iCrowd Newswire – Jul 20, 2020
Strapping Machine Market is forecast to reach $6.54 billion by 2024, after growing at a CAGR of 5.9% during 2019-2024. The strapping machines are widely employed in the packaging industry. With the rise in adoption of automation in industries, the demand for semi-automatic and automatic machines has significantly increased over the hand and manual strapping machines thereby impacting on the growth of the Strapping machines market.
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By Product – Segment Analysis
Semi-automatic and automatic strapping machines hold the highest market share compared to manual strapping machines. Polypropylene is widely employed in the semi-automatic strapping machines thereby contributing to the highest market share over all the machines due to their cost effectiveness, easy installation. Moreover the current trends including industrial automation and industry 4.0 are analyzed to impact on the growth of the fully automatic machines during the forecast period 2020-2025.
Application – Segment Analysis
Food and beverages are analyzed to hold the highest market share in the application segment. The highest market share is mainly attributed due to the wide range of packaging employed in the food industry in order to preserve food quality, thereby avoiding damage during transportation. Plastics is widely deployed in the strapping machines in food and beverage packaging. Apart from food and beverage industry, the strapping machines are widely deployed in the packaging of consumer and household appliances as well. Consumer and house hold appliances hold a significant market share after food and beverage as the goods are packed in order to protect the functionality and aesthetics of the appliance with high reliability during handling, shipping and storage.
Geography – Segment Analysis
APAC dominated the Strapping Machine market, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but also with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. The significant growth in the packaging industry owing to the high presence and rise of many manufacturing industries in APAC region is contributing to the major market share. Extensive use of plastic materials including polyester, polypropylene and others in the strapping machines in countries such as India and china owing to its cost effectiveness and durability is analysed to boost the strapping machine market.
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Drivers – Strapping Machine Market
- Growing demand for automation
The rising demand for the industrial automation at a global level is driving the strapping machine market. The significant rise in deployment of automatic and semi-automatic machines in almost all the packaging industries is analyzed to boost the strapping machines market. The employment of these machines in the firms increases the productivity and efficiency with minimal manual interference thereby reducing the cost.
Challenges – Strapping Machine Market
- Implementation of Stringent Environment Regulations
Although the strapping machine market is growing at a significant rate, the usage of the plastic materials in strapping is analyzed act as challenge for the market owing to its adverse effects on the environment. Plastic material are used in food, beverage and industrial packing which are posing a severe threat to environment causing pollution, hence the government bodies in various countries are banning usage of plastic in the material packaging, thereby hindering the strapping machine market.
- In August 2019, Graphic Packaging Holding Company has announced to invest a sum of $600 million for new coated recycled board machine.
- In 2018, DowDuPont has announced to invest $100M in the expansion of a manufacturing plant in order to boost the growth in the development of specialty materials including advanced polymers such as polypropylene, polyester and so on.
- Asia-Pacific dominates the Strapping Machine market owing to high presence of the manufacturing, food and beverages industries that involve packaging.
- Owing to the increasing adoption of automation in the industries is analyzed to dive the strapping machine market during the forecast period.
- Semi-automatic strapping machines is analyzed to hold the highest market share owing to ease of installation.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Strapping Machine market. In 2018, the market of Strapping Machine has been consolidated by the top players including Transpak Equipment Corp., Strapex, Signode Packaging Systems Corporation, Australian Warehouse Solutions, Dynaric, Inc., Polychem Corporation, Samuel Strapping Systems, Messersi Packaging S.r.l., MOSCA GmbH, StraPack Inc., Venus Packaging, MJ Maillis SA, among others.
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