July 14, 2023 05:00 ET | Source: REPORTSINSIGHTS CONSULTING PVT LTD REPORTSINSIGHTS CONSULTING PVT LTD
New York, July 14, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Strapping Machine Market” Report by Reports Insights: Valued at USD 5,721.89 Million in 2022, Projected to Reach USD 8,092.68 Million by 2030, Growing at 4.5% CAGR. Automatic Loading And Unloading Manipulator
Strapping machines are used for placing bands or straps of different materials including steel plastic around a pallet of stacked goods in order to secure the goods for transportation. Various types of strapping machines including semi-automatic and automatic strapping machines are utilized in food & beverage, household appliance, pharmaceutical, consumer electronics, and other sectors. The benefits of strapping machines including improved packaging efficiency, ease of customization, enhanced safety of goods, reduced labor costs, and others are key determinants for increasing its adoption in the aforementioned end users. The market for strapping machines is highly competitive, with a large number of players offering a wide range of solutions. The market is projected to continue to grow in the coming years, driven by the increasing demand for strapping machines in the food & beverage, pharmaceuticals, and consumer electronic industries among others.
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The increasing utilization of strapping machines in the pharmaceutical industry is one of the key factors driving the market growth. Strapping machines are used in pharmaceutical industry for applications including bundling, strapping, carton closing, and package reinforcement of pharmaceutical products. According to the European Federation of Pharmaceutical Industries and Associations, the production of the pharmaceutical industry in Europe was valued at USD 339.7 billion in 2021, depicting an increase of 4.6% as compared to USD 324.7 billion in 2020. The rising pharmaceutical production is driving the utilization of strapping machines to ensure safe handling and transportation. Thus, the growing pharmaceutical industry is among the prime factors driving the adoption of strapping machines, in turn proliferating the market growth.
Further, the rising application of strapping machines in the food & beverage sector is a vital factor fostering the growth of the market. Strapping machines are primarily used in the food & beverage industry for applications involving integrating, packaging, and palletizing food and beverage products. The features of strapping machines, including improved productivity, high durability, faster packaging speed, and others make it ideal for utilization in the food & beverage sector. Moreover, factors including rising investments in the expansion of food & beverage facilities and increasing consumption of instant and frozen food are among the key prospects fostering the demand for strapping machines.
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Strapping Machine Market Growth Drivers:
Global Strapping Machine Market Segmentation Details:
Based on strapping material, the polypropylene segment contributed largest share to the market growth in 2022. The benefits of polypropylene strapping including water resistance, strength, corrosion resistance, extreme versatility, and others are key prospects driving the growth of the segment. Moreover, factors including expansion of food & beverage manufacturing units, rising pharmaceutical production, and growing demand for versatile strapping material are among the prime determinants driving the growth of the polypropylene segment.
Based on product, the semi-automatic strapping machine segment contributed the largest share to the market growth in 2022. Semi-automatic strapping machines deploy automatic strap feeding and tensioning mechanisms and require operators for manually inserting the package into the machine to activate the sealing mechanism. Factors including growing consumption of consumer devices, rising food & beverage production, and increasing demand for economical strapping solutions are among the prime determinants driving the growth of the semi-automatic strapping machine segment.
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Based on end user, the food & beverage segment is anticipated to offer substantial shares to the global strapping machine market growth during the forecast period. Strapping machines are primarily deployed in the food & beverage sector for applications including integrating, packaging, and palletizing food and beverage products to ensure its secure handling and transportation. Factors including increasing investments in food & beverage manufacturing facilities, growing demand for processed food products, and rising need for secure food packaging solutions are expected to fuel the market growth during the forecast period.
Based on region, North America accounted for the largest share contribution to the market growth in 2022. The prevalence of significant strapping machine providers in North America such as Polychem Corporation, Samuel Son & Co., StraPack Corp., Signode Industrial Group LLC, and others lead to significant innovations in strapping machines in the region. In addition, the growth of various industries including food & beverage, pharmaceuticals, and others is driving the growth of strapping machine market in North America.
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List of Major Global Strapping Machine Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
Global Strapping Machine Market Segmentation:
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