Projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2027, the global pallet stretch wrapping machines market is estimated to increase its value from US$ 412.5 Million in 2022 to US$ 509.9 Million by 2027.
The overview of the pallet stretch wrapping machines market indicates a projected year-on-year (YoY) growth of 4.2% in 2022, signaling a substantial increase in market value. Leading the market, the Asia Pacific region is poised to command a significant share, exceeding 30% in 2022.
In the Asia Pacific excluding Japan region, the Indian pallet stretch wrapping machines market is anticipated to grow at a CAGR of 5.5% during the period 2022-2028. The food & beverage sector in India is constantly increasing on the back of the rising per capita income with the spiked change of the Indian subcontinent into an economy which is driven by consumer. According to the Indian Brand Equity Foundation (IBEF), the country’s fast moving consumer goods market will increase exponentially and reach a value of US$ 70 Billion in the year 2025. The consistent growth of the FMCG industry in India is expected to create notable demand for pallet stretch wrapping machines solutions during the forecast years.
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Market Drivers
- Efficiency and Productivity: Pallet stretch wrapping machines significantly enhance the efficiency and productivity of the packaging and shipping process. They can wrap palletized loads quickly and consistently, reducing labor costs and time.
- Cost Savings: By automating the wrapping process, companies can achieve substantial cost savings in labor and material expenses. This cost-effectiveness is a significant driver for adopting pallet stretch wrapping machines.
- Load Stability and Protection: Pallet stretch wrapping machines ensure that palletized loads are securely wrapped, reducing the risk of damage during transit. This is especially important for industries with fragile or high-value goods.
- Consistency and Quality: These machines provide consistent wrapping tension and quality, reducing variations in packaging quality and minimizing product damage.
- Customization and Control: Pallet stretch wrapping machines offer flexibility in adjusting wrap patterns, film tension, and other parameters, allowing businesses to tailor their wrapping to specific load requirements.
- Safety and Ergonomics: Automating the wrapping process improves workplace safety by reducing the physical strain on workers. It also minimizes the risk of injuries related to manual wrapping.
Competitive Landscape
Leading pallet stretch wrapping machines manufacturers are committed to the research and development of the product and are consistently offering innovative pallet stretch wrapping solutions targeted towards specific end use. Companies operating in the pallet stretch wrapping machines market are aiming at product launches and expansions with other manufacturers.
- In February 2021, Robopac S.p.a.’s stretch wrapping and banding machinery obtains customer satisfaction audit recognition by Cerved.
- In July 2021, Wulftec International Inc. featured a strapper wrapper combo. It includes a SMART SML-150 semi-automatic low profile turnable stretch wrapper with a VarioaMaster 9440 side seal automatic strapping machine.
The Key Players Are:
- Muller Load Containment Solutions
- Arpac LLC
- Robopac SPA
- Phoenix Wrappers, Inc.
- Tosa s.r.l.
- SIAT S.p.A.
- Lantech, Inc.
- Webster Griffin Ltd.
- Perks Engineering
- others
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Market Restraints
- High Initial Investment: The capital expenditure required to purchase and install pallet stretch wrapping machines can be substantial, making it a significant restraint, especially for smaller businesses.
- Maintenance Costs: While automation can reduce labor costs, it also introduces maintenance costs. Pallet stretch wrapping machines need periodic maintenance and repairs, and service contracts can add to operational expenses.
- Integration Challenges: Integrating new pallet stretch wrapping machines into existing production lines or warehouses can be complex and require time and resources. Disruptions during this process can impact productivity.
- Space Requirements: Pallet stretch wrapping machines typically require a dedicated space within a warehouse or production facility. In situations where space is limited, accommodating these machines can be a challenge.
- Skill Requirements: Operating and maintaining pallet stretch wrapping machines often necessitates specialized training, and finding qualified personnel can be a restraint for businesses.
- Film Supply and Costs: The cost and availability of wrapping film can fluctuate. Businesses may face challenges in sourcing affordable and high-quality stretch film to use with these machines.
- Customization Limitations: While pallet stretch wrapping machines offer flexibility, they may have limitations in accommodating various load sizes, shapes, or packaging requirements. Highly specialized or irregular loads can be challenging to wrap.
Why the Automatic Segment is projected to Anticipate Heightened Demand from the Pallet Stretch Wrapping Machines Market?
As per FMI analysis by machine type, the automatic segment is projected to be the largest market shareholder in the global market for pallet stretch wrapping machines with an anticipated market share of almost 60% by 2022. The benefits of that automatic pallet stretch wrapping machines offers include minimal labor and time constraints, aesthetic appeal and proper product protection. This will make pallet stretch wrapping machines ideal solutions for large number of applications in various end-use industries such as food & beverage, pharmaceuticals, paper, textiles, construction, chemical, automotive, consumer goods among others. This will bolster the demand of pallet stretch wrapping machines in forecast period.
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Key Segmentations
By Machine Type
- Automatic Pallet Stretch Wrapping Machines
- Turntable
- Ring
- Robotic
- Rotary Arm
- Single Arm
- Double Arm
- Semi-Automatic Pallet Stretch Wrapping Machines
- Turntable
- Arm Wrapping
- Specialty Pallet Stretch Wrapping Machines
By End Use
- Food & Beverage
- Pharmaceuticals
- Consumer Products
- Automotive
- Paper
- Textile
- Construction
- Chemical
By Order Type
- Customized
- Standard
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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