Technavio analysts forecast the global plastic straps market to grow at a CAGR of over 17% during the forecast period, according to their latest market research report.
Development of bio-based plastics is one of the major trends being witnessed in the global plastic straps market 2018-2022. Demand for biodegradable plastic products is increasing rapidly in industrial and consumer goods applications, especially in the packaging industry. Bio-based plastics, which are made of biodegradable base materials used in bio-based plastic straps, have further expanded the scope of plastic straps in the industrial and consumer goods segment. The growing requirement for waste management has also given an impetus to the bio-based plastic industry. Due to the emergence of bio-based and renewable raw materials in emerging markets, bio-based plastics are expected to be useful in various new applications going forward.
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According to Technavio analysts, one of the key factors contributing to the growth of the global plastic straps market is the increasing demand from the paper and printing industry:
Global plastic straps market: Increasing demand from the paper and printing industry
Plastic straps are predominantly used in the paper and printing industry as they are lightweight and resistant to corrosion. They are used in bundling and packaging a wide range of paper and printing products such as specialty paper, writing and printing paper, tissue papers, and coated paper among others. Printing and writing papers are used for magazines, books, stationeries, newspapers, and commercial purposes such as office reprographics, and catalogs printing. Commercial printing is one of the end-use applications of writing and printing papers. Some of the widely used commercial printing products are bookmark printing, business cards, booklet envelopes, and booklet printing.
According to a senior analyst at Technavio for research on specialty chemicals, The increasing focus on hygiene globally is driving the consumption of tissue papers. High demand for toilet paper, facial wipes, paper towels, and paper products for the foodservice industry is likely to encourage the consumption of plastic straps. The consumption of tissue papers is also increasing in the developed market. Demand for tissue papers surpasses that of printing papers, writing papers, and coated papers.
Global plastic straps market: Segmentation analysis
The global plastic straps market research report provides market segmentation by end-user (P&P, M&S, F&T, and B&T), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The P&P segment held the largest market share in 2017, accounting for nearly 30% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 46%. This region is expected to dominate the market through 2022, with an increase in its market share by over 1%.
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