United States Plastic Straps Market to Grow with a CAGR of 7.65% through 2028
Growing demand
of plastic straps in paper industry is expected to drive the United States
Plastic Straps Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “United States Plastic Straps Market – By Region,
Competition, Forecast and Opportunities, 2018-2028”, the United
States Plastic Straps Market stood at USD 603.25 million in 2022 and is
anticipated to grow with a CAGR of 7.65% in the forecast period, 2023-2028.
The initiatives taken by government based on plastic straps has led to
favorable market conditions for the United States Plastic Straps Market.
Several factors contribute to the growth of various plastic straps products.
The U.S.
Department of Energy launched the Plastics Innovation Challenge in 2018 with
the aim of addressing the pressing issue of plastic waste. This comprehensive
program not only focuses on plastic recycling but also coordinates various
departmental initiatives to tackle the challenges associated with plastic waste
management. While the Plastics Innovation Challenge doesn't directly target
plastic straps, its impact on the industry is significant. By encouraging
innovation in recycling technologies and methods, this initiative has the
potential to revolutionize the production of plastic straps, making them more
sustainable and environmentally friendly.
An increasingly
common and promising approach to managing plastic waste is Extended Producer
Responsibility (EPR). Under EPR schemes, producers are held accountable for the
entire lifecycle of their products, including the collection and management of
waste generated from their products. For the plastic straps industry, embracing
EPR could mean taking full responsibility for the end-of-life management of
their products, which in turn would incentivize the development of recyclable
or biodegradable straps. This shift towards EPR not only helps reduce the
environmental impact of plastic straps but also fosters a circular economy by
promoting resource efficiency and minimizing waste generation.
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In the paper
industry, plastic straps play a crucial role in securing and bundling various
paper products, such as books, newspapers, magazines, and packaging materials,
during storage and transportation. These straps, with their lightweight nature
and high tensile strength, provide an ideal choice for the industry. They not
only ensure the safe and secure bundling of paper goods, minimizing the risk of
damage or loss but also offer a high level of load stability and resistance to
breakage.
The United
States demand for paper products is experiencing a significant upsurge, driven
by various factors including increasing literacy rates, urbanization, and the
thriving e-commerce sector. As the demand for paper products continues to grow,
the need for efficient and reliable bundling solutions becomes even more
critical, thus further boosting the demand for plastic straps.
Moreover, the
surge in online shopping has resulted in an increased demand for paper
packaging materials. These packaging materials, including boxes, cartons, and
wrappers, need to be securely bundled for storage and shipment. This further
highlights the importance of plastic straps in the paper industry, as they
provide the necessary strength and durability to keep the packaging materials
intact and protected.
Overall, plastic
straps offer a valuable solution to the paper industry's bundling needs,
ensuring the safety, stability, and efficiency of the storage and
transportation of paper products. With their versatile characteristics and
rising demand, plastic straps continue to be an essential component in the
ever-growing paper industry.
The United
States Plastic Straps Market is segmented into type, end user, regional
distribution, and company.
Based on its end
user, the Industrial Logistics & Warehouse segment held the largest share
in the market. Strapping, also referred to as banding and bundling, is the
process of attaching a strap to an object to unite, stabilize, hold, reinforce,
or secure it. This technique finds its most common application in the packaging
industry, where packaging plays a crucial role in industrial logistics and
storage. With the growing demand for plastic strapping in this business, it has
become an indispensable solution. Notably, plastic strapping offers the
advantage of UV-stable grades, making it suitable for outdoor storage and
ensuring environmental stability. Its increasing popularity can be attributed
to its effective performance and cost-saving features, which are anticipated to
drive revenue growth in this segment.
Based on region,
Midwest segment is expected to grow during the forecast period. The Midwest’s
Plastic Straps Market holds the highest revenue share in the packaging
industry. The use of plastic-based packaging materials has significantly
contributed to improving the sustainability of transporting heavy items over
long distances, thereby driving up the demand for plastic straps in this
region. Moreover, the increasing knowledge and awareness among individuals have
encouraged package makers to focus on producing sustainable bioplastics for
packaging applications.
As an exemplary
initiative, Signode recently announced the development of revolutionary
packaging solutions, including the introduction of the Dylastic Bio-based PP
Strap. This innovative strap is made using vegetable raw ingredients and
consists of over 40% renewable bioplastic, effectively reducing CO2 emissions
by 50%. This sustainable approach not only benefits the environment but also
offers a cutting-edge solution for packaging needs.
Major companies
operating in United States Plastic Straps Market are:
- Crown
Holdings Inc
- Messersi'
Packaging Srl
- Teufelberger
Holding AG
- Polychem
Corporation
- Scientex
Berhad
- LINDER
GmbH
- Mosca
Direct Limited
- Dubose
Strapping Inc.
- PAC
Strapping Products Inc.
- Auto
Strap Transport LLC
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“Growing
application of plastic straps in various end user industries are key drivers of
the plastic straps market. Growth in competitive landscape and presence of
well-established companies in the market who are dedicated to enhance their
productivity of plastic straps with every passing year are anticipated to
register an impressive growth to United States Plastic Straps Market in the
forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“United States
Plastic Straps Market Segmented By Type (Polyester Straps, Nylon Straps,
Polypropylene Straps, Others), By End User (Industrial Logistics &
Warehouse, Food & Beverage, Steel, Paper, Others), By Region, Competition,
Forecast and Opportunities, 2018-2028”, has evaluated
the future growth potential of United States Plastic Straps Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in United States Plastic Straps Market.
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