Global Polyester Straps Market 2019-2023
About this market
Polyester 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, stationery, newspapers, and for office reprographics and catalog printing. The focus on hygiene is also 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 use of polyester straps. Polyester straps are commonly used in packaging paper products and help in ensuring safe transportation and storage. This increased consumption of paper products is estimated to drive the demand for polyester straps during the forecast period. Technavio’s analysts have predicted that the polyester straps market will register a CAGR of over 15% by 2023.
Increasing consumption in steel and metal industry
Metal and steel products are used extensively in the manufacturing, building and construction. and infrastructure industries. The growing use of metal and steel products bolsters the uses of polyester straps that are used in palletizing, tying, and packaging steel products as they are very strong and durable. Thus, the growing consumption of metal and steel products is expected to drive the market during the forecast period.
Fluctuation in raw material prices
Volatility in the cost’s petroleum-based raw materials and the demand for polyester strap products in emerging economies can hinder the market growth. Prices of raw materials such as polymers (polypropylene, polyester, and nylon), additives, and resins fluctuate as they are directly related to crude oil prices. Therefore, the prices of these raw materials fluctuate depending on the prevailing prices of natural gas and crude oil.
For the detailed list of factors that will drive and challenge the growth of the polyester straps market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of limited vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook