North America Plastic Strap Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type, End Use (Fiber, Steel, Cotton, Paper, Bricks & Tiles and Others

According to the latest study on “North America Plastic Strap Market Forecast to 2027 - COVID-19 Impact and Analysis - by Type (Polyester Straps, Polypropylene Straps, Nylon Straps, Paper Straps, Composite Straps, Corded and Woven Straps), End Use (Fiber, Steel, Cotton, Paper, Bricks & Tiles and Others) and Country, the North America plastic strap market was valued at US$ 573.78 million in 2019 and is projected to reach US$ 1,879.95 million by 2027; it is expected to grow at a CAGR of 16.2 %during 2020-2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.

Plastic straps are made of polypropylene and polyester types and are available in a wide variety of designs, strengths, and finishes. These straps are increasingly used in a wide range of industries, such as steel, paper, cloth, cotton and bricks, and tiles. In the last several years, the popularity of plastic strapping has risen over many other packaging options. This mainly due to the cost-saving advantages plastic strapping offers over its competitive products and efficiency benefits. Metal seals are not required in plastic strapping because either friction or heat seal is used to weld the strap. Also, damage to goods is significantly reduced at a lower cost per foot without metal seals, and it is created at a lower price. Plastic strapping is developed in compliance with the toughest industry tolerances. It is approved for the use of both brick and timber. It is ideal for heavy-duty loads when good initial tension and retained tension are required because they have splendid retained tension properties. This way, even after the package has settled or its size has shrunk, the strap stays tight around the load. There are various high-speed automatic unitizing systems and hand tools for which this strapping form can be used. It is available in a wide variety of lengths, widths, and gauges. Nowadays, high strength plastic strapping is also available for closed rail and open-top shipments of brick, lumber, and other vehicles' panel products. Due to its lightweight properties, it can be easily folded and shaped from one position to another. This further creates a massive demand for plastic straps across North America.

Increasing demand for strapping types from emerging economies is expected to provide growth opportunities for the plastic straps industry. Countries like US and Canada are witnessing a rapid rise in the construction and packaging industries. This results in increased consumption of the strapping types needed to hold and reinforce different products and packaged types. As a result, developing countries provide significant growth opportunities for the plastic straps market in the coming years. Strapping plays an important role in transporting the product from one place to another. Demand for plastic straps in the manufacturing hubs of North America is expected witness a substantial growth owing to increasing investments by the construction companies. Plastic strapping is widely adopted because of its innovative visual appeal for product binding and convenience. Companies are coming up with the improved quality of plastic straps and efficient distribution channels to serve the broader customer base to meet the increasing demands.

North American continent comprises of several developing economies such as US, Canada and Mexico. The countries in the region have a significant number of manufacturers of Plastic Strap market products. The US dominates the plastic strap market in this region owing to a greater number of manufacturers operating in the country, compared to Canada and Mexico. The demand for plastic strap products is mounting considerably in the major North American countries owing to the year-on-year rise in the construction of fiber as well as steel infrastructure. Plastic Straps are bundling type that is used to fasten or hold an item as a single unit over which it is applied. Plastic straps are a very popular solution for the binding of products in the packaging industry. The plastic strap allows high elongation and high rigidity. Plastic straps are more affordable than other strapping solutions in the market and provide stronger impact resistance. Various types of plastic straps are used in the packaging used in both steel and fiber purposes. Due to the rapid growth of e-commerce and on-demand services, the plastic straps market is further experiencing a high demand for better & innovative plastic strap binding solutions. Expansion of the construction industry, the low cost of plastic straps, and the rapid rise in logistics, as well as transport, are expected to drive this market in North America. Whereas, permanent elongation due to stress and inconsistency in binding properties due to change in environmental conditions can be the major restraining factors hindering the growth of this market.

Recently, the World Health Organization (WHO) announced the outbreak of COVID-19, the novel form of a disease caused by the virus SARS-CoV-2, as a pandemic. This outbreak started in December 2019 in Wuhan, China, and later, it turned into a pandemic, causing numerous deaths worldwide. The outbreak of COVID-19 pandemic has severely impacted the chemicals & materials industry. The shutdowns of this industry and supply chain disruptions due to lockdown of countries has created a strain on the supplies of the products of this industry. The US has the highest number of confirmed cases of COVID-19 morbidities in North America. The majority of the manufacturing plants were shut down during the lockdown, and the construction industry was at a halt, which has negatively impacted the plastic strap market. This likely to impact the chemical and materials industry in the region as, due to the COVID-19 outbreak, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth.

The North America plastic strap market is concentrated with several well-established players. A few of the key players in this market include are Teufelberger Stralsund GmbH, Cyklop International, FROMM Group, Polychem Corporation, PAC Strapping Products Inc., Dubose Strapping Inc., and Crown Holdings Inc.Reasons to Buy

• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the North America plastic strap market, thereby allowing players to develop effective long term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.