The global strapping machine market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
The increasing demand for industrial packaging products such as crates and totes and intermediate bulk containers from various end-user industries is the main factor that drives the growth of the global industrial packaging market. In industrial packaging, strapping is used as tertiary packaging to bundle the packages for stability. For efficient strapping, automatic or semi-automatic strapping machines are used as they help dispense the required quantity of strap to combine packages. Therefore, the growth of the global industrial packaging market is expected to create demand for strapping machines across the globe during the forecast period.
As per Technavio, the specific requirements of end-users of strapping machines will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global strapping machine market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global strapping machine market: Specific requirements of end-users of strapping machines
Currently, many end-users in the global strapping machine market are trying to enter into partnerships with the manufacturers of strapping machines. Since these end-users have their own goals such as expanding their product lines in the future, such partnerships will help strapping machine manufacturers to design flexible tooling with customized designs to handle large product sizes. Moreover, a reduction in the total cost of ownership is another major requirement of end-users. End-users are also looking for strapping machines that can enable them to reduce their total cost of ownership, which will increase their income, thereby driving the growth of the overall global market during the forecast period.
The growth of global e-commerce markets is seen as a boon, as the demand for packaging equipment such as strapping machines will increase largely. Strapping machines ensure the safe delivery of goods, and this factor is considered to be a major concern for e-commerce players. E-commerce products need to be protected with the required packaging to prevent damage of products during order fulfillment. Thus, the growth of e-commerce is expected to boost the growth of the overall global strapping machine market during the forecast period, says an analyst at Technavio.
Global strapping machine market: Segmentation analysis
This market research report segments the global strapping machine market by product (automatic and semi-automatic) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, the European region is expected to register the highest incremental growth due to the rise in online shopping and growing transit packaging demand from the e-commerce sector.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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