Strapping Machine Market - Global Industry Analysis and Forecast | 2024
Strapping Machine Market Dynamics:
The growth in the overall packaging industry drives the growth in the global strapping machine market and the strapping machine market is expected to grow at a CAGR of around 4.5% over the forecast period. The rising demand in consumer good, food and beverage industries majorly fuels the growth in the strapping machine market. Additionally, manufacturers are investing in these machines to achieve cost and product efficiency, focusing more on package safety which will further escalate the growth in the strapping machine market. However, the strapping machine market is capital intensive and requires a lot of capital investment to initiate manufacturing which acts as a major hindrance for companies to enter this market. Meanwhile, the recent trend is the rising growth in automatic strapping machines in comparison to physical handled strapping machines to reduce human intervention. Furthermore, the integration of strapping machines with the existing packaging line to streamline the end of line packaging process is also being seen as a recent trend in the strapping machine market.
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Strapping Machine Market Segmentation:
On the basis of product type, the global Strapping Machine Market is segmented into:
Hand-tools strapping machines
Semiautomatic strapping machines
Automatic strapping machines
On the basis of material, the global Strapping Machine Market is segmented into:
On the basis of end use, the global Strapping Machine Market is segmented into:
Food and Beverage
Building and Construction
Others (Hay, Linen/Laundry, Lumber etc.)
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On the basis of application, the global Strapping Machine Market is segmented into:
Strapping Machine Market - Regional Outlook:
Geographically, the strapping machine market can be segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA). North America is expected to witness a strong growth in the strapping machine due to the high growth in the food and consumer good packaging industry in the region. The Asia Pacific region is expected to witness the highest growth rate throughout the forecast period majorly driven by developing economies like India and China. Furthermore, the developing economies of Asia Pacific are witnessing huge growth in the packaging industry primarily due to the factors such as rising GDP, increasing disposable income, rising middle class etc. which are driving the growth in most of the industries. Europe is expected to experience above global average growth in demand for strapping machine market, while MEA is expected to achieve a moderate growth in the strapping machine market.
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