According to a new report published by K D Market Insights, titled, “Plastic Strapping Market Insights, Trends, Opportunity & Forecast, 2020–2025,” the global plastic strapping market size is anticipated to witness exponential growth during the forecast period i.e. 2020-2025. The proliferating usage of plastic strapping in several applications in various industries such as paper, steel, building & construction, glass, food & beverages, agriculture, cotton and textile due to its high flexibility, ease of handling, lightweight and low cost attributes and the growing demand for better packaging from several end-use industries are the major factors driving the growth of the global plastic strapping market.
Furthermore, factors such as the expanding paper, packaging and logistics, housing and construction industries, the escalating industrialization & commercialization in developing parts of the world, the increasing need to facilitate the movement of goods and raw materials and the introduction of bio- based plastics are further expected to create ample growth opportunities for the global plastic strapping market during the forecast period.
Global Plastic strapping market provides an in-depth insight into the global market covering all its important chapters which are must read for key industry stakeholders. Report coverage include historical market performance, impact of COVID-19, post-covid scenario of market, forecast for six years, market dynamics including growth drivers, challenges, market opportunities, Porter’s five forces analysis, value chain analysis. It offers a detailed analysis for establishing value chain and market product across other countries. It also presents detailed insights of market segments, their future growth potential and analysis of countries.
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The North American region held the most dominant position in the plastic strapping market in 2020 and is expected to further continue doing the same over the forecast period. The growth of the market in the region can be primarily attributed to the growing inclination towards better logistics, the presence of major players and the surging production and consumption of plastic strappings in the region. On the other hand, the Asia Pacific region is anticipated to register the highest CAGR in the market over the forecast period.
According to product type, the PP strapping segment held the largest share in the plastic strapping market in 2020 and is anticipated to further retain its dominance in the market during the forecast period. According to application, the paper industry segment accounted for the largest share in the global plastic strapping market in 2020 and is expected to further continue with the trend during the forecast period.
The global plastic strapping market is segmented into product type, application and region. Based on product type, the market is bifurcated into PP strapping and PET strapping. Based on application, it is classified into wood industry, paper industry, building industry, textile industry and others.
The global plastic strapping market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Plastic Strapping Market
- On the basis of product type, the PP strapping segment held the largest share in the plastic strapping market in 2020 and is anticipated to further retain its dominance in the market during the forecast period.
- On the basis of application, the paper industry segment accounted for the largest share in the global plastic strapping market in 2020 and is expected to further continue with the trend during the forecast period.
- On the basis of region, North America held the most dominant position in the plastic strapping market in 2020 and is expected to further continue doing the same over the forecast period.
- On the basis of region, Asia Pacific is anticipated to register the highest CAGR in the market over the forecast period.
Some of the major plastic strapping companies profiled in the report include Signode, M.J.Maillis Group, Samuel Strapping, Cordstrap, Dynaric Inc., FROMM Group, Anshan Falan, Youngsun, Messers Packaging and Mosca.
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