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 sales of strapping and banding equipment 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.
Expansion of the building & construction industry in developing countries such as India, China, Brazil, and others necessitates the demand for strapping and banding equipment. Demand is further predicted to rise to facilitate the movement of goods and raw materials to construction sites.
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To develop infrastructure related to transport, education, and health sectors, the government is investing extensively in contracts with the construction industry, propelling the demand. Strapping and banding equipment are used to secure a package of construction products by tightening bands around them. Hence, the expansion of the building & construction industry in developing economies may improve the growth in the market.
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.
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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Competitive Landscape for the Strapping and Banding Equipment Market Players
Signode, FEIFER, TransPak, Vestil, Allstrap, Mosca, Strapack, Fromm Holding, FELINS, Cyklop, Plasticband, Jining Myway, ISG PACK, and ESE Direct are some top market players. These leading market players are facing increased rivalry from new market entrants, which puts pressure on prices and necessitates constant innovation. However, they are acquiring a competitive advantage in the market by offering their clients thorough training and post-sale assistance.
Research and development spending must increase from new players to provide technologically cutting-edge and economically viable solutions that satisfy the changing needs of industries. Moreover, the market for eco-friendly packaging supplies and machinery is being driven by sustainability issues and environmental restrictions. So, manufacturers must consider these elements and look into developing strapping and banding equipment that is ecologically friendly to remain competitive.
Strapping and Banding Equipment Market by Category
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
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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