The South America plastic Straps market was valued at US$ 189.89 million in 2019 and is projected to reach US$ 565.70 million by 2027; it is expected to grow at a CAGR of 14.8% during the forecast period 2018-2027.
A plastic strap is a flexible flat material which helps to combine, hold, reinforce, or fasten an item.Plastic strapping used for packaging is a generic term used to describe all non-metallic straps and includes extruded polypropylene & polyester straps together with corded or woven polyester straps.
The growth of plastic straps market is driven by the increasing use of plastic straps in the paper, steel, and bricks & tiles industries.Plastic strapping materials are produced from polypropylene, polyester, and are available in a wide variety of styles, strengths, and finishes.
Strapping can be applied either automatically with a strapping machine or manually with a hand tool.Strapping is widely used across many industries, including shipping large industrial equipment to e-commerce fulfillment centers.
Different products of strapping material are available with specific classifications and grades.
Based on type, the plastic straps market is segmented into polyester straps, polypropylene straps, nylon straps, paper straps, composite straps, and corded and woven straps.In 2019, the polypropylene straps segment dominated the South America plastic Straps market.
Based on end use, the South America plastic straps market is bifurcated into fiber, steel, cotton, paper, bricks and tiles, and others. In 2019, the paper segment accounted for the largest share in the South America plastic straps market.
Geographically, the South America plastic Straps market is segmented into the Brazil, Argentina, and Rest of SAM.Brazil accounted for the largest share of the South America plastic straps market.
Brazil is the largest country in SAM and has become the leading country in the region that is witnessing good growth in the plastic straps market due to the rise in the chemical, heavy metal, electronics, packaging, and consumer goods industry.In SAM, Brazil is one of the leading countries in terms of technological advancement.
The rise in demand for electronics and an increase in population is estimated to boost the transport of goods and drives the plastic straps market. The packaging industry is largely contributing to this market.
Auto Strap India, Cyklop International, FROMM Group, Crown Holdings, Inc., Polychem Corporation, and Teufelberger Stralsund GmbH are among the major players present in the South America Plastic Straps market.
Overall size of the South America plastic Straps market has been derived in accordance to primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the plastic Straps market.
Impact of COVID-19 Pandemic on Plastic Straps Market
Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others.The government of South America has taken an array of actions to protect their citizens and contain COVID-19’s spread.
It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the United States, which are important trade partners. Containment measures in several countries of South America will reduce economic activity in the manufacturing and service sectors for at least the next quarter, with a rebound once the epidemic is contained.
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