Strapping Devices Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Strapping Devices Market grew at a CAGR of 3.8% between 2017-2021 and is estimated to be US$ 4,798.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.9% and is expected to reach a valuation of US$ 8,512.3 Mn by 2032 end.
With several benefits, strapping equipment is useful for various industries and can help increase profitability. Increased demand for strapping equipment in the building, automobile, shipping, and logistics industries is driving manufacturers to increase production capacities.
GROWING DEMAND FROM THE END-USE INDUSTRY DRIVES THE MARKET
The strapping equipment market is expected to witness a high level of growth over the forecast period. Apart from this, there will be increased demand for strapping equipment across industries, including food and beverage, transportation and logistics, building and construction, and automobiles. In the recent past, the global strapping equipment market has witnessed strong growth due to the increasing industrialization and rapid industrialization in emerging countries.
HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH
Due to the high cost of the strapping equipment, small industries cannot afford to buy the production equipment, which hampers competition. As a result, the growth of this market has been slow in recent years.
GROWING DEMAND FOR CUSTOMIZABLE PACKAGING PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
In the upcoming years, there are expected to be many opportunities for the adoption of Strapping Devices systems due to the launch of customizable strapping machines will further expand the future growth of the strapping equipment market. Rising demand for customized strapping machines is expected to be attributed to the rapidly increasing automation of loading operations and a need for an efficient supply chain.
Market Segments Covered in Report
By Product Type:
By End Use Industry:
By Region and Country:
Which Strapping Equipment is projected to ensure the most revenue during the forecast period?
Automatic strapping equipment has 60.0% of the market share and has been shaped by transportation, warehousing, and logistics developments since 2005. Demand will increase at a 5.5% CAGR over the next ten years with applications including pack & ship and post-manufacturing processing. It is estimated that this sector will account for 29% of all growth over the next decade.
Why is the food & beverage segment expected to expand the fastest during the forecast period?
Food & beverage accounted for the largest segment using strapping machines for wrapping and packaging. The rising importance of packaging to protect food & beverage products has become a crucial factor driving demand.
Specially designed machines are used in packaging food, beverages, and other products. The strapping system, which is very beneficial in keeping the goods dry, safe, and secure while in transit, is another feature that makes strapping very important.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The strapping equipment market is expected to be highly competitive. The new technologies, rising labor costs, and growing packaging restrictions will create a critical scenario for the strapping equipment manufacturers. However, key market players are trying to stay ahead in this hectic situation by adopting the latest technologies and creating differentiated products.
Some of the key developments that have taken place in the Strapping Devices Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Automation, Product Type, End Use Industry, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.9%.
The strapping machine market is expected to be driven by developments related to various types of strapping machines and expansion in shipping & logistics, food & beverages, and building & construction.
Major global Strapping Devices Market players are Signode Industrial Group LLC, Cyklop International, Dynaric Inc., Polychem Corporation, Samuel, Son & Co., StraPack, Corp., Tiger Pack, Inc., TITAN Umreifungstechnik GmbH and Co. KG, Fromm Holding AG, Hefei Seelong Import and Export Group Co. Ltd., Messersi Packaging Srl, Mosca GmbH, North Shore Strapping Inc., Packmaster Machinery Pvt Ltd
Smaller firms and startups are often constrained by the high capital investment needed to deploy Strapping Devices systems.
North America is expected to account for the largest market revenue share in the Global Strapping Devices market.
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