in terms of value, from 2018 to 2023.
Plastic straps are used in various end-use industries such as paper, cotton, bricks & tiles, and fiber. The cotton end-use industry segment of the Plastic Straps Market is projected to grow at the highest CAGR, in terms of value during the forecast period. These plastic straps offer increased corrosion resistance, high tensile strength, and easy recyclability, thereby making them ideal for use in various end-use industries.
The Asia Pacific Plastic Straps Market is projected to grow at the highest CAGR, in terms of value from 2018 to 2023.
The Asia Pacific Plastic Straps Market is projected to grow at the highest CAGR, in terms of value during the forecast period. In terms of value, the China Plastic Straps Market is projected to grow at the highest CAGR during the forecast period. In the recent years, Asia Pacific region has emerged as a hub for various types of industrial activities, thereby leading to the increased consumption of plastic straps in the region. This, in turn, has led to the growth of the Asia Pacific Plastic Straps Market. Moreover, 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.
The leading players operating in the Plastic Straps Market are Crown Holdings (US), Polychem Corporation (US), Teufelberger (Austria), FROMM Packaging (US), Messersi Packaging (Italy), Dubose Strapping (US), Auto Strap (India), and PAC Strapping (US).
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