The global strapping and banding equipment market was valued at around USD 2,376 million in 2022. Strapping and banding equipment sales are projected to increase at a healthy CAGR of 4.8% during the forecast years. Following this promising growth rate, the overall market is expected to top a valuation of USD 3,964.4 million by 2033.
According to Future Market Insights (FMI), the global strapping and banding equipment market is projected to expand 1.7 times during the forecast period. As it ensures the package's safety while shipping it, the demand in the market is predicted to surge. The fully-automatic strapping and banding equipment type segment is expected to hold a market share of 49% by 2033.
India's strapping and banding equipment market is expected to witness an incremental growth of 1.7x during the forecast period. Across India, total strapping and banding equipment sales reached around USD 255.6 million in 2022. Furthermore, India’s strapping and banding equipment market is expected to expand by 5.6% CAGR over the forecast period.
| Report Attributes or Data Points | Details |
|---|---|
| Global Strapping and Banding Equipment Market Valuation in 2022 | USD 2,367 million |
| Estimated Global Market Share in 2023 | USD 2,480.6 million |
| Forecasted Global Market Size by 2033 | USD 3,964.4 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 4.8% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 3.5% CAGR |
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As per Future Market Insights (FMI), the strapping and banding equipment market recorded a CAGR of 3.5% from 2018 to 2022. Demand in the market for strapping and banding equipment is expected to rise at a positive rate over the upcoming decade.
The increasing need for safe shipping of various products and rising demand for strapping and banding in the packaging industry is responsible for the growth in the market. Strapping and banding equipment are used for numerous industrial and commercial uses as it provides a more efficient method for applying bands without damaging the product.
Among the prominent businesses where strapping and banding equipment are used mostly are food & beverages, consumer electronics, household, e-commerce, etc. On the back of this, the market is projected to expand at a 4.8% CAGR during the forecast period.
Need for Better Infrastructure to Boost Demand for Strapping and Banding Equipment in Building & Construction
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.
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.
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Surging Automobile Sales to Create Sales Prospects for Strapping Equipment in India
As per the Centre for Internet and Society, India’s automobile industry is projected to contribute over 12% in the next decade. As of 2017, the Indian automobile industry was the 4th leading manufacturer of automobiles globally and is progressively growing.
The Indian automobile sector is one of the prominent employment generators among the non-agricultural industries. Two-wheelers dominate the industry and have an 80% share in domestic automobile sales. The growth in the automobile industry is expected to drive the country's demand for strapping and banding equipment.
Consumption of Packaged Food Items to Generate High Profit for Manufacturers
According to Eusme Centre, China is the world's leading market for food & beverage products after surpassing the United States in 2011. In the 1st quarter of 2015, the food & beverage trade from Spain to China augmented year on year by 48%.
In 2014, the trade of dairy products (not including milk powder) from France grew by 11%. With the increasing use of strapping and banding equipment in the food & beverage sector, the growth in the market is predicted to surge.
These equipment are used for protective and safe packaging and to ensure the quality and safety of the product. Hence, the growing consumption of packaged food products has paved the way for strapping & banding equipment manufacturers to capitalize on rising applications.
Penetration of Smartphones to Guarantee Higher Sales through the E-Commerce Sector
Based on the end-user, the e-commerce segment is expected to register a CAGR of 5.5% over the forecast period. The robust growth of the e-commerce industry is aiding the demand in the market as strapping and banding on the products help to protect the product on shipment, manage shipping costs, and create a brand identity.
With the increase in consumers turning to online shopping platforms for convenience, the industry players are forging alliances with e-commerce giants to stay ahead of the competition. Millennials, now more than ever, are exploring the products through their fingertips and with a slight scroll on the screen.
This has paved the way for the e-commerce industry to create new growth avenues in the strapping and banding market. Based on these factors, the demand in the market is expected to surge robustly via the e-commerce sector.
Advent of Automation to Push Automatic Strapping and Banding Equipment Sales
According to FMI, the fully automatic strapping and banding equipment type segment has the highest market share during the forecast period. As fully automatic strapping and banding equipment give a hands-free banding option, which improves the accuracy rate and production, it is also suitable for producing objects that differ in shape and size. The fully-automatic segment may account for a significant market share of around 49% by 2033.
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Key players in the market are using various marketing techniques, including acquisitions, expansions, and partnerships. Some manufacturers also focus on new product creation to expand their market presence among customers. Some of the recent developments in the market are as follows -
The advent of automation in machinery has revolutionized the face of industries. From production quality to reduced errors in the product, the emphasis on quality is now stronger than it was half a decade ago. With the growing use of fully automatic and automated machines in diverse domains, including food & beverage, building & construction, and packaging, manufacturers have gone leaps and bounds to capitalize on this trend.
Signode Industrial Group is a renowned name in the packaging domain, especially for strapping and banding equipment. Signode is a leading global manufacturer of strap, protective, and stretch packaging tools and equipment. Established under a broad group of leading companies such as Acme Packaging, Fleetwood, Strapex, etc., Signode has paved the way to success in automatic packaging equipment and tools.
In its quest for sustainability and innovation, in February 2022, Signode announced the launch of its new automated and lightweight BPT steel strapping tool. The equipment is battery-operated and ideal for various steel strapping applications requiring high-tension force.
StraPack has been another name and innovative leader in strapping machines for 89 years. StraPack is considered one of the most dependable, high-quality strapping tools and equipment manufacturers. The company manufactures equipment from cardboard packaging to food preparation for all industry needs, paving the way among the top 3 leading names.
Likewise, MOSCA is one of the leading companies for manufacturing strapping and banding equipment tools, especially for the industrial and food & beverage sectors. The company has launched a series of automated and fully-automatic strapping machines with a plethora of applications available.
Their machines are fully automated and equipped with a rotating control panel, ideal for strapping cardboard boxes. The company's RO-M-RI strapping equipment is an automated machine specially designed for a lightweight product with its ring-shaped strap guide frame.
The company is also using industry 4.0 applications and Virtual Network Computing (VNC) to ensure product quality. Currently, the company is focusing on providing green and efficient technology to maintain its competitive edge. In 2021, Mosca announced the new logo for its strapping equipment SoniXs, an ultrasonic sealing technology that uses green and efficient technology.
| Attribute | Details |
|---|---|
| Estimated Market Value (2023E) | USD 2,480.6 million |
| Projected Market Value (2033F) | USD 3,964.4 million |
| Growth Rate | CAGR of 4.8% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Forecast Period | 2023 to 2033 |
| Historical Data | 2018 to 2022 |
| Market Analysis | Value (in USD million) and Volume (units) |
| Key Countries Covered | United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, India, GCC countries, and Australia |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; the Middle East & Africa; and Oceania |
| Key Segments Covered | Automation Type, Product Type, End Use, Region |
| Key Companies Profiled | Signode Packaging Systems Corporation; FEIFER; TransPak; Vestil Manufacturing Corp.; The Plastic Strapping Company Ltd; Allstrap Steel & Poly Strapping Systems LLC; Mosca GmbH; Strapack Inc.; W rent s. r. o.; Fromm Holding AG; FELINS; Cyklop International; Jia-in Industry Co. Ltd.; Plastic band S.A.; Jining Myway Machinery Co. Ltd.; ISG PACK; ESE Direct Ltd.; Martin & Weissgerber Kaltband GmbH |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is valued at USD 2,480.6 million in 2023.
The growth potential of the strapping and banding equipment market is 4.8% CAGR through 2033.
Increasing construction activities and governmental support for infrastructure enhancement are catalyzing equipment sales.
The market expanded at a CAGR of 3.5% in the historical period.
The leading market competitors are Signode Packaging Systems Corporation, FEIFER, and TransPak.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Automation Type 5.1. Fully-Automatic 5.2. Semi-Automatic 5.3. Manual 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Horizontal 6.2. Vertical 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Food & Beverages 7.2. Consumer Electronics 7.3. Household 7.4. E-commerce 7.5. Automobile 7.6. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Signode Packaging Systems Corporation 18.2. FEIFER 18.3. TransPak 18.4. Vestil Manufacturing Corp. 18.5. The Plastic Strapping Company Ltd 18.6. Allstrap Steel & Poly Strapping Systems LLC 18.7. Mosca GmbH 18.8. Strapack Inc. 18.9. W rent s. r. o. 18.10. Fromm Holding AG 18.11. FELINS 18.12. Cyklop International 18.13. Jia-in Industry Co. Ltd. 18.14. Plasticband S.A. 18.15. Jining Myway Machinery Co. Ltd. 18.16. ISG PACK 18.17. ESE Direct Ltd. 18.18. Mar¬tin & Weiss¬ger¬ber Kalt¬band GmbH 19. Assumptions & Acronyms Used 20. Research Methodology
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Strapping and Banding Equipment Market
