Plastic Straps Market Size, Trends and Growth Analysis by 2027

The global market for plastic straps was valued at approximately US$ 1,802.47 million in 2019 and is anticipated to reach around US$ 5,714.12 million by 2027, reflecting a robust growth rate with a CAGR of 15.7% from 2020 to 2027.

A plastic strap is essentially a flexible, flat material designed to combine, hold, reinforce, or secure items. The term "plastic strapping" encompasses all non-metallic straps, including extruded polypropylene and polyester straps, as well as corded or woven polyester variants. The expansion of the plastic straps market is primarily fueled by the rising demand for these straps in industries such as paper, steel, and bricks & tiles. Plastic strapping materials are manufactured from polypropylene and polyester, available in a diverse range of styles, strengths, and finishes. Strapping can be applied either automatically using a strapping machine or manually with hand tools. This versatile product is widely utilized across various sectors, from shipping large industrial equipment to fulfilling e-commerce orders. Different types of strapping materials are classified into specific grades and categories. In recent years, plastic straps have gained popularity over alternative packaging solutions due to their cost-effectiveness and superior performance compared to competing products.

The plastic straps market is categorized by type into several segments: polyester straps, polypropylene straps, nylon straps, paper straps, composite straps, and corded & woven straps. In 2019, the polypropylene straps segment held the largest market share, while the polyester straps segment is projected to experience the highest growth rate during the forecast period. Polypropylene is positioned between high-density polyethylene (HDPE) and low-density polyethylene (LDPE) in terms of crystallinity. This type of strapping is recognized for its light to medium-duty applications and is the most economical choice for various uses. Among all strapping materials, polypropylene is the most prevalent, available in numerous widths, thicknesses, and polymer combinations. Additionally, polypropylene is often recyclable, making it an environmentally friendly option. The high demand for these straps is attributed to their extensive applications across multiple end-use industries, thanks to their superior strength, flexibility, elongation properties, and ease of handling. Today, polypropylene is regarded as a primary type of plastic strapping, specifically designed for light to medium-duty tasks such as unitizing, bundling, and palletizing.

Geographically, the plastic straps market is divided into regions including North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America dominated the market in 2019, followed by Asia Pacific and Europe. Plastic straps enhance safety during the transportation of goods and materials, as many industrial accidents occur during packaging and shipping. Utilizing plastic strapping can lead to cost reductions of nearly 50% compared to steel straps of equivalent width. This also results in lower handling and freight costs due to their lightweight nature and improved safety. Consequently, numerous industries in North America, such as textiles, automotive, construction, consumer goods, and electronics, are adopting this product, significantly contributing to market growth in the region.

Key players in the global plastic straps market include Teufelberger Stralsund GmbH, Cyklop International, FROMM Group, Auto Strap India, CONSENT L.L.C, DuBose Strapping, Inc., LINDER GmbH, PAC Strapping Products, Inc., Crown Holdings, Inc., and Polychem Corporation, among others.

The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide, significantly impacting economies and industries due to lockdowns, travel restrictions, and business closures enforced by governments. The chemicals and materials sector is one of the major industries facing severe disruptions, including supply chain interruptions, cancellation of technology events, and office closures due to the pandemic. As China is a global manufacturing hub and a primary supplier of raw materials for various industries, it has been severely affected by COVID-19. The shutdown of numerous plants and factories in China has negatively impacted global supply chains, manufacturing, and sales of essential raw materials used in the chemical industry, as well as the end products. The overall market downturn caused by this outbreak is also hindering the growth of the plastic straps market due to factory closures, supply chain challenges, and a decline in the global economy.

The overall size of the plastic straps market has been determined through both primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, multiple primary interviews were conducted with industry participants and experts to validate the data and gain further analytical insights. Participants in this process included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the plastic straps market.