10th Dec 2020 - Global Strapping Machine Market is anticipated to reach USD 6.4 billion by 2025. The strapping machines are important to the packaging industry. Spending by high amount on packaging apart from the product itself is imperative, as the product is a quality product, but if it’s not properly packed, it might prove to be unattractive for the consumer. The machines are used for housing a band or strap about the packages to hold and provide surface and safety to the packages. Also, there is growth in the automatic strapping machines in comparison with the physically handled strapping machines to reduce the stress of the humans.
The factors that propel the growth of the strapping machine industry include increasing demand in food and beverage industries, investment by producers in these machines to achieve cost-as well as product effectiveness, concentrating more on package security that will further escalate the development. On the other hand, there are factors that may hamper the growth of the market including the requirement of huge amount of capital investment to initiate manufacturing. Strapping Machine Market is anticipated to grow at a significant CAGR of 4.9% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
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Strapping Machine Product Outlook (Revenue, USD Million; 2014 - 2025)
- Fully automatic
Strapping Machine Material Outlook (Revenue, USD Million; 2014 - 2025)
Strapping Machine Application Outlook (Revenue, USD Million; 2014 - 2025)
- Food & beverage
- Consumer electronics
- Household appliances
- Newspaper & graphics
Some of the key players that fuel the growth of the strapping machine industry comprise Strapex, Polychem Corporation, Transpak Equipment Corp., MOSCA GmbH, Australian Warehouse Solutions, Signode Packaging Systems Corporation, Samuel Strapping Systems, StraPack Inc., Venus Packaging, MJ Maillis SA, Messersì Packaging S.r.l., and Dynaric, Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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North America accounted for the major share of the Strapping Machine Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include high growth in the food and consumer packaging industry in the region. The Asia-Pacific region is expected to witness substantial growth rate throughout the market, which is majorly driven by developing economies such as India and China. Additionally, Asia Pacific is witnessing high growth in the packaging industry due to increase in the disposable income, increasing middle class population, etc.
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