The sales of strapping and banding equipment market are anticipated to record a strong CAGR of 4.8% during the forecast period. By maintaining this lucrative growth rate, the market is projected to achieve an astounding valuation of US$ 3,964.4 million by 2033.
The global sales of strapping and banding equipment grew consistently, with a noteworthy CAGR of 3.5% throughout the historical period. The global strapping and banding equipment market had a valuation of about US$ 2,376 million in 2022.
The demand for efficient packaging solutions and secure goods transportation has been a key driver of the growing demand for strapping and banding equipment. Such tools are essential for ensuring items’ safe packaging and storage during shipping and logistics and lowering the risk of loss and damage. However, the recent astounding growth can be ascribed to the increasing use of strapping and banding equipment in several new industrial sectors.
The expansion of the worldwide e-commerce market has also accelerated the use of strapping and banding equipment, and this upward trend may continue. Companies are looking for dependable and automated packaging solutions to optimize their operations and increase packing efficiency in response to rising online sales. However, the market might need more qualified operators and appropriate training to guarantee effective and secure equipment operation.
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Key Takeaways from the Global Strapping and Banding Equipment Market Study Report by FMI:
- North America dominates the global market, as the United States contributed to more than 20% of the global strapping and banding equipment sales in 2022.
- Through the projected period, the European market is anticipated to grow at a promising CAGR, providing greater opportunities for the regional players.
- India has grown significantly as a regional market for strapping and banding tools, with total sales reaching around US$ 255.6 million by 2022. This demonstrates how crucial packaging solutions are to the changing industrial landscape of Asia Pacific countries, including China, Japan, and South East Asia.
- By 2033, the fully-automatic category could account for a sizeable 49% of the market as businesses look for cutting-edge machinery to speed up procedures. Due to their capacity to handle bigger numbers and increase operational productivity, fully automatic strapping and banding equipment are becoming increasingly popular.
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Market Segmentation:
By Automation Type:
- Fully-Automatic
- Semi-Automatic
- Manual Automation
By Product Type:
- Horizontal
- Vertical
By End Use:
- Food & Beverages
- Consumer Electronics
- Household
- E-commerce
- Automobile
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- The Middle East & Africa
- Oceania
Key Players:
- Signode Packaging Systems Corporation
- FEIFER
- TransPak
- Vestil Manufacturing Corp.
- The Plastic Strapping Company Ltd
- Allstrap Steel & Poly Strapping Systems LLC
- Mosca GmbH
- Strapack Inc.
- W rent s. r. o.
- Fromm Holding AG
- FELINS
- Cyklop International
- Jia-in Industry Co. Ltd.
- Plastic band S.A.
- Jining Myway Machinery Co. Ltd.
Competitive Landscape
Key players in the market are using various marketing techniques, including acquisitions, expansions, and partnerships. Some manufacturers also focus on new product creation to expand their market presence among customers. Some of the recent developments in the market are as follows –
- In July 2022, Signode Packaging Systems Corporation introduced a strapping superpower with battery-powered hand tools. With an ergonomic design, intuitive user interface, lightweight, and up to 800 cycles/charge, this tool has raised production uptime.
- In July 2020, Fromm Holding AG introduced two new strapping equipment, PS57, and PS58. These are replacements for PS56 and PS55, which are more than 17 years old equipment.
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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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