Strapping Equipment Market: Projected Growth at 4.6% CAGR by 2032 – Trends, Insights, and Future Outlook

In 2021, the global strapping equipment market achieved a valuation of US$ 1.6 billion, marking a Year-on-Year (Y-o-Y) growth of 4%. Projections indicate a steady increase in strapping equipment sales, with a Compound Annual Growth Rate (CAGR) of 4.6%, expected to reach US$ 2.7 billion by 2032. This growth trajectory underscores the rising demand for efficient packaging solutions across various industries worldwide. Factors such as increasing globalization, e-commerce expansion, and advancements in packaging technology contribute to the sustained growth of the strapping equipment market, reflecting its vital role in securing goods for transportation and storage purposes.

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.

Business Growth Drivers:

1. Increasing Demand for Secure Packaging: With the growth of e-commerce and manufacturing sectors, there’s a rising need for secure packaging solutions to ensure the safe transportation of goods. Strapping equipment provides sturdy bundling solutions that protect goods during transit, thereby driving market growth.
2. Focus on Sustainable Packaging: As sustainability becomes a key concern globally, there’s a growing emphasis on using recyclable and eco-friendly packaging materials. Some strapping equipment manufacturers offer solutions using biodegradable or recyclable materials, catering to the demand for sustainable packaging options.
3. Automation and Technological Advancements: Advancements in technology have led to the development of automated strapping equipment that enhances efficiency and reduces labor costs in packaging operations. Integration of IoT (Internet of Things) technology and automation features such as robotic arms and sensors further drive market growth by improving productivity and reducing errors.
4. Expansion of Manufacturing Industries: The expansion of manufacturing industries, particularly in regions experiencing industrial growth such as Asia-Pacific and Latin America, fuels the demand for strapping equipment. These industries require efficient packaging solutions to streamline their operations and meet the demands of global supply chains.
5. Stringent Regulations: Regulatory mandates regarding packaging standards and safety norms drive the adoption of advanced strapping equipment that ensures compliance with industry regulations. Companies invest in modern equipment to meet these requirements and avoid penalties associated with non-compliance.

Industry Restraints:

1. High Initial Investment: The cost of purchasing and installing strapping equipment, especially advanced automated systems, can be significant for small and medium-sized enterprises (SMEs). High initial investment acts as a barrier to entry for some businesses, restraining market growth, particularly in emerging economies.
2. Maintenance Costs: Strapping equipment requires regular maintenance to ensure optimal performance and longevity. Maintenance costs, including servicing, repairs, and replacement of parts, can add to the overall operational expenses for businesses, impacting profitability.
3. Competition from Alternative Packaging Solutions: While strapping equipment offers secure bundling solutions, it faces competition from alternative packaging methods such as shrink wrapping, stretch wrapping, and adhesive tapes. Depending on specific packaging requirements and cost considerations, businesses may opt for these alternatives instead of investing in strapping equipment.
4. Volatility in Raw Material Prices: Fluctuations in the prices of raw materials used for manufacturing strapping materials, such as steel, polyester, and polypropylene, can affect the overall cost structure for strapping equipment manufacturers. Economic factors, geopolitical tensions, and supply chain disruptions contribute to raw material price volatility, posing challenges for market players.
5. Limited Adoption in Certain Industries: While strapping equipment finds widespread adoption in industries like logistics, food and beverage, and construction, its usage may be limited in certain sectors where alternative packaging methods are preferred or where manual labor is still prevalent. Expanding the market reach to such industries requires targeted marketing strategies and product customization to address specific needs and challenges.

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 1/3^rd 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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