Global Strapping Machine market is anticipated to garner revenue worth 7.24 (USD Billion) during the period from 2020 to 2026. It is projected to record a CAGR of more than 5% during 2020-2026.
Strapping Machine Market
The global Strapping Machine market is anticipated to garner revenue worth 7.24 (USD Billion) during the period from 2020 to 2026. It is projected to record a CAGR of more than 5% during 2020-2026. The report offers assessment and analysis of the Strapping Machine market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Strapping equipment are used widely in packaging activities for wrapping of consumer goods for holding them tight and thus enhance their shelf life. Furthermore, strapping machines are automated as well as manually operative hand sealers and are used for applying straps to the products for fastening, holding, strengthening, and stabilizing them.
Market Growth Dynamics
The thriving packaging sector is likely to shape the growth of strapping machine market over the coming years. Huge demand for the product in packaging of consumer goods as well as food & beverages will propel the growth of the strapping machine market over the forthcoming years. Today, the key players are investing in the large-scale production of strapping machines for attaining cost & product efficiency. They are highlighting on maintaining safety of the packages and this will further proliferate the business growth over the ensuing years. Nonetheless, the huge capital required to set up a strapping machine production unit will pose a major threat to the growth of the market in the near future. However, growing preference for producing automated strapping instruments for minimizing human intervention as well as the percentage of error caused due to manual operating of the machines will not only nullify the negative impact of the hindrances on the market growth but will open new vistas of market expansion in the coming years. Apparently, blending of strapping equipment with current packaging line will modernize the packaging procedure, thereby driving the business trends.
North American Market Revenue To Reach Scalable Heights By 2026
The growth of the market in North American zone over the estimated timespan is subject to humungous demand for the product in food industry as well as consumer goods packaging sector in the countries like the U.S. Moreover, large-scale presence of key manufacturers in the region will further catalyze the market growth in the region over the forthcoming years.
Key players profiled in the report are Polychem Corporation, Strapex, MOSCA GmbH, Transpak Equipment Corp., Signode Packaging Systems Corporation, StraPack Inc., Messersì Packaging S.r.l., Venus Packaging, Dynaric, Inc., Australian Warehouse Solutions, Samuel Strapping Systems, and MJ Maillis SA.
The global strapping machine market is segmented as follows:
By product type:
The thriving packaging sector is likely to shape the growth of strapping machine market over the coming years.
The CAGR of the industry is expected to be nearly over 5% during forecast timeframe.
North American region will contribute lucratively towards the global market revenue over the estimated timeline.