Global strapping machine market is anticipated to flourish at 4.8% CAGR over the forecast period. Moreover, the global strapping machine market expected to reach at notable revenue of USD 6.7 Billion by the end of 2024. Factors such as growing consumer’s goods packaging industry and increasing consumption of end use products are likely to foster the expansion of strapping machine market during the forecast period. Additionally, increasing adoption of semi-automatic and automatic strapping machines in end use industries is a key factor which is likely to escalate the expansion of strapping machine market globally.
The packaging segment by application is projected to witness significant growth over the forecast period. Rising food packaging trends such as on-the-go trend are fueling the demand for packaged food items, which in turn, expected to enhance the growth of packaging segment over the forecast period.
Industrialization
Continuous emergence of new industries is a key factor which is fuelling the need for shipping and packaging of products. Growing industrialization across the globe is a major factor which is increasing the demand for strapping machines. Moreover, growing need to reduce labour cost and cost on strapping in industries is also predicted to escalate the adoption of strapping machines in various end use industries.
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Technological Advancements
Technological advancements in strapping machines are swelling the adoption of strapping machines in industries. Moreover, increasing adoption of automatic stepping machines due to various advantages such as improve working condition, reduced labor cost and strong strapping joints as compared to manual strapping machines.
However, high initial investment required for installation of strapping machines in manufacturing industries and presence of alternative methods for strapping are some of the factors which are predicted to hinder the growth of global strapping machine market in the near future.
The report titled “Strapping Machine Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global strapping machine market in terms of market segmentation by product, by strapping material, by end-use, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global strapping machine market which includes company profiling of Transpak Equipment Corp., Strapex, Polychem Corp., Signod Packaging System Corp. Australian Warehouse Solution, Dynaric Inc., Samual Strapping Products, Messersi Packaginga and Mosca GmBh. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global strapping machine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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