Strapping Machine Market: To Witness Exponential Growth By 2024
Packaging has become a very important parameter to attract customers. Companies today are spending huge amount on packaging apart from the product itself, because even if the product is a quality product but is not packaged properly, it might be unattractive for the consumer. Similarly, a strapping machine is a vital component for the packaging industry as these machines are used to place a band or strap around the packages to hold and provide closure and security to the packages. The decision to select a strapping machine is very critical for packaging applications, because if the products are not strapped properly it can destroy or harm the product during transit and again a bad looking packaging may not attract customers.
Strapping Machine Market Dynamics:
The growth in the overall packaging industry drives the growth in the global strapping machine market and the strapping machine market is expected to grow at a CAGR of around 4.5% over the forecast period. The rising demand in consumer good, food and beverage industries majorly fuels the growth in the strapping machine market. Additionally, manufacturers are investing in these machines to achieve cost and product efficiency, focusing more on package safety which will further escalate the growth in the strapping machine market.
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However, the strapping machine market is capital intensive and requires a lot of capital investment to initiate manufacturing which acts as a major hindrance for companies to enter this market. Meanwhile, the recent trend is the rising growth in automatic strapping machines in comparison to physical handled strapping machines to reduce human intervention. Furthermore, the integration of strapping machines with the existing packaging line to streamline the end of line packaging process is also being seen as a recent trend in the strapping machine market.
Strapping Machine Market - Regional Outlook:
Geographically, the strapping machine market can be segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA). North America is expected to witness a strong growth in the strapping machine due to the high growth in the food and consumer good packaging industry in the region. The Asia Pacific region is expected to witness the highest growth rate throughout the forecast period majorly driven by developing economies like India and China.
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Furthermore, the developing economies of Asia Pacific are witnessing huge growth in the packaging industry primarily due to the factors such as rising GDP, increasing disposable income, rising middle class etc. which are driving the growth in most of the industries. Europe is expected to experience above global average growth in demand for strapping machine market, while MEA is expected to achieve a moderate growth in the strapping machine market.
Strapping Machine Market- Key Players:
Some of the leading players identified across the globe in the Strapping Machine Market are: Transpak Equipment Corp., Strapex, Polychem Corporation, Signode Packaging Systems Corporation, Australian Warehouse Solutions, Dynaric, Inc., StraPack Inc., Samuel Strapping Systems, Messersì Packaging S.r.l., Venus Packaging, MJ Maillis SA and MOSCA GmbH.
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