The strapping equipment market witnessed robust growth in 2021, reaching a valuation of US$ 1.6 billion with a year-on-year growth of 4%. Projections indicate a steady rise in sales at a CAGR of 4.6%, aiming to surpass US$ 2.7 billion by 2032.
Indian exports are significantly contributing to the global demand for electronic goods, comprising 23.7% of the total exports during the 2021-2022 period, according to data from the Directorate General of Foreign Trade. This upward trajectory is expected to persist, driving an increased need for strapping equipment in India, particularly evident in the substantial exports to the United States, amounting to a remarkable US$ 61,459 million during the same period.
The strapping equipment market in India is forecasted to create incremental opportunities amounting to US$ 91 million between 2022 and 2032, with a projected Compound Annual Growth Rate (CAGR) of 5.9%. This growth is attributed to the escalating export and import activities by Indian manufacturers and end-users.
Meanwhile, the Japanese automotive industry is experiencing noteworthy advancements, with the total export of automobiles and automotive equipment reaching 3.74 million units in 2021, as reported by the Japan Automobile Manufacturer Association. This growth is directly linked to the increasing sales of automobiles and the export of automotive equipment, contributing to a heightened demand for strapping equipment in the industry.
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The sales of strapping equipment in the Japanese market are projected to grow at a CAGR of 4.3% over the assessment period, reflecting the significance of this sector in the global strapping equipment market’s expansion. These trends underscore the pivotal role of emerging economies and dynamic industries in driving the demand for strapping equipment on a global scale.
Competitive Landscape
Leading manufacturers are aiming to expand their presence across the globe through mergers, acquisitions, and collaborations. They are also investing in research and development to improve the functionality of automatic strapping machines.
For instance:
- In February 2022, Signode Industrial Group LLC introduced new strapping equipment in the market. It is a BPT steel strapping hand tool that is light in weight and has balanced features. It is used for heavy-duty stationary and mobile applications which require high-tension force.
- In May 2021, Fromm Holding AG has developed a machine that automatically scans the product and fills it in the carton.
The Key Players:
- Signode Industrial Group LLC,
- Cyklop International,
- Dongguan Xutian Packing Machine Co. Ltd.,
- Dynaric Inc.,
- Fromm Holding AG,
- Hefei Seelong Import and Export Group Co. Ltd,
- Messersi Packaging Srl,
- Mosca GmbH,
- North Shore Strapping Inc.,
- Packmaster Machinery Pvt Ltd,
- Polychem Corporation,
- Samuel, Son & Co.,
- StraPack, Corp.,
- Tiger Pack, Inc.,
- TITAN Umreifungstechnik GmbH and Co. KG,
- Transpak Equipment Corp,
- VENUS HARTUNG PTY LTD,
- GTI Industries Inc,
- FELINS,
- ASN Packaging Pvt Ltd.
Strapping equipment help to increase strength of heavy and bulk packages during loading and unloading thus consumes less processing time. On the back of this, end user’s inclination towards automatic strapping equipment has increased in recent years.
“Growing adoption of automatic strapping equipment across the food & beverage sector, along with increasing sales of consumer electronics across the globe,” says an FMI analyst.
Key Takeaways:
- Consumption of strapping equipment in shipping and logistics industry is expected to hold 1/3rd of the total market share over the forecast period.
- The demand for automated strap machines is significantly increasing. Every 5 out of 10 strapping equipment sold are automatic strapping equipment.
- Sales of vertical strapping equipment are expected to create an incremental opportunity of US$ 658 Million during 2022-2032.
- North America and South Asia are estimated to be lucrative markets for strapping equipment.
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Strapping Equipment Market by Category
By Product Type:
- Horizontal Strapping Machine
- Vertical Strapping Machine
By Automation:
- Manual
- Semi-automatic
- Automatic
By End Use Industry:
- Shipping & logistics
- Food & Beverages
- Building & Construction
- Electrical & Electronics
- Household Appliances
- Automobile
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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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