The strapping equipment market is set for robust growth, projected to achieve a compound annual growth rate (CAGR) of 2.30% from 2024 to 2034. According to the latest analysis from Future Market Insights, this market is expected to rise from a valuation of US$ 1.7 billion in 2023 to an impressive US$ 2.2 billion by 2034.
This growth trajectory is fueled by the increasing adoption of robotics and automation in the packaging industry, enhancing operational efficiency and meeting the rising demand for secure and sustainable packaging solutions across various sectors.
Intricate characteristics like seamless interaction with manufacturing lines and accurate tension management are made possible by robot improvements. This tendency is especially apparent in manufacturing, logistics, and food processing, which propels global market development.
Introducing novel, environmentally friendly materials is an opportunity for strapping equipment manufacturers. Key players are indulging in research and development to provide strapping solutions that are environmentally friendly substitutes for conventional materials.
This aligns with the rising demand for eco-friendly packaging solutions and growing environmental concerns, allowing market players to benefit from the new market trends and obtain a competitive advantage.
Key Takeaways from the Market Analysis:
- A valuation of US$ 1.6 billion was reached by the strapping equipment industry in 2018.
- The strapping equipment market garnered a CAGR of 1.60% historically from 2018 to 2023.
- The United States strapping equipment industry will develop at a CAGR of 0.9% over the projection period.
- In 2024, horizontal strapping machines will become more popular, accounting for 67.3% of the market.
- With a 46.1% market share in 2024, such equipment will be extensively utilized in the logistics and transportation industry.
“Increasing trend for safe packaging across sectors is propelling the strapping equipment demand. Globalization, the expansion of e commerce, and strict logistics laws all contribute to this demand, which is particularly strong in the logistics sector. The projected expansion is supported by the necessity for dependable strapping solutions to protect cargo during transportation.” says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Competitive Landscape
The key players in the strapping equipment market are striving to improve sustainability, dependability, and efficiency. They prioritize equipment design advancements that enhance performance, such as quicker strapping rates and adaptability for different packing uses.
To lessen the influence on the environment, efforts are being focused on creating environmentally friendly strapping materials and methods. Maintaining and providing technical support for after sales services, such as maintenance, is essential to ensuring consumer satisfaction and retention in the highly competitive market context.
Startups in the strapping equipment market use disruptive technology and specialized market niches to position themselves strategically. They emphasize innovation and provide advanced options like integrated smart packaging or automated strapping systems. These companies frequently focus on particular markets or uses, meeting the demands and tastes of individual customers.
They use flexible business structures to quickly adjust to changing market conditions and offer customized services. Startups want to make a name for themselves and effectively compete with more established firms. To do this, they emphasize innovation and adaptability.
Key Companies Profiled:
- Signode Industrial Group LLC
- Cyklop International
- Dynaric Inc.
- Fromm Holding AG
- StraPack, Corp.
- Messersi Packaging Srl
- Mosca GmbH
- North Shore Strapping Inc.
- Packmaster Machinery Pvt Ltd
- Polychem Corporation
- Samuel, Son & Co.
Access Full Report: https://www.futuremarketinsights.com/reports/strapping-equipment-market
Key Segments Profiled in the Strapping Equipment Industry
By Automation:
- Manual / Handheld
- Semi-automatic
- Automatic
By Product Type:
- Horizontal Strapping Machine
- Integrated
- Stand alone
- Vertical Strapping Machine
- Integrated
- Stand alone
By End Use:
- Food & Beverage
- Building & Construction
- Logistics and Transportation
- Consumer Goods
- Pharmaceutical
- Agriculture
- Other Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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