Rising Demand of plastic straps in major end-user industries and lightweight and low-cost alternative to other materials are expected to drive the growth of the plastic straps market. The global plastic straps market was valued at USD 1,378.5 million in 2018 and is expected to reach USD 3,789.5 million in 2026, growing at a CAGR of 13.5% during the forecast period.
The plastic straps are bundling or banding materials used for holding, combing and reinforcing the end-use item. Recently, the packaging industries mainly uses steel for strapping and packaging, due to innovation and development of high strength materials in plastic straps it is becoming popular among strapping material. The plastic straps are becoming popular due to its better elongation properties, higher strength, greater flexibility, and ease of handling. of The plastic straps are used in various applications in end-user industries including paper, steel, bricks & tiles, fiber, cotton, and others.
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Growing end-user industries, increasing demand for user-friendly packaging, and growing industrialization and commercialized in developing countries are the main drivers for the market growth of the global plastic straps market over the forecast period. Moreover, the increase in manufacturing base across the globe and growing production and packaging in developing countries is expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years. The rise in packaging and construction industries in developing countries such as India and China and enhanced consumption of the strapping materials in major end-user industries offer huge growth opportunities for plastic straps market in the coming years.
However, waste management and stringent environmental regulations regarding environmental pollution are expected to hamper the growth of the global plastic straps market during the forecast period. Moreover, the limited awareness and volatile prices of raw materials are the prime challenges in the global plastic straps market throughout the forecast period.