Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 2.39 Billion | USD 6.85 Billion | 15.9% | 2021 |
FrequentlyAsked Questions
Automobile production is rapidly increasing across the world, for instance, Malaysian passenger vehicle manufacturing climbed by 2.6 percent in 2019. China is the world's largest automotive market, with the Chinese government expecting 35 million automobiles to be produced by 2025. The number of automobile manufacturers is rapidly increasing in the Indian market. Furthermore, Plastic straps, such as polyester straps, are chosen over paper straps for packing building supplies because they have more flexibility and weather resilience, and they work well under stress loading. As a result, they're utilized to pack building materials including clay bricks, plasterboards, roofing tiles, lumber, plywood, and chipboard. The rate of building construction has increased tremendously in developing countries such as China, India, and Africa which is strongly supporting the demand for plastic straps.
According to the Zion Market Research report, the global plastic straps market was worth about 2.39 (USD billion) in 2021 and is predicted to grow to around 6.85 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 15.9 percent.
Due to increased demand for plastic straps from the automobile, food and beverage, paper, and electronics industries, the Asia-Pacific region had the highest share of the global plastic straps market in 2021, which accounts for up to 45 percent of the global market. Flourishing paper industry in Japan, electronic industries in India, and automobile, consumer goods, and packaging sectors in China, the regional plastic straps market expanded significantly.
Major players operating in this highly fragmented global plastic straps market include Polychem Corporation, Crown Holdings, Teufelberger, Messersi Packaging, FROMM Packaging, Dubose Strapping, Auto Strap, PAC Strapping, and Scientex Berhad.
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