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Forecast Period
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2024-2028
|
|
Market Size (2022)
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USD 603.25 million
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CAGR (2023-2028)
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7.65%
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Fastest Growing Segment
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Polyester Straps
|
|
Largest Market
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Midwest
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Market Overview
United States Plastic Straps Market has valued at USD
603.25 million in 2022 and is anticipated to project robust growth in the
forecast period with a CAGR of 7.65% through 2028. Plastic straps, also known
as strapping, serve as versatile bundling materials used to combine,
strengthen, hold, stabilize, or secure objects. These straps find widespread
use in various industries, including construction, paper, cotton, and more.
With their high tensile strength, flexibility, ease of handling, and
lightweight nature, plastic straps offer numerous benefits that contribute to
the growth of the plastic strap industry. While historically dominated by the
paper industry, the Plastic Straps Market is now witnessing increased demand
from sectors such as consumer electronics, medical equipment, and
pharmaceutical goods.
In the automotive industry, the secure packaging of
components is crucial to prevent damage and manufacturing delays. Plastic
straps play a vital role in ensuring the protection of automotive components
during handling, shipment, and storage. As per the International Trade
Administration (ITA), China, with the largest car market globally, anticipates
automotive output to reach 35 million by 2025. Additionally, Africa experienced
a 1.3% rise in passenger vehicle production, according to the Organisation Internationale
des Constructeurs d’Automobiles (OICA). With the automotive industry embracing
automated production, the demand for plastic straps for packaging automotive
components is poised to grow, driving the Plastic Straps Market.
Polyester straps, a type of plastic strap, are
particularly favored over paper straps for packaging construction materials due
to their superior flexibility, weather resilience, and ability to withstand
stress loading. They are extensively used for packing building materials such
as clay bricks, roofing tiles, plasterboards, lumber, chipboard, and plywood.
Notably, the construction industry has been experiencing growth, with a 6.0%
increase in overall construction in February 2020 compared to the previous year,
according to the US Census Bureau. The Chinese construction sector is also
projected to grow at a 5% annual rate in real terms between 2019 and 2023, as
forecasted by the International Trade Administration (ITA). Additionally,
government initiatives, including the European Construction 2020 Action Plan
and Foreign Direct Investment (FDI), are driving construction, and building
activities in various regions. The expanding building and construction industry
acts as a significant driver for market expansion in the plastic strap sector.
Polyester and polypropylene, both derived from
crude oil, are commonly used in the production of plastic straps. Consequently,
fluctuations in crude oil prices directly impact the cost of these essential
fiber ingredients. As evident from the BP Statistical Review of World Energy,
crude oil prices have experienced volatility, rising from $43.73 in 2016 to
$71.31 in 2018. The fluctuating prices of polyester and polypropylene, driven
by crude oil price volatility, pose a challenge for plastic strap manufacturers.
The uncertainty surrounding raw material costs is expected to hinder the growth
of the Plastic Straps Market during the forecast period.
In summary, plastic straps play a crucial role in
various industries, offering versatility, strength, and protection for objects.
With increasing demand from sectors like automotive, construction, and more,
the Plastic Straps Market is poised for growth, despite challenges posed by raw
material price fluctuations.
Key Market Drivers
Growing Demand of Plastic Straps in Food and
Beverage Industry
In the food and beverage industry, securely
packaging products for transportation is of utmost importance. This is where
plastic straps play a vital role. These versatile straps are specifically
designed to bind and secure boxes and pallets during transit, minimizing the
risk of damage and ensuring that products reach their destination in optimal
condition. As the United States food and beverage trade continues to expand at
a rapid pace, the demand for reliable and cost-effective strapping solutions
like plastic straps has also been on the rise.
Plastic straps offer an efficient and effective
solution for packaging a wide variety of food and beverage products. They are
known for their lightweight nature, making them easy to handle and apply
quickly and securely. This level of efficiency greatly benefits businesses in
the industry, allowing them to save time and reduce labor costs, thereby
driving the widespread adoption of plastic straps.
With continuous advancements in technology,
automatic and semi-automatic strapping machines are becoming increasingly
prevalent. These machines further enhance packaging efficiency and accuracy,
contributing to the growing demand for plastic straps in the market.
One of the key advantages of plastic straps is
their versatility. They can be easily customized to suit different packaging
needs, available in various widths, thicknesses, and strengths. This makes them
suitable for packaging a wide range of food and beverage products, ranging from
canned goods and bottled drinks to fresh produce and bulk ingredients. The
ability to customize straps according to specific requirements makes plastic
straps an attractive choice for businesses operating in the food and beverage
industry.
In recent years, there has been a significant focus
on sustainability within the industry. As a result, many companies are actively
seeking eco-friendly packaging solutions. In response to this demand,
manufacturers have started developing plastic straps made from recycled
materials or biodegradable plastics. These sustainable alternatives are gaining
traction in the market, further driving the demand for plastic straps, and
aligning with the industry's commitment to environmental responsibility.
Growing Demand of Plastic Straps in Packaging Industry
Plastic straps are not only lightweight, robust,
and easy to apply, but they also offer an efficient solution for a wide range
of packaging needs. Their versatility allows them to be customized to suit
different requirements, with varying widths, thicknesses, and strengths. This
makes plastic straps suitable for securing a diverse range of packaged goods,
including electronic appliances, furniture, food products, and industrial
equipment.
To further enhance packaging efficiency and
accuracy, technological advancements have led to the development of automatic
and semi-automatic strapping machines. These machines have become instrumental
in streamlining packaging operations, saving time, reducing labor costs, and
increasing overall productivity. The demand for plastic straps has consequently
been driven by the benefits brought forth by these innovative packaging
solutions.
In addition to their efficiency and versatility,
plastic straps are also witnessing an increased adoption in the packaging
industry due to their adaptability. Manufacturers are able to tailor these
straps to specific needs, ensuring they meet the unique requirements of each
packaged item. This adaptability, combined with the ability to customize
straps, has propelled their usage in a variety of packaging applications.
With a growing emphasis on environmental
conservation, many companies in the packaging industry are actively seeking
sustainable packaging solutions. In response to this demand, manufacturers are
developing plastic straps made from recycled materials or biodegradable
plastics. These eco-friendly alternatives not only help reduce the
environmental impact associated with packaging but also align with consumers'
increasing preference for sustainable products. As a result, the market for
plastic straps is further bolstered by the availability of these
environmentally conscious options.
Overall, plastic straps continue to play a vital
role in the packaging industry, offering an efficient, versatile, and
increasingly sustainable solution for various packaging needs.
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Key Market Challenges
Surge in Sustainability Demands
Plastic straps, versatile and widely used in
logistics, packaging, and e-commerce, have become an integral part of various
industries. However, as the world grapples with the degradability of plastic
and its detrimental impact on the environment, the United States Plastic Straps
Market faces a significant challenge.
The issue of plastic waste has garnered increasing
attention, with a critical focus on plastics production, usage, and waste
generation. As a result, the plastic straps industry finds itself under
mounting pressure to address these concerns and align its practices with United
States sustainability goals. In order to secure a sustainable future, the
industry must explore innovative solutions and embrace environmentally friendly
alternatives that prioritize the well-being of our planet.
Key Market Trends
Growing Need of Lightweight and High-Tensile
Strength
The lightweight nature of plastic straps offers
several benefits that drive their demand across different sectors. For
instance, their light weight makes them easy to handle and transport, reducing
labor costs and increasing operational efficiency. In industries such as
e-commerce and online delivery, where speed and efficiency are crucial, the use
of lightweight plastic straps can significantly streamline operations.
Moreover, being lightweight reduces the overall
weight of the packaged goods, which can lead to lower transportation costs.
This is particularly beneficial in industries like logistics and shipping,
where reducing cargo weight can result in substantial cost savings.
Additionally, the reduced weight of the packaged goods can also contribute to a
smaller carbon footprint, promoting sustainability and environmental
responsibility.
Another key feature propelling the popularity of
plastic straps is their high tensile strength. Despite their light weight,
plastic straps are incredibly strong and durable, making them an ideal choice
for securing and bundling heavy goods. This strength ensures that the packaged
items remain intact and secure during transportation, minimizing the risk of
damage or loss.
Plastic straps offer a high level of load stability
and resistance to breakage, ensuring that products are securely held together
during transit. This not only protects the integrity of the goods but also
provides peace of mind to both businesses and customers. Additionally, the use
of plastic straps with superior load stability can help optimize storage space,
allowing for more efficient warehouse management.
Furthermore, plastic straps' high tensile strength
makes them suitable for various applications, from securing small packages to
bundling large, heavy items. This versatility further contributes to their
growing demand in the market. Whether it is for securing delicate electronics
or bundling construction materials, plastic straps provide a reliable and
flexible solution.
In summary, the lightweight nature, high tensile
strength, and load stability of plastic straps make them a preferred choice in
various industries. Their ability to reduce labor costs, increase operational
efficiency, lower transportation expenses, and ensure secure product
transportation has led to their widespread adoption. As businesses continue to
prioritize speed, efficiency, and sustainability, the demand for plastic straps
is expected to grow even further in the future.
Segmental Insights
Type Insights
Based on the category of type, the Polypropylene
Straps segment emerged as the dominant player in the United States market for Plastic
Straps in 2022. Polypropylene straps have gained popularity due to their
numerous advantages. One of the key benefits is their high tensile strength,
which ensures reliable and secure strapping. Additionally, polypropylene straps
are lightweight and flexible, making them easy to handle and allowing for
efficient application. These straps also exhibit excellent elongation
properties, ensuring they can accommodate varying load sizes without
compromising their integrity.
Moreover, polypropylene straps offer chemical
resistance and are rustproof, making them suitable for a wide range of
applications. They not only enhance the security of goods but also contribute
to their aesthetic appearance. Whether used with automatic or semi-automatic
strapping machines, polypropylene straps remain stable even in extreme
temperature fluctuations ranging from -10 to +50 degrees Celsius.
An important aspect to consider is that
polypropylene straps are often recyclable, making them an environmentally
friendly choice. This sustainability factor adds to their appeal and makes them
a preferred option in various regions. With all these extensive characteristics
and advantages, it is expected that the demand for polypropylene-based straps
will continue to rise during the forecast period.
End User Insights
The Paper segment is projected to experience rapid
growth during the forecast period. The increasing usage of plastic straps, such
as nylon straps and polyester straps, in the paper industry can be attributed
to several factors. One of the key reasons is the need for convenient handling
and shipping of newspapers. Plastic straps, along with baling wire, are used to
securely bundle items, ensuring efficient transportation. Moreover, the growing
demand for plastic straps in the paper industry is driven by the increased
production and distribution of magazines, print advertising, newspapers, and
graphics in emerging economies. This surge in demand can be attributed to
factors such as the expansion of newspaper pages and rapid urbanization during
specific occasions.
Additionally, the packaging industry also utilizes
newspapers and magazines, further contributing to the uptake of paper straps
materials in the newspaper and graphics application segment. As a result, the
demand for plastic straps in the paper industry is expected to witness
substantial growth during the forecast period. The importance of plastic straps
in ensuring the smooth functioning of the paper industry cannot be understated,
making them a critical component in meeting the packaging and bundling requirements
of this dynamic sector.
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Regional Insights
Midwest emerged as the dominant player in the United
States Plastic Straps Market in 2022, holding the largest market share in terms
of value. The increasing demand for plastic straps in the Midwest region can be
attributed to various factors. One of the key drivers is the rising demand from
the paper, electrical, and electronics industry in the region. Moreover, United
States’ digital economy has the potential to reach $800 billion to $1 trillion
by 2025, fueling 18-23 percent of overall economic activity.
With the expanding electronics and paper industry
in the Midwest region, the demand for packaging products is expected to
increase. This, in turn, is anticipated to drive the growth of the plastic
straps market during the forecast period.
Recent Developments
- In April 2022, Teufelberger, made an exciting
announcement about their strategic acquisition of Maillis Plastics Solutions, a
prominent packaging company based in Poland. This acquisition serves as a
significant milestone for Teufelberger, as it enables them to expand their
business operations and tap into a larger customer base. With a dedicated focus
on enhancing the plastics processing division, Teufelberger aims to strengthen
their strapping capabilities and ensure high-performance solutions for their valued
clients.
- Stepping into October 2021, the PACK EXPO in Las
Vegas witnessed an impressive unveiling by Signode. Introducing the
revolutionary SGP strapping machine series, Signode aims to revolutionize
production processes by simulating a pressured wash-down environment. Designed
to optimize efficiency, the SGP automated machine boasts a close strap arch
system, as well as an automatic strap feeder and automatic strap end ejection,
ensuring seamless cycles even without product. This innovative solution
promises to boost productivity and streamline operations for businesses across
various industries.
- Back in August 2020, Crown Holdings Inc. took a
significant step towards sustainability with the launch of their transformative
initiative, Twentyby30. This ambitious program outlines 20 measurable
environmental, social, and governance (ESG) goals to be achieved by 2030 or
sooner. With a strong commitment to increasing metal can recycling rates and
incorporating recycled content in plastic strapping, Crown Holdings Inc. aims
to drive positive change and contribute to a more sustainable future.
- March 2019 marked a notable milestone as The
Sterling Group successfully completed the acquisition of Polychem Corporation.
Renowned for their expertise in manufacturing polyester ("PET") and
polypropylene strapping consumables, securement equipment, and related
products, Polychem Corporation serves a diverse range of industries including
food and beverage, consumer packaged goods, and industrial sectors. This
strategic acquisition enables The Sterling Group to expand their product
portfolio and enhance their offerings, providing comprehensive strapping
solutions to meet the evolving needs of their customers.
Key Market Players
- 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
|
By Type
|
By End User
|
By Region
|
- Polyester Straps
- Nylon Straps
- Polypropylene Straps
- Others
|
- Industrial Logistics & Warehouse
- Food & Beverage
- Steel
- Paper
- Others
|
- Northeast
- Midwest
- South
- West
|
Report Scope:
In this report, the United States Plastic Straps
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- United States Plastic Straps
Market, By
Type:
o Polyester Straps
o Nylon Straps
o Polypropylene Straps
o Others
- United States Plastic Straps
Market, By
End User:
o Industrial Logistics & Warehouse
o Food & Beverage
o Steel
o Paper
o Others
- United States Plastic Straps
Market, By Region:
o Northeast
o Midwest
o South
o West
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the United States Plastic Straps Market.
Available Customizations:
United States Plastic Straps Market report with the
given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
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