With a valuation of US$ 1.6 billion in 2021 and a year-on-year growth of 4%, the global strapping equipment market is poised for substantial expansion. Projections indicate a further surge in strapping equipment sales at a Compound Annual Growth Rate (CAGR) of 4.6%, ultimately reaching a valuation of US$ 2.7 billion by 2032. This growth trajectory underscores the increasing demand for efficient and reliable strapping solutions across various industries. As the market continues to evolve, manufacturers and stakeholders are presented with opportunities to capitalize on the growing significance of strapping equipment in securing and packaging goods for transportation and storage.
Due to its lightweight nature and time-saving attributes, strapping equipment finds extensive applications across diverse sectors. Widely employed in the manufacturing of pallet wraps and transportation of household products, these tools play a crucial role in ensuring efficient packaging processes. Moreover, manufacturers are actively innovating, introducing automatic machines and environmentally friendly, durable straps, aligning with the growing emphasis on sustainable and efficient packaging solutions in various industries. This commitment to innovation reflects the adaptability of strapping equipment to evolving market demands and the continuous drive towards enhancing the overall efficiency of packaging operations.
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The sales of strapping equipment in the Japanese market are projected to grow at a CAGR of 4.3% over the assessment period, reflecting the significance of this sector in the global strapping equipment market’s expansion. These trends underscore the pivotal role of emerging economies and dynamic industries in driving the demand for strapping equipment on a global scale.
Competitive Landscape
Leading manufacturers are aiming to expand their presence across the globe through mergers, acquisitions, and collaborations. They are also investing in research and development to improve the functionality of automatic strapping machines.
For instance:
- In February 2022, Signode Industrial Group LLC introduced new strapping equipment in the market. It is a BPT steel strapping hand tool that is light in weight and has balanced features. It is used for heavy-duty stationary and mobile applications which require high-tension force.
- In May 2021, Fromm Holding AG has developed a machine that automatically scans the product and fills it in the carton.
Market Drivers:
- Growing Packaging Industry:
- The strapping equipment market is often driven by the overall growth in the packaging industry. As various sectors such as food and beverages, logistics, and manufacturing expand, there is an increased demand for efficient and secure strapping solutions.
- E-commerce Boom:
- The rise of e-commerce has significantly increased the demand for effective strapping equipment. With a surge in online shopping and the need for secure packaging for transportation, strapping equipment becomes essential in ensuring that goods are delivered intact.
- Stringent Regulations:
- Stringent regulations and quality standards in various industries, such as food and pharmaceuticals, drive the adoption of high-quality strapping equipment. Compliance with safety and quality standards is crucial for companies operating in these sectors.
- Advancements in Technology:
- Technological advancements in strapping equipment, such as the development of innovative materials and automated strapping machines, contribute to market growth. These advancements often lead to increased efficiency, cost-effectiveness, and improved safety in packaging processes.
- Focus on Sustainability:
- The increasing emphasis on sustainable packaging solutions has led to a demand for eco-friendly strapping materials. Strapping equipment that supports recyclability and reduces environmental impact is likely to gain traction.
Market Restraints:
- High Initial Costs:
- The initial investment required for advanced strapping equipment, especially automated systems, can be a significant barrier for some businesses. High costs may limit the adoption of such equipment, particularly among smaller enterprises.
- Maintenance Challenges:
- Complex strapping machinery may require specialized maintenance, and downtime for repairs can impact operational efficiency. Companies may face challenges in finding skilled personnel for maintaining and servicing the equipment.
- Competition from Alternative Technologies:
- Alternative packaging technologies, such as shrink wrapping or stretch wrapping, may compete with strapping solutions. The choice between these technologies depends on specific packaging needs, and strapping equipment may face challenges from these alternatives.
- Volatility in Raw Material Prices:
- Fluctuations in the prices of raw materials, such as steel or plastic, used in strapping can impact the overall cost structure for manufacturers. Economic and geopolitical factors can contribute to material price volatility.
- Global Economic Uncertainty:
- Economic uncertainties and global events can impact the overall demand for packaging solutions, affecting the strapping equipment market. Economic downturns or disruptions in supply chains can lead to fluctuations in demand.
The Key Players:
- Signode Industrial Group LLC,
- Cyklop International,
- Dongguan Xutian Packing Machine Co. Ltd.,
- Dynaric Inc.,
- Fromm Holding AG,
- Hefei Seelong Import and Export Group Co. Ltd,
- Messersi Packaging Srl,
- Mosca GmbH,
- North Shore Strapping Inc.,
- Packmaster Machinery Pvt Ltd,
- Polychem Corporation,
- Samuel, Son & Co.,
- StraPack, Corp.,
- Tiger Pack, Inc.,
- TITAN Umreifungstechnik GmbH and Co. KG,
- Transpak Equipment Corp,
- VENUS HARTUNG PTY LTD,
- GTI Industries Inc,
- FELINS,
- ASN Packaging Pvt Ltd.
Strapping equipment help to increase strength of heavy and bulk packages during loading and unloading thus consumes less processing time. On the back of this, end user’s inclination towards automatic strapping equipment has increased in recent years.
“Growing adoption of automatic strapping equipment across the food & beverage sector, along with increasing sales of consumer electronics across the globe,” says an FMI analyst.
Key Takeaways:
- Consumption of strapping equipment in shipping and logistics industry is expected to hold 1/3rd of the total market share over the forecast period.
- The demand for automated strap machines is significantly increasing. Every 5 out of 10 strapping equipment sold are automatic strapping equipment.
- Sales of vertical strapping equipment are expected to create an incremental opportunity of US$ 658 Million during 2022-2032.
- North America and South Asia are estimated to be lucrative markets for strapping equipment.
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Strapping Equipment Market by Category
By Product Type:
- Horizontal Strapping Machine
- Vertical Strapping Machine
By Automation:
- Manual
- Semi-automatic
- Automatic
By End Use Industry:
- Shipping & logistics
- Food & Beverages
- Building & Construction
- Electrical & Electronics
- Household Appliances
- Automobile
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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