The shrink wrapping machines market is predicted to grow at a 7.2% CAGR and reach a value of US$ 842.3 million by 2022. The shrink wrapping machines market is expected to grow to $1,685.7 million by 2032.
Shrink wrapping machine market growth is driven by the demand for shrink wrapping machines designed for extended shipping periods. The requirement for product shipping and transportation to reach a larger geographic client base has led in increased demand for shrink wrapping machines, which influences the main trends and opportunities in the shrink wrapping machines market.Consumer demand for goods, food, and drinks has surged as a result of rising disposable incomes among consumers in emerging nations, which is impacting the shrinking economy.
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Recent Development:
Partnership:
- A partnership agreement between Standard-Knapp, Inc. and EoL Packaging Experts (EoL), a global provider of end-of-line packaging solutions for the food and beverage sector, was signed in August 2019. With a recognised presence in both America and Europe, the merger could produce a globally active industry leader for end-of-line packaging equipment and systems.
Acquisition:
- Aetnagroup acquired OCME in May 2019. In order for AETNA GROUP to maximise the technical, industrial, and commercial synergies to meet new challenges, the consolidation strategy of the two industrial companies, ROBOPAC AND OCME, has been put into place.
Key Players
- 3M Company
- Texwrap Packaging Systems
- ARPAC LLC
- Axon
- Duravant
- Eastey Enterprises
- Kliklok-Woodman
- Massman Automation Designs, LLC
- PakTech
- PDC International Corp
- Standard-Knapp, Inc.
- Tripack and Shrinkwrap Machinery Co. Ltd
- Gebo Cermex.
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What are the Growth Propellers in the Shrink Wrapping Machines Market?
Shrink wrapping machines provide configuration functionality to handle different products’ packaging needs. One of the main factors driving the shrink wrapping machines market opportunities is the machines’ capacity to shrink-wrap items of various shapes and sizes with varying levels of complexity as a function of size, volume, and speed.
The shrink wrapping machines market has benefited from technological advancements that have increased the speed and efficiency of the machines, creating lucrative shrink wrapping machines market opportunities. The cost of secondary packaging has significantly decreased thanks to shrink wrapping, which has also increased demand for shrink wrapping machines leading to the sure in the sales of shrink wrapping machines.
Shrink Wrapping Machines Market: Market Dynamics
The growth of the shrink wrapping machines market is correlated with the demand for packaging products meant for longer shipping period. The demand for transportation and shipping of products to cover expanded geographic customer base, has led to growing demand for shrink wrapping which influences the demand for shrink wrapping machines market.
Currently the shipping volume around the world is about 10 billion tons. The increase in the disposable income of the consumers in the emerging economies has led to the increase in demand for consumer goods, food and beverage market which is influencing the shrink wrapping machines market. The shrink wrapping machine is easy to operate which reduces the requirement for skilled personnel.
Further shrink wrapping machines have low operational cost that act as favorable factor driving the shrink wrapping machines market.
Shrink wrapping machines offer configuration functionality that address packaging requirements of varied products. The ability of the shrink wrapping machines to wrap products of different shapes and sizes with varying level of complexity depending upon size, volume and speed is a key factor benefiting the shrink wrapping machines market.
However the shrink wrapping machines requires high initial investment and it is a key factor restraining the proliferation of the shrink wrapping machines market. Shrink wrapping machines are designed for the use of plastic films which is a non-ecofriendly material. Ban on such films may limit the shrink wrapping machines market.
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Shrink Wrapping Machine Market- Regional Outlook
In the backdrop of upsurge industrialization and other economic factors in the APEJ region, growth in over the forecasted period shrink wrapping machine market in APEJ region is expected to be followed by North America. The Eastern Europe and Western Europe region is also expected have growth in shrink wrapping machine market over the forecasted period due to escalating packaging requirement for the meat & processed food products. Shrink wrapping machine market is at an introductory stage in MEA region.
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