Plastic Straps Market Can Double its Present Market Valuation by 2022-2030: MRFR

Pune, India, December, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Global Enterprise File Synchronization and Sharing Market Research Report.

Overview:

The global plastic straps market is eyeing for a market valuation of USD 7.89 Billion during the forecast period (2022-2030) which would be a substantial leap from its worth of USD 2.4 Billion (2021). In doing so, the plastic straps market can also clock an impressive CAGR of 16.40% during the forecast period, reveals Market Research Future (MRFR). The report on the same market has its fingers on extensive researches regarding segments and drivers that can boost the coming years of the plastic straps market. Plastic straps are enjoying an advantage over conventional metal straps owing to its reduced weight and cost-effectiveness. Furthermore, its demand in the emerging nations such as India and China are touching the sky which can be considered significant boosters for the market growth.

However, the plastic straps market can experience a depressing growth run owing to its environmental impacts. Growing eco-awareness can put a leash on the projected plastic straps market growth during the forecast period. But bio-based plastic straps are evolving as potential gamechanger and can bring out the plastic straps market from any future whirlpools.

Segmental Analysis:

The global plastic straps market can be segmented by type and end-users.

Based on type, the plastic straps market can be segmented into polyester straps, polypropylene straps, nylon straps, and others. The polyester straps segment is currently holding the premier position, and given the market scenario, situations are expected to remain the same with polyester straps again achieving the fastest CAGR during the forecast period.

Based on end-users, the plastic straps market includes steel, cotton, paper, fiber, bricks & tiles, and others. Paper segment is generating the maximum revenue, and over the forecast period, it is also going to grow with the highest CAGR.

Regional Analysis:

Region-specific analysis of the global plastic straps market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

The APAC region is currently dominating the market, and as the predictions suggest, the situation is going to remain the same during the forecast period. The APAC can also achieve the fastest CAGR during the same period. China and India, two emerging nations with vast potentials and industrial revamping, can change the ballgame for the regional market growth.

North America is also expected to profit substantially from the market. The region can be deemed as a stronghold for several industries which can drive the plastic straps market in coming years. However, Europe’s market is anticipating some setbacks with growing eco-concern regarding the product. The region has strict environmental policies which can deter the growth rate. Other countries, such as Egypt, Brazil, and Argentina are showing significant market prospect with their industries getting set for a new dawn.

Competitive Insights:

Significant plastic straps market influencers are Crown Holdings (The U.S.), Polychem Corporation (The US), Teufelberger (Austria), FROMM Packaging (The U.S.), Messersi Packaging (Italy), Dubose Strapping (The U.S.), Auto Strap (India), PAC Strapping (The U.S.), Polychem Corporation (The U.S.), Scientex Berhad (Malaysia) and others. These companies often indulge in strategic steps such as merger, acquisition, collaboration, new product launch, and other methods to stay abreast in the market. Consequently, it gives rise to steep competition and the market prospers as a result of that.

Crown Holdings, in 2018, completed their acquisition of Signode Industrial Group Holdings, a company with a well-grounded reputation as a global provider of transit packaging systems and solutions. Signode operates in 6 continents and 60 countries which can give thrust to Crown Holding’s desire to expand.

Teufelberger and Redaelli, have joined their companies for the wire rope business and are now expected to work under their new name, Teufelberger-Redaelli. This decision has been influenced by the motif of exploring greater possibilities across verticals and keep their recall value intact.

PAC Strapping got bought by Fromm Holding in 2018. It was a desire on the part of PAC Strapping to be a part of a larger, strategic company that has led to their acquisition by Fromm Holding. Fromm is known as a global player in packaging systems that includes strapping and strapping machinery.

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