Global Strapping Industry Market the revenue is valued at USD 4.6 billion in 2017
In the Global Strapping Industry Market Analysis & Forecast 2018-2023, the revenue is valued at USD 4.6 billion in 2017 and is expected to reach USD 7.69 billion by the end of 2023, growing at a CAGR of 6.21% between 2018 and 2023. The growth can be attributed to rising demand from the various application industries such as food & beverages, consumer goods, and others. The production is estimated at 1697.45 million in 2017 and is forecasted to reach 2727.73 million by the end of 2023, growing at a CAGR of 8.18% between 2018 and 2023. Globally growing demand from the packaging industry in various application segments is anticipated to be a key factor driving the growth. The presence of emerging economies such as India, China, and Japan are driving growth.
Strapping machines are widely used in the packaging industry for use in various applications such as food & beverages, consumer goods, newspapers, and merchandise products. The protection of these merchandise products requires strapping to combine, hold, stabilize, and fasten the goods. Primarily these operations are used for the transportation of packaged goods, where machine creates a strap or band which holds the products or goods together. Utilization of machines in various industries such as general packaging, commercial & newspaper printing is expected to fuel the growth over the forecast period.
The big operations require the operators to consider safety as a paramount concern, and this may challenge the market growth. To address the safety concerns, different authorities such as HSE, BS, and others have laid down the standards for the operator’s safety. The health and safety standards are also, designed to provide guidelines for installation, operations, and other maintenance works required for strapping machines. According to their use, strapping machines are classified as semi-automatic, automatic, and fully automatic machines.
The semi-automatic segment finds a variety of uses in the packaging industry. The semi-automatic segment is offered in two types including low volume and moderate volume. This equipment finds use in the small business units that have limited packaging requirements. In addition to that, semi-automatic machines of the moderate volume types are utilized in industries providing continuous shipping of goods.
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The 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 in driving demand. The strapping is important to maintain the usability and quality of goods during transportation of food commodities. Rising demand for various types of machines including semi-automatic, automatic, and fully automatic are increasing proportionately to the number of products to be shipped.
Strapping machines are purchased in bulk quantity in the Asia Pacific and North America regions due to the presence of the main market players in the packaging industry. The demand is coupled with major economies such as the U.S, Canada, India, China, and Japan. Furthermore, increasing the purchasing power of consumers has led to the growing demand for consumer goods and other merchandise products, which in turn is anticipated to fuel the market growth.
This report covers Regional Segment Analysis, Type, Application, Major Manufactures, Industry Chain Analysis, Competitive Insights, and Macroeconomic Analysis.
Global Strapping Market by Regional Segment Analysis includes North America, Europe, China, Japan, Southeast Asia & India.
The Major players in the market are PAC Strapping Products, Uline, Linder Seevetal, M.J.Maillis Group, Signode, Carolina Strapping, Cordstrap, Samuel Strapping, Polivektris, others.
Global Strapping Market by Product Segment Analysis consists of Steel Strapping, Plastic Strapping & Others.
Global Strapping Market by Application Segment Analysis consists of Wood Industry, Paper Industry & Others.
Why one should consider this report?
It gives a forward-looking point of view on various variables driving or controlling business sector development.
This report gives a stick guide examination toward changing focused elements.
It gives a six-year estimate surveyed based on how the market is anticipated to develop.
It helps in understanding the key item portions and their future.
It gives stick point investigation of changing rivalry elements and keeps you in front of contenders.
It helps in settling on educated business choices by having complete bits of knowledge of the market and by making inside and out an investigation of market sections.