There has been a growing demand for plastic strapping materials in many industries such as textile, building and construction, transportation and logistics, automotive, and food and beverages. This factor is likely to boost the global plastic strapping materials market over the assessment tenure, from 2018 to 2026.
In the global plastic strapping materials, polypropylene is estimated to be the widely chosen strapping material for various end use industries. Such preference for polypropylene is owing to the compatibility and widespread availability of the product for many of the applications. Polyester strapping finds increased use in various heavy load industries, thanks to its high breaking strength.
Some of the key market players that have been profiled in the global plastic strapping materials market are Samuel, Son and Co., Limited, M. J. Maillis group, Signode Industrial Group, Teufelberger Holding AG, Scientex Berhad, and Hangzhou Youngsun Intelligent Equipment Co. Ltd,
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Presence of Untapped Market Makes Asia Pacific a Promising Region
Considering regional segmentation of the global plastic strapping materials market, North America is prognosticated to hold a sizeable share of the global plastic strapping materials market and is expected to retain its regional dominance. The US is estimated to drive the regional growth of the market, thanks to the rising demand from food and beverage segment.
Asia Pacific is prophesized to expand at a high growth rate owing to phenomenal growth of the packaging and manufacturing industry in the Asia Pacific region. Augmented research and development in plastic strapping materials industries is likely to add to the growth of the global plastic strapping materials market over the review period, from 2018 to 2026.
Increased Demand from the Food and Beverage Industry to Spur Demand for the Product
Polypropylene and polyester strapping are the two significant types of plastic strapping that found today. Polypropylene strapping is a cost effective strapping substance that is meant for unitizing, palletizing, and light duty bundling.
In addition, increasing need of the product in the shipping and handling of products is likely to work in the favor of the market in near future. Furthermore, high demand of plastic strapping materials is generated by the food and beverage sector, which is further likely to help the market to flourish. High resistance to corrosion found in the plastic strapping material renders it ideal for use in the food and beverage industry. In addition, it is easy to remove, attach, and handle plastic strapping materials manually. Plastic strapping is more cost effective as compared to steel strapping. It is also a secure option for unitizing solutions. These factors are likely to trigger growth of the global plastic strapping materials market.
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However, on the other hand, the global plastic strapping materials market is likely to be impeded by the price fluctuations of raw materials.
The information shared in this review is based on a TMR report, bearing the title, “Plastic strapping materials (Material – Plastic, Composite, Polypropylene, and Polyester; Application – Heavy loads, Skids and Pallets, and Cartons; End User – Automotive, Chemical and Fertilizers, Building and Construction, Consumer Electronics, Transportation and Logistics, Food and Beverages, and Textile) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 to 2026”
Overwhelming Benefits over Steel Strapping Materials to Lay Red Carpet of Growth across Plastic Strapping Materials Market
The plastic strapping materials market is expected to witness stable growth across the assessment period of 2018-2026. The growing influence of plastic straps to reinforce or fasten an item may bring good growth opportunities for the plastic strapping materials market. The rising industrialization and commercialization may bring immense growth prospects for the plastic strapping materials market.
Effective transportation of various materials and items has become a concerning need among a large chunk of end-users. The use of plastic strapping materials assures no loss or damage to products or items. These factors invite shining growth opportunities for the plastic strapping materials market.
The overwhelming growth of the e-commerce sector on the grounds of the novel coronavirus pandemic has increased logistics operations considerably. Hence, this factor may play a crucial role in increasing the growth of the plastic strapping materials market. The availability of different types of strapping materials with specific grades and classifications may bring expansive growth prospects for the plastic strapping materials market.
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The benefits of plastic strapping materials over steel strapping materials may further invite tremendous growth opportunities for the plastic strapping materials market. Steel strapping can lead to the damage of food products as it is corrosive. The use of plastic strapping materials as a cost-effective and lightweight material may bring extensive growth opportunities for the plastic strapping materials market.
The novel coronavirus pandemic has impacted the plastic strapping materials market to a great extent. The closure of manufacturing facilities and production units led to a decrease in demand and production of plastic strapping materials. Transport and logistics were disrupted due to border restrictions. This factor negatively impacted the plastic strapping materials market to a great extent. However, the relaxations in lockdown restrictions and the resuming of operations at various manufacturing facilities may bring vital growth opportunities for the plastic strapping materials market.
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